Black residential real estate investors are generting more rent money while also facing extra rental obstacles.
Some 51% of them are making more money today than they were a year ago. That is greater than 41% of investors overall experiencing that. Clever Real Estate surveyed 764 Americans who invest in residential real estate to learn more about their preferences and opinions on that type of investing. Some 84 of those quizzed —about 11%— were Black.
Nick Pisano, author of this fresh report supplied BLACK ENTERPRISE with some data on Black residential real estate investors. The information also showed that 61% of those Black investors have considered investing in a rent-to-own property, slightly lower than their peers overall. And 91% of Black residential rental investors have regrets about their investments, versus 87% of all respondents.
Further, the report uncovered several more intriguing findings. They included 59% of Black investors have had to deal with bad tenants, opposed to 51% of all surveyed. And 56% of Black residential rental investors have had to deal with tenants severely damaging their property.
Pisano offered some takeaways from the findings. He says that given that they are less likely to evict but more likely to track down payments and deal with bad tenants than the average respondent, Black landlords exhibit more patience with their tenants than most landlords.
He added that Black residential real estate investors are less likely to have been nearly ruined by an investment and less likely to regret having invested in real estate in the first place than other investors. That shows that they are more risk-averse than the general pool of investors.
On the advice front, Pisano suggested that Black real estate investors be more willing to take on risk and consider being a bit tougher on delinquent tenants if their goal is to improve income.
RELATED CONTENT: Here’s What You Need To Know Before Investing In Rental Property
Source: Black Enterprise
