One of the most amazing facets of 20th century America was the transition of dispossessed immigrants into an economically viable middle class. It was that transition that perpetuated America’s reputation as the land of opportunity.
In recent years, though, it has been more difficult to overcome those economic gaps. The underprivileged underclass has been frustrated in its attempts to make the leap from one world to the next.
What I’m finding with the DBNR investment group, however, is that the current housing crisis may provide the opportunity for people who want and desire a better life to bridge that chasm.
Certainly, I’m learning that these people truly live in a different world from the Silicon Valley lifestyle to which I’m accustomed. We’ve been taking phone calls about our distressed properties from people who are truly enthusiastic about the opportunity to own their own home. But many of them don’t have e-mail or even computers. When they need to fax something, they go to a copy shop.
That’s just the tip of the iceberg. Their world may not include bank accounts or even W-2s. They pay in cash themselves or use prepaid debit cards. Some live from benefit check to benefit check. Others I’ve spoken to make a good living, but they’ve always been paid in cash and so have no record of their income.
The world that I’m used to lives on documentation, records, and histories of financial dealings. But when faced with such a challenge, the only alternative is to become more creative. I’ve set up relationships with title companies and credit reporting services, so that prospective buyers can drop off information. Those companies can do scanning, faxing, and e-mailing, and generally make it easier to accommodate our prospective customers.
Some of these people understand that their world is different, and I can hear the enthusiasm in their voices at the possibility of getting a home. They are not afraid of the condition of the houses. They are not afraid to submit to a credit check (there are others who are not as passionate or courageous, and I suspect they will remain where they are).
As for me, I am excited about helping those who truly want to do so make that leap.
