This episode of The Real Estate Ripple podcast, hosted by Joe Medrano and Carl McGee from Three Rivers Association of REALTORS®, features special guests Terrell and Danielle Shell, a husband-and-wife real estate duo. The discussion highlights the challenges and progress in Black homeownership, particularly in Illinois, where Black homeownership stands at around 40%, significantly lower than the 72% rate among white homeowners.

1. Personal Homeownership Journey:

   • Terrell and Danielle share their story of becoming homeowners, experiencing foreclosure during the 2007-2008 financial crisis, and eventually regaining homeownership.
   • They emphasize the importance of financial literacy and preparation, recounting how they recovered by learning from their past financial mistakes.

2. Barriers to Black Homeownership:

   • Misinformation and lack of financial education prevent many from owning homes.
   • Generational trends—many families have never owned homes, leading to a lack of homeownership knowledge being passed down.
   • The psychological barrier—many believe homeownership is out of reach, which discourages them from even starting the process.

3. Role of Education in Homeownership:

   • The Shells advocate for real estate education at the high school level, helping younger generations understand credit, savings, and mortgage processes.
   • They share their outreach efforts, where they mentor and educate students about financial literacy and homeownership.

4. Predatory Lending and Policy Changes:

   • Discussion about the predatory lending practices that led to foreclosures in the Black community during the 2007-2008 financial crisis.
   • Today’s lending landscape has improved with more regulations to prevent similar financial disasters.

5. Encouraging First-Time Homebuyers:

   • Stories of clients who overcame obstacles to become first-time homeowners, including a client who became the first in his family to own a home.
   • The importance of mentorship and support in helping first-time buyers navigate the process.

6. The Role of Veterans in Homeownership:

   • Many Black veterans are unaware of VA loan benefits that could help them purchase homes with no money down and no mortgage insurance.
   • Raising awareness about these programs is essential to increasing Black homeownership.

The conversation concludes with a call to action:

• Educate communities about homeownership.
• Encourage financial literacy from a young age.
• Support first-time homebuyers, particularly in underrepresented communities.

The hosts and guests emphasize that Black History Month is not just about reflection but also about taking steps toward economic empowerment through real estate.

Episode Sponsor:

Buy tickets at: www.trarealtors.net