Inner-city kids are learning the art of real estate investing from these major property tycoons investinyou (In partnership with acorns.)
"The key was being authentic and intentional," said Bobo. "We've always been intentional about training talent in places where they can't always access it, and developing them with a language and a thought process that prepares them to take on opportunities like Brookfield. So when we tell Brookfield and Westfield there's talent in their market, they get excited."
Students dive into the program through an online learning platform that teaches them all the basics: from understanding cap rates to predicting profit. Then they hit the ground in teams, each focusing on one property. They formulate a full-scale investor pitch, which they then execute to a panel of real estate experts,Ben Brown, a managing partner at Brookfield, was on the latest panel with the South Bronx students.
"When we first met Cedric, we had just acquired this large site in the Bronx. It was our first investment into that market," said Brown. "The proposition that he came to us with this project was: 'You're getting access to these young people, who are already living there, who can be thoughtful and can tell you what's going on, what the local community wants, and oh, by the way, you can help in a big way not only financially but with your time and to educate them.
All the students in the program can get cash scholarships, with the most, $5,000, going to the winning team. Now, in a new partnership, they will also get personal accounts withWe didn't build this out of charity; we built it because there was demand in the marketplace and talent, and we needed to train that talent."One of the things Cedric said is, it doesn't matter where you start; it matters where you end up, and that's the same kind of idea.
Some of the kids from this program have gone on to get internships and even jobs in the real estate sector, but the most valuable part of Project Destined is that the students become part of a growing network of potential future business partners who all understand exactly where they're coming from.
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