How Black Families Can Buy Real Estate Together | Ep 161
Today I interview Daniel Leathers, real estate investor, property manager, and Director of Economic Empowerment for the Los Angeles Urban League—a nonprofit dedicated to helping African Americans and other minorities build a path to the middle class through advocacy activities.
Daniel and his wife kickstarted their real estate portfolio liquidating 401(k)s and savings and maxing out credit cards, initially to the chagrin of their loved ones. But as they bootstrapped their way to early success, they quickly got onboard. Today, Daniel manages a thriving real estate portfolio in Los Angeles and Texas. He also has a property management company with his family.
Listen in as Daniel explains how he successfully works with family to build his real estate portfolio, how he approaches out-of-state investing, and the inspiring mission of the Urban League.
Highlights
1) When doing business with family, you don’t want to do deals based on hugs and handshakes. Aside from having your paperwork in order, knowing each of your roles and responsibilities is also key to strengthening that professional relationship.
2) When choosing a property manager, interview them for resourcefulness in handling maintenance calls, how they fill vacancies, and how they manage evictions.
3) If two heads are better than one, then a strong marriage is one of the best “wealth hacks” there is. Always make sure you’re on the same page with your spouse, you’re communicating openly, you have a shared vision, and you address conflicts whenever you can.
How to find him
Instagram – @dleathers65
Buy our merch- https://blackrealestatedialogue.com/collections/all
Access all of our resources on our website- https://www.blackrealestatedialogue.com
Timestamps
0:57 – Daniel’s approach to doing business with family
5:48 – The advantage of investing in property near military bases
6:26 – Having his wife’s aunt on as a passive member of the family business
8:37 – Daniel’s out-of-state investing strategy
12:46 – Three questions to ask when interviewing a property manager
15:03 – Investing in Los Angeles
24:00 – Taking advantage of a Small Business Development Center in your city
25:20 – How a HELOC works
33:02 – Taking advantage of government programs
34:25 – Daniel’s thoughts on rent control
39:11 – Daniel’s unique business relationship with his aunt
44:33 – Why Daniel got into property management
48:48 – About the Urban League
57:20 – Daniel’s goals for the Urban League in the coming years
1:01:14 – How marriage can be a “wealth hack”
#familybusiness #blackwealth #realestateinvesting #losangelesrealestate
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