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“The other thing we need to think about is when grandma passes away, what happens to the house? Many don’t know what you can try these out to do, so it would go to an investor who would then turn around and make thousands and thousands of dollars on it. Instead, we can keep that home in the family and sell it to someone else to help build that generational wealth.” He said the concept of buying a home is foreign to many families in the African American community. “We think, ‘Oh it is for those guys over there,’” Paris said. “What do we do to get that myth out of the equation. We have those discussions in our organizations. The realtists members we have, we know how to have that conversation. For example, if you have 3% down, which is $3,000 on a $100,000 house, you can own instead of rent. The amount to rent a condo is more than the cost to own that same condo.” LaVonna Stewart is a board chair with the organization and she said they’ve realized more issues regarding homeownership over the years.

https://www.ksat.com/news/local/2020/11/28/nonprofit-hopes-to-boost-african-american-homeownership-through-financial-education/
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