It seems that he Black community is at odds when it comes to inheriting Real estate and generational wealth

[KamikazePilot]

It all depends and most “generational” wealth is gone in 3 generations

 

[The Fade]

Gotta raise black adults to know the value of money instead of just bringing them in the world and then telling them to go get it themselves. You have to nurture the habits. Most of us are late bloomers to understanding what actual power and leverage is. That’s the whole point of culture so these things are learned by osmosis very quickly and compounded at an early age. It takes too much time to read and learn certain habits as an adult.

You have to raise black people to compete and seize victory no matter what. Stop raising them to be down, raise them to win and always have the highground

 

[HarlemHottie]

We inherited a house and chose to live in it. We finished paying it off, and for much less than our almost $3k/ mo rent. No kids. If the area is forcibly gentrified, and we have no choice, we'll sell. Otherwise we'll keep it as a home base, maybe for the lil cousins and nieces/ nephews, and buy elsewhere (as we intended before we inherited this house).

 

[Oatmeal]

Gotta raise black adults to know the value of money instead of just bringing them in the world and then telling them to go get it themselves. You have to nurture the habits. Most of us are late bloomers to understanding what actual power and leverage is. That’s the whole point of culture so these things are learned by osmosis very quickly and compounded at an early age. It takes too much time to read and learn certain habits as an adult.

You have to raise black people to compete and seize victory no matter what. Stop raising them to be down, raise them to win and always have the highground

I'm somewhat in a position myself, I have the opportunity to get my Grandma's house but the neighborhood has gone ALL the way downhill I watched it decline over the last 20 years and reflecting on that has made me look at real estate with a side eye somewhat. It's almost like people WANT these properties and neighborhoods to collapse completely so they can move in and bring gentrification. Like growing up YT folks were NEVER in the city and only in outer and inner ring suburbs but now it's like reverse white flight, the suburbs have started being full of section 8 properties and the people with $ are all moving to neighborhoods I wouldn't ride my bicycle through as a kid.

 

[Umoja]

A single house isn't a business. I could understand if it was farm land or a Manor, but the people pushing that point are talking about just another house on the street.

Cutting to the chase, they don't want it sold because they expect to freeload for the rest of their lives. Chances are they have siblings who gained some level of independence so they talk that generational wealth talk so that they can be the only one to actually benefit from the property.

I wonder how much it would change if the response was "Fine. Move out and we will divide the rental income 5 ways".

 

[Space Cowboy]

Keep that house. Rent it out if you have to.

I'm keeping my family house. Going to renovate it and put in hardwood floor. When my mother dies I'm renting it out. Extra income and I keep my childhood home.