Nowadays, reality shows has various individuals showcasing their wants/desires for an audience of millions to embrace. From the sophisticated to ratchet endeavors, there is something for everyone. One of Ready For Love Dallas stars, CEO Will Cyrus, has embarked on a sharing a different love story. He is absolutely passionate about creating generational wealth thru home and land ownership for those who look like him.
Navigating any real estate process is not for the weak. There are no easy short cuts or quick “get rich fixes” despite what some might sell. Thru his company Professional Development (pbdhome.com), Cyrus not only want one to achieve their goals of ownership but educate and spread knowledge about the process.
Historically, persons of color have been shut out of establishing land/home ownership due to predatory practices, redlining or discrimination (just to name a few examples). As a former financial planner/advisor, Cyrus understands pitfalls one would experience during this process. Here are 3 important things Cyrus suggests a soon-to-buyer should consider to assist in a successful transaction:
Underwriters:
Make an appointment with your local bank or financial institution underwriter/lender. Ask about qualifications one needs for approval. Inquire about red flags that can get an application denied or delayed.
Good Credit/Capital Funding Access:
Get educated on what kinds of credit scores are needed for this process (loans/borrowing etc). While one might have ok/decent credit scores, ensure you can show steady employment or access to capital funds (personal or business) to show lender ability to payback. Also investigate into getting possible business capital with your credit. This could provide another avenue to obtain starting funds.
Understand Local Development Plans:
This would entail paying attention to development of cities/towns/villages usage of their land over a time period. Keys to this are reaching out city/local business developers or even trustees to ask about future projects/plans
While this is not a guaranteed solution, it can assist with not just ownership but understanding thought processes of financial institutions and their expectations of those seeking their services. This can lead to better sound management decisions and create solid practices that lead to establishing generational home/land ownership. And for Cyrus, this is a love that we can embrace for betterment of our communities and beyond.
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Story By: Cabryl Breotti
Photo Credit: Courtesy of Will Cyrus
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