Three Black real estate investors partnered together to buy property and fight gentrification around the University of South Carolina.
According to CNN, South Carolina residents Timothy Webb, Rashae Bey and Kayla Rogers formed a business to expand the real-estate market for affordable and safe housing for Black professionals.
Webb and Bey, graduates of the University of South Carolina, recently purchased four duplex and a single-family home in Columbia.
Meet Tim Webb and Rashae Bey, UofSC Information Technology graduates and Real Estate Investors. The two have a combined 26 rental units between South Carolina and Virginia. @morethana9to5
They’re on a mission to buy back their block with their recent acquisitions of 9 units…. pic.twitter.com/RScxBtG2NT
— UofSC Black Alumni Council (@UofSCBAC) September 2, 2020
The trio said their decision to enter this industry was rooted in their desire to build generational wealth.
“We started seeing other people our age doing it and wanted to learn more,” Webb said. “We were not handed down the tools of financial literacy or generational wealth. In the early ’60s, ’70s, even ’80s, when redlining occurred, we weren’t ultimately given the opportunities financially to have our homes finances at a cheaper rate.”
Outside of their investments in rental properties, Webb wrote Buy Back the Block: A Guide to Building Your Real Estate Portfolio, which gives millennials tools to buy investment properties as means of financial security.