Sam Dolciné, the founder and host of the Black Real Estate Dialogue [BRED] podcast, is on a mission to help African Americans access equity and generational wealth through property investment. Originally from Brooklyn, NY, Sam now lives in Los Angeles and has a background in Human Resources and Talent Acquisition.
In October 2019, recognizing his 401K would not offer him enough equity to retire comfortably, Sam began looking to acquire property. Upon researching the subject matter, he did not encounter resources offered by Black investors and found that discouraging.
He comments, “Real estate is one of the most reliable methods of building wealth. Information grants access, but when it comes to property investment, the Department of Housing and Urban Development cites financial literacy as one of several barriers keeping Black Americans from ownership. Many find details such as mortgage terms, appraisals, down payment options, government programs, insurance requirements, terminology, and real estate basics difficult to understand. Some find themselves stuck, simply trying to locate certain information.”
His podcast is designed to help homebuyers of every race who are being challenged by poor credit and limited capital, but especially Black homebuyers, who for decades have been subjected to discriminatory practices and unfair and unscrupulous government regulations that were race-specific and made it difficult or impossible for Black Americans to partake of the American Dream.
Redlining was the discriminatory practice where the mortgage industry refused to grant loans to areas earmarked as high-risk due to the high concentration of Black and Brown residents. Before the Civil Rights Movement and the Fair Housing Act of 1968, redlining restricted Black Americans from owning real estate. The Community Reinvestment Act was enacted in 1977 to further combat the practice of “redlining” by urging banks to meet the needs of their location’s surrounding community. Before this law passed, banks were allowed to set up and profit from communities where residents were never allowed to purchase property.
Sam comments, “The challenges that persisted over half a century ago still have residual effects that leave more Black people paying rent to landlords than owning homes. Of all minority groups, Black Americans are the least likely to purchase a home or invest in property. And while we cannot erase history, educating ourselves on the subject matter is something we, as a people, can change.”
Sam says that he created Black Real Estate Dialogue to be an information-sharing platform for the Black community and open a path to generational wealth for us all. He reached out to design specialist Joshua A. Foster for assistance and launched the podcast in 2019 to document and share Black real estate investors’ success stories and focuses on how these investors got started. In the first episode, Dolciné interviews a husband-and-wife team, CEOs of Nelson Properties & Acquisitions, LLC.
Sam later interviews Page Turner of HGTV’s Fix My Flip and two of the country’s leading Black developers, Don Peebles and Victor MacFarlane. “Our goal is to help Black investors get started,” Sam says. “So, with every interview, that is usually one of the first questions I ask. ‘How did you get started?’”
The BRED platform now has over 83,000 followers on Instagram (@BlackRealEstateDialogue) and 150 in-depth interviews available on YouTube, Apple Podcasts, and Spotify. It offers Black families the tools they need to get started and also offers affordable online real estate courses that present information in a way that’s easy to understand. The BRED network is for first-time homebuyers, potential investors looking to acquire and develop land, and those interested in expanding their retirement options by investing in residential or commercial property.
“Real estate investing for black folks is a viable option. It doesn’t matter if you’re poor. It doesn’t matter where you start. You can invest in real estate, and we have over 100 examples proving it can be done,” Sam says. “I’ve learned that you need discipline, not a large bank account. We know how and are willing to show you how. We interview Black investors who generously take the time to reveal their process. We are sharing the steps.”
He continues, “It takes a leap of faith. And that’s why it is necessary for those in our community to encourage each other, have faith in ourselves, and take the proper steps. Once we do that, there’s no stopping us.”
All are invited to join the conversation by listening to the Black Real Estate Dialogue podcast on Apple Podcasts, Spotify, and more. For more details, visit the official website at BlackRealEstateDialogue.com
This news first appeared on blackbusiness.com