Sotheby’s could get offers from rival investors despite $2.66B deal

The bidding war for Sotheby’s may not be over, after all. The 275-year-old auction house — which agreed this week to sell itself for $ 2.66 billion to French telecom tycoon Patrick Drahi — could soon get at least two counteroffers from rival investors, The Post has learned. On one hand, a New York-based bidding bloc…
Business | New York Post

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This Woman Says Black Investors Should Pay Close Attention to Facebook’s New Cryptocurrency, Libra

This week, Facebook announced the launch of its new cryptocurrency, Libra. The social media giant’s new digital currency is also a platform. The purpose, according to Facebook, is to create “a simple global currency and financial infrastructure that empowers billions of people.”

As with other cryptocurrencies such as Bitcoin, Ethereum, and Komodo—there are currently over 1,600 cryptocurrencies out there—the idea is to decentralize money—allowing people to buy, sell, and invest without the need for banks and other financial institutions.

Building Wealth Through Crypto

Emilie Jerard is a cryptocurrency enthusiast, advocate, and expert. She provides advice on building wealth through “crypto” on her website, her YouTube channel, and her podcast, Crypto Talk.

Jerard, whose day job is working for Newark, New Jersey’s Medical Examiner’s Officer and Columbia University—she prepares human tissue for pathology analysis and has degrees in Biochemistry and Molecular Biology— is excited about the prospects of Libra and explains why you should be too.

“It’s wonderful,” she says about the Libra announcement. “Crypto is something that needs a platform—international. Now it’s tied to a company that everyone knows about. [Facebook] has a huge user base (Facebook has about 2.38 billion monthly active users as of March 31, 2019).

“Facebook is a big, big player. They are definitely going to change the conversation,” on crypto, Jerard says.

Others in the crypto space agree. According to Nigel Green, the founder and CEO of deVere Group, one of the world’s largest independent financial advisory organizations, Facebook’s entry into cryptocurrency is “another nail in the coffin for traditional banks.”

“Facebook’s launch into cryptocurrencies tells us two things. First, the role of traditional banks will decline at a quicker rate than many had previously predicted. Facebook’s Libra cryptocurrency will be able to transact across traditional payment rails. They have partnered with PayPal, Mastercard, Visa, and Stripe, amongst others to fuel merchant acceptance of the digital currency,” said Green via a released statement.

“If you have cryptocurrency on these payment methods, the purpose of and use for traditional banks will surely shrink.

[RELATED: DIGITAL GOLD: THE ABCS OF BITCOIN]

[RELATED: THREE BLACK CRYPTOCURRENCY INFLUENCERS TO FOLLOW]

“Cryptocurrencies and fintech [financial technology] solutions are already taking business away from banks. They are filling a gap left by the traditional way of doing things as the world speeds up and becomes increasingly globalized and digitalized.”

Green says that Facebook’s presence in the space is significant. “Tech giants entering the cryptocurrency sector indicates that digital money, as a concept, is fully mainstream and inevitably the way the world is going.”

A ‘Game Changer’ in Crypto

Libra will likely be used to make purchases via Facebook, Instagram, and WhatsApp—all owned by Facebook.

There is another game-changing use for it, says Jerard. People worldwide will have the ability to send and receive money to and from anyone.

“I can send people money, U.S. dollars,” she explains. “What is considered ‘fiat.’ Fiat is any money backed by a government; the U.S. dollar, the pound. I can send a Libra coin to someone and then they would take that and convert it into whatever money for their particular country.”

Jerard is concerned about the lack of diversity in the crypto space and the lack of awareness about it among black people.

“All black people should have some type of cryptocurrency,” she advises. “It’s all about getting into this now before it becomes too restrictive.”

She offers several tips for black people to get into cryptocurrency, and perhaps Libra when it becomes available and answers several FAQs:

When is Libra going to be available?

According to Jerard, Facebook announced availability within 6-12 months. However, that may be delayed as the new currency undergoes anticipated scrutiny from European and U.S. financial regulators.

However, Jerard thinks Facebook will prevail against any pushback. “They are very powerful. They have a lot of money, they have a lot of lobbyists,” she says.

How much should you buy when Libra becomes available?

“As soon as it comes out, buy whatever your budget will allow you to buy. As it increases in value, convert it to whatever your fiat is. The rate of return against whatever the government [sets] is so huge,” she says.

“With crypto, we’re talking about percentages of 200%, 1,000% and that’s the type of rate of return I’m looking for. This is a better use of my money. But I don’t gamble with it. I’m a long-term investor, a “HODLr,” which is ‘Holding On for Dear Life.’

I look at cryptocurrency as a 10-15 year strategy. I have a portfolio of ones that are really good. They have a good use case, they have good developers, the backing behind them is very solid.”

Jerard says it’s important to research the company behind any cryptocurrency you may be considering investing in.

What about security concerns with Facebook’s platform?

“There are definitely security concerns, “ says Jerard. “What I tell everybody; whenever you buy cryptocurrency have your own wallet that only you have the private key for.”

Digital coins are stored in what is known as digital wallets. These wallets can be online, apps, or actual encrypted USB drives.

She says the best digital wallets are not online though or stored on anyone’s platform. “Put your cryptocurrency in your wallet.”

Jerard has made it her mission to educate people about crypto. She often gives tutorials in churches and at different functions.

“I want to make [the crypto space] accessible,” she explains. “It’s great. It’s very democratic. And I believe that it’s the future.”

You can download Jerard’s ebook which offers a free crypto tutorial, here.


Disclaimer: The investing advice provided here is solely the advice of the subject’s and not Black Enterprise’s. As all investments pose some financial risk, please consult with your accountant or financial planner before making any investments. 

Money | Black Enterprise

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How to get investors to save more for retirement? Perhaps by saying hello to their future self

Getting clients to save more for retirement means getting them to care about their future selves. How to forge that emotional connection? Technology, advisor help and even old-fashioned letter writing can help.
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Forbes Media may soon be on block again as investors explore sale

The Asian investors who bought a controlling stake in Forbes Media from the Forbes family in 2014 are quietly exploring a sale of the magazine and related Web properties, sources say. Reached for comment, a spokesman for Forbes, also known as the “Capitalist Tool,” didn’t shoot down rumors of a sale — and even went…
Media | New York Post

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METALS-Copper steady; investors eye Fed meeting amid Chile mine strike

London copper prices were
steady on Tuesday as investors eyed results from the U.S.
Federal Reserve’s interest rate meeting, while concerns over a
mine strike in top copper producer Chile offset weak U.S.
economic data.


Reuters: Company News

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Big Health wants you to cure your insomnia with its app, then delete it — some investors hate that

Digital health investors are most attracted to business models with recurring revenue from users who will continue to use the app or service forever. Digital health products that attempt to cure or prevent a health condition can struggle for funding.
Health and Science

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‘What Are Influencers?’ How Revolve Got Investors on Board With Its Marketing Strategy Ahead of IPO

On Friday morning, 15-year-old Los Angeles-based e-commerce company Revolve raised $ 212 million in a successful initial public offering on the New York Stock Exchange. Listed as RVLV, it sold 11.8 million shares at $ 18 a piece (the top of its target listing price range), and is now valued …

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Mounting climate change fears push U.S. investors to assess geographical risks

With an above-average percentage of its power generated from renewable sources and one of the largest battery storage operations in the United States, utility Sempra Energy seemed to check all the…


Reuters: Wealth

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Rapid bitcoin rally cheers crypto market investors, others wary

Bitcoin hit its highest level in 10 months on Tuesday, raising hopes among cryptocurrency enthusiasts of greater mainstream acceptance as an escalating U.S.-China trade war roiled global markets, but others urged investor caution.


Reuters: Business News

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America’s wealthy investors say Fed-induced stock rally has plenty of life left — maybe years

Millionaire investors began 2019 worried about the market, but as the Fed's about-face on interest rates takes hold as the new normal in monetary policy and stocks surge, an E-Trade survey finds that the wealthy expect the rally to continue.
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Climate change will crush real estate values for investors who don’t prepare, new report says

"Risks such as sea-level rise and heat stress will increasingly highlight the vulnerability not only of individual assets and locations, but of entire metropolitan areas," a new report from the Urban Land Institute said.
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Need cash? Now you can sell the equity in your home to investors

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Early Lyft investors are shorting the stock to lock in profits

Lyft doesn’t want its early investors to bet on a stock fall — but they’re doing it anyway, The Post has learned. Lyft investors who bought the ride-hailing company’s shares well before its high-profile initial public offering Friday are protecting themselves against a decline in the high-profile stock despite “lock-up” agreements intended to block them…
Business | New York Post

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Skittish investors pull more than $20 billion from stocks, rush into bonds: BAML

Global equity funds saw massive outflows this week, a sharp reversal from last week’s inflows as pessimism over economic growth gripped investors once again, driving them instead to search for yield…


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What Black Investors Need to Know about Opportunity Zones

Black investors have historically invested in land to build wealth. Real estate is generally seen as a solid investment because property values typically rise over time. Property can be passed from one generation to another; used to diversify an investment portfolio; and is considered less risky than the stock market. Now, there is a new option for blacks to become investors and receive tax breaks with a new real estate asset class: Opportunity Zones.

Opportunity Zones are low-income areas the U.S. Treasury classifies as “qualified opportunity zones.” Investors can make these asset investments through Qualified Opportunity Funds.

The investments are geared to accelerate economic development in almost 9,000 designated areas in America and Puerto Rico, says tax attorney Steve Moskowitz, a founding member of the San Francisco-based tax law firm Moskowitz L.L.P.

Opportunity Zones were added as part of the 2017 Tax Cuts and Jobs Act. They allow investors to defer tax on any capital gains until 2026 and avoid a capital gains tax on the sale of an Opportunity Zone. Those funds are then invested in property and businesses located or operated within the designated QO Zones.

What Exactly are Opportunity Zones?

According to the Economic Innovation Group, the 2017 tax provision provides “a tax incentive for investors to re-invest their unrealized capital gains into dedicated Opportunity Funds.” African American Sen. Tim Scott (R-S.C.) played an integral part in including the zones in the tax law.

The ante is high as there is a massive amount of capital gains that could be invested in Opportunity Zones. Based on estimates that U.S. households and corporations possess over $ 6 trillion in unrealized capital gains, some officials contend that the program has great potential to trigger an influential change in distressed communities.

Even if a portion of that amount of money was committed, it could possibly mean billions of dollars for poor areas across the country. That is because the program is specifically designed to increase economic opportunity by incentivizing new development in low-income urban and rural areas, says Leslie Anderson, president and CEO of the New Jersey Redevelopment Authority (NJRA).

opportunity zones

Leslie A. Anderson, executive director, NJRA

The NJRA is a multimillion-dollar independent financing New Jersey authority created to transform urban communities through direct investment and technical support.

In New Jersey, where the NJRA is based, many of these designated neighborhoods are predominantly black and have suffered from systemic inequality, Anderson says.

How Low-Income Communities Could Benefit

Anderson says Opportunity Zones give residents in these communities a chance to benefit in several important ways. First, the program can create new development with the potential to generate increased employment opportunities, more affordable housing, improved property values, and more comprehensive and higher quality services.

Unfortunately, without incentives, Anderson says investors often see low-income areas as too high-risk, making it very difficult for needed projects to attract the capital necessary to move forward.

“Opportunity Zones offer investors an incentive to invest in projects that can help to redevelop and transform these neighborhoods,” explains Anderson.

Yet, concerns remain from community advocates who feel the program could create gentrification pitfalls in some neighborhoods populated by low-income residents and minority groups.

For instance, these advocates foresee rising prices for housing or other new real estate development in targeted Opportunity Zones forcing current residents to leave those areas.

Anderson says she understands those concerns as does New Jersey Gov. Phil Murphy and Lt. Gov. Sheila Oliver. She says that New Jersey created an inclusive process that intentionally engages the communities that have been designated as Opportunity Zones.

The governor’s office is holding a series of community forums to educate residents and local businesses, answer questions, understand community needs, and address concerns.

Additionally, the NJRA will meet with local mayors to advise them on leveraging Opportunity Zones to generate projects that directly impact the people who need them most.

Anderson says the NJRA has used its financial resources to leverage nearly $ 4 billion in new investments, helping to redevelop some of New Jersey’s most economically challenged neighborhoods.

“We are also working to ensure that community-based organizations and existing businesses are full participants in the local implementation of the program and can partake in development opportunities.”

Another issue the NJRA is addressing is one of investors mainly focusing on larger cities to the detriment of smaller urban areas.

“We are making a major strategic push to help investors understand the value and importance at looking at all of the designated zones in the 75 municipalities in the state of New Jersey,” Anderson says.

The NJRA, in partnership with the Governor’s Office and the Department of Community Affairs (DCA), recently launched a website that serves as an online mapping tool and a comprehensive resource for residents, local governments, and potential businesses and investors.

Information for Black Investors and Taxpayers

Black investors looking at Opportunity Zones may do well to ponder these questions:

How does one become an Opportunity Zone investor?

Is there a minimum amount of income or capital gain from the sale of stock or other assets they must have to become such an investor?

In order to invest in an Opportunity Zone, Anderson says an investor must create a Qualified Opportunity Zone Fund, which is any investment vehicle organized as a corporation or partnership with the specific purpose of investing in Opportunity Zone assets.

The fund must hold at least 90% of its assets in the qualifying Opportunity Zones property.

Any tax-paying individual or entity can create an Opportunity Fund, through a self-certification process, which is an IRS form submitted with the taxpayer’s federal income tax return for the taxable year.

Anderson says it is important for black investors to know that they can pool their resources and form a Qualified Opportunity Zone Fund, something the NJRA can assist with.

If you are interested in how such an investment may impact your portfolio and taxes, contact a tax attorney and also get more information here.

The post What Black Investors Need to Know about Opportunity Zones appeared first on Black Enterprise.

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Lyft, Uber can’t change fact that the Silicon Valley IPO is just getting worse for public investors

Lyft, Slack, Pinterest and Postmates have already filed. Uber and Airbnb are expected to join before the end of the year. But even with the big names and big valuation initial public offerings in 2019, there is evidence the traditional IPO is dying.
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Hyundai Motor in talks with investors to develop headquarters project

Hyundai Motor Co is in talks with potential investors to develop its new headquarters planned for the South Korean capital of Seoul to share additional investment costs worth about 3.7 trillion won ($ 3.27 billion), it said on Sunday.


Reuters: Business News

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Investors shrug off Warren’s pledge to break up tech giants

Sen. Elizabeth Warren vowed on Friday that if elected president, she would bust up Amazon, Google and Facebook to promote competition in the tech sector and protect consumers. The Massachusetts lawmaker unveiled the proposal in a blog post as she seeks to stand out in a Democratic candidate field crowded with progressives vying to oust…
Business | New York Post

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New Bill Could Help Black Banks Raise Capital, Cut Costs, and Attract Black Investors

A new bill could help black banks raise more capital and boost small business lending in the African American community.

U.S. Representative Bobby Rush, D-Illinois, has introduced the Rescue Act for Black and Community Banks. The bill–initiated in January 2019–aims to, along with other measures, bring regulatory relief for black banks from Congress, boost wealth-building for black consumers and businesses, and help save black banks from failing.

The number of black banks in America totaled 22 in 2017, Federal Deposit Insurance Corp. data shows. That number is down an eye-popping 42 percent from 38 in 2012. The most recent number reveals there were only 23 black banks as of the third quarter of 2018.

Ryan Johnson, communications director for Congressman Rush, and William Michael Cunningham, an economist and banking expert who worked with Rush’s office on the bill, shared with BLACK ENTERPRISE some key points of what the legislation would do.

black banks

Rep. Bobby Rush

Johnson says Rush believes black-owned community banks play a vital role in communities because they reinvest in the people that live, work, and worship with one another.

“These financial institutions stimulate economic development and spur innovation amongst our entrepreneurs, augmenting the economic wealth African-Americans so desperately need. For black, minority, and rural communities to thrive, a new focus must be placed on the financial institutions serving them,” Johnson said.

The communications expert added that the bill establishes within the Treasury Department’s Office of the Comptroller of the Currency, an office to be known as the “Office of Black and Community Banks.” It authorizes the comptroller to provide them with the regulatory flexibility to encourage affordable small dollar lending.

He says the bill further establishes the “Minority Bank Deposit Program” to expand the use of minority banks, women’s banks, and low-income credit unions and requires federal agencies to develop plans to use these institutions, to the extent possible, for their banking needs.

The bill also could help African American banks boost black entrepreneurship where they operate and become stronger financial services providers.

“The push to solve the economic crisis in the black community will require fighting on several fronts: education, health, fighting discrimination, and the creation of wealth building opportunities,”  Johnson said. “The goal of this bill is not to make black banks compete with other banks, but to increase access to capital and credit for the black community. By doing that, this legislation will significantly increase entrepreneurial activity in the black community by supporting the development of many community financed small black businesses.”

Interestingly, Cunningham maintains the bill is an extension of the Black Lives Matter and Bank Black Movements. He said the bill seeks to partially or completely exempt black banks and community banks from a majority of federal banking regulations, helping level the playing field with larger white-owned banks. He noted regulatory relief for black banks would be done to the extent the comptroller determines appropriate without endangering the safety and soundness of the overall banking system.

Plus, he said the legislation requires a study on the use of New Markets Tax Credits (NMTC) by black and community banks. The program could potentially bring new investment into black banks through tax credits. Cunningham said it would allow individual and corporate investors to receive a credit that reduces federal income tax owed. Investors make debt and equity investments in specialized financial intermediaries, including some black banks, called Community Development Financial Institutions (CDFIs) and Community Development Entities (CDEs).

According to Cunningham, for every $ 1 million invested, an investor gets a tax credit of 39 % or $ 390,000 over 7 years, in addition to keeping any returns generated by the original investment.

The tax credits, which are scarce and limited in amount, are distributed by the U.S. Treasury. He added black banks, CDFIs and CDEs have not been able to get these tax credits from Treasury, claiming they have gone instead mainly to white nonprofits and firms like Goldman Sachs.

Simultaneously, Cunningham says the bill could make black banks much more profitable by reducing compliance and operating costs as well as removing unneeded regulations.

He estimates that each black bank could increase in market value by 25% if the bill passes in its current form.

The post New Bill Could Help Black Banks Raise Capital, Cut Costs, and Attract Black Investors appeared first on Black Enterprise.

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Investors favor equity ETFs, junk bonds as risk appetite grows: Lipper

Investors poured money into equity exchange-traded funds and high-yield “junk” bond funds in the week ended on Wednesday, as U.S. President Donald Trump said he would extend a deadline to delay…


Reuters: Wealth

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Aging Americans are a big market for tech investors, who also want to track their parents

Techies are finding new uses for consumer devices to help monitor their aging parents, who are increasingly opting to live independently.
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A money manager is urging investors to shift their portfolios out of stocks amid the rally

Russell Investments' Douglas Gordon is worried investors are too invested in stocks right now.
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Investors may have already missed out on the bulk of the market’s gains this year

Those expecting the stock market to build on the robust start it's seen in 2019 don't have history on their side.
Economy

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Investors anticipate possible stock rally post government shutdown

Investors are about find out if the recent, long-awaited stock rally is more wheat than chaff. Stocks will likely see a boost by the end of the federal government shutdown and easing tensions in the China-US trade row, but a greater test will be earnings drops from the nation’s favorite tech darlings. Amazon, Microsoft and…
Business | New York Post

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Skittish investors made it a painful year-end for hedge funds

Hedge funds got a double dose of pain at the end of 2018. Skittish investors yanked $ 22.5 billion during the fourth quarter from the $ 3.1 trillion in assets managed by the struggling hedge fund sector, according to report released by Hedge Fund Research on Friday. That’s on top of the average hedge fund tanking 5.8…
Business | New York Post

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Investors ask how the Bezos divorce will affect Amazon

Amazon.com Inc shares seesawed on Thursday as investors questioned how the impending divorce of company founder Jeff Bezos would affect his control of the most valuable company on Wall Street and its ambitious expansion plans.


Reuters: Arts

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AXSM Awes Investors, LOXO Snapped Up For $8 Bln, SAGE Excited, TLC On Watch

The following are some of today’s top gainers in the pharma/biotech sector.
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Commentary: J&J is a company of the ‘highest integrity.’ Investors overreact to asbestos report

The report and subsequent stock drop seem like an overreaction to a narrow set of information based on the Missouri court verdict, fueled by a group of plaintiff attorneys, and pursuing 9,000 additional cases against the company.
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Dow tumbles as Apple, Delta spook investors

Delta also issued a warning, making investors jittery.
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Market hasn’t hit bottom but investors can start to ‘nibble’ on stocks, says Bespoke’s Paul Hickey

Investors can start finding some buying opportunities in the market — as long as they have a strong stomach, says Bespoke's Paul Hickey.
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Here’s Why Black Investors Should Consider Investing in Commercial Real Estate

Investing in commercial real estate can be confusing to new investorsdizzying numbers and jargon can make investors wary. However, investing in commercial real estate is actually easier than you think—and the perks are great to boot. Sound income potential, solid stability, and downside protection against market volatility are some of those perks.

Investing in Commercial Real Estate Doesn’t Require You to Be an Expert

Investing in real estate doesn’t demand you be an expert in real estate This is where sponsors come in. And no, a sponsor isn’t an advertiser. A sponsor is an asset operator who syndicates the funds and makes the deal happen.The sponsor handles anything from funding to managing the investment. They manage the asset. You collect the income.

 

Commercial Real Estate is a Long-Term Investment

Another upside to investing in commercial real estate is its long-term focus. It protects your downside and is engineered to collect big returns over time. On the flip side, if you’re just looking to make quick buck, real estate might not be the right investment space for you. Plus your money’s locked up for a pre-set contractual period — you can’t just cash out anytime you want.

Crowdfunding Allows Everyday Folks to Own Commercial Property for Under $ 1000

The Jumpstart Our Business Startups (JOBS) Act, signed in 2012, allows everyday investors to own a piece of assets such as the World Trade Center through real estate crowdfunding. There are tons of online marketplaces that give you access to syndicated deals. And if you’re not into that? Well, there’s always REITs.

A version of this story appeared on WealthLAB.

The post Here’s Why Black Investors Should Consider Investing in Commercial Real Estate appeared first on Black Enterprise.

Money | Black Enterprise

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Altria looks to a future beyond cigarettes but investors aren’t cheering its $15 billion bet

Altria has paid a total of $ 14.6 billion for a hand in companies beyond its traditional hold in cigarettes over the past two weeks — a 45 percent share of cannabis company Cronos and 35 percent stake in e-cigarette maker Juul.
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[Slideshow] Black Real Estate Investor’s Labor of Love Restoring Aretha Franklin Home

The renowned home in Detroit previously owned by the late legendary singer Aretha Franklin is getting a major makeover.

The new owner, Anthony Kellum, president of Kellum Mortgage, told Black Enterprise that it’s a tremendous opportunity to work on the Queen of Soul’s home. He bought the mansion, built in 1927 on the Detroit Golf Course, in late October for $ 300,000 after Franklin passed in August.

“To be able to blend the historical elements of a home that was built in the ’20s, while keeping some of Aretha’s glamorous and soulful style and adding the necessary modern touches, will truly be a beautiful challenge that I just couldn’t pass up,” Kellum says.

See It! Inside Aretha Franklin’s Sold Estate 

aretha franklin home

Spanning 6,200 square feet, the brick Tudor home includes five bedrooms, six bathrooms and a heated three-car garage with 9-foot ceilings. Kellum says the house has been vacant for 10 years and requires major renovations. Kellum says he understands that Franklin lived in the home off and on for several years but is not clear why it was vacant for so long.

He plans to invest roughly $ 400,000 to rehab the property, restore its original beauty and maintain its historical integrity. Kellum says the foundation is in good shape, but the interior needs significant work. The improvements will include repairs to a slate roof and new piping.

Kellum plans to re-design the kitchen, bathrooms, and rehab every room. “One challenge will be keeping as many unique aspects as we possibly can such as the intricate details of the fireplaces as well as original wood paneling, and the rich molding throughout the house.”  He plains to retain some chandeliers and other fixtures in the 91-year-old home.

“We want to blend some of the original elements in the home with some modern touches.”

Extensive work on the home that sits on the club’s 7th hole will begin in January. Kellum aims to complete the renovation by late May, allowing him to rent the home to people attending the inaugural PGA Tour at the Detroit Golf Club in late June.

Kellum plans to list Franklin property for sale by July 2019 for about $ 1.5 million. He plans to build a home on a half-acre next door he acquired in the deal that Franklin also owned. He hopes to sell the Franklin home to a family who appreciates its historical importance and value Aretha Franklin’s legacy.

Additionally, the property has sentimental value to Kellum.  His mother was a huge fan of Franklin’s who listened to her music every day when he was a kid.

“When I walked through the property it was an emotional experience for me,” Kellum says. “I see this as an opportunity to not only revitalize an iconic property in the city I love but knowing how proud my mom would be if she were still here, makes this even more amazing.”

As a black real estate investor who works in the Motor City, Kellum says he is acutely aware of the importance of the estate and the massive impact Aretha Franklin had on Detroit.

Kellum is founder and president of Kellum Mortgage and Kellum Capital Group, both based in Troy, Michigan. He has rehabilitated homes in the Detroit area for over 15 years. Kellum says he has generated over $ 850 million in residential and commercial real estate lending transactions since 1995, with 90% of that activity in the black community.

“I intend to partner with black-owned businesses and laborers on the construction of Ms. Franklin’s home,” he says. “We’re also going to explore partnerships with nonprofits, and local and national museums to see what we can do.”

See! Aretha Franklin’s Home Before She Bought It

aretha franklin home

 

The post [Slideshow] Black Real Estate Investor’s Labor of Love Restoring Aretha Franklin Home appeared first on Black Enterprise.

Money | Black Enterprise

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[Slideshow] Black Real Estate Investor’s Labor of Love Restoring Aretha Franklin Home

The renowned home in Detroit previously owned by the late legendary singer Aretha Franklin is getting a major makeover.

The new owner, Anthony Kellum, president of Kellum Mortgage, told Black Enterprise that it’s a tremendous opportunity to work on the Queen of Soul’s home. He bought the mansion, built in 1927 on the Detroit Golf Course, in late October for $ 300,000 after Franklin passed in August.

“To be able to blend the historical elements of a home that was built in the ’20s, while keeping some of Aretha’s glamorous and soulful style and adding the necessary modern touches, will truly be a beautiful challenge that I just couldn’t pass up,” Kellum says.

See It! Inside Aretha Franklin’s Sold Estate 

aretha franklin home

Spanning 6,200 square feet, the brick Tudor home includes five bedrooms, six bathrooms and a heated three-car garage with 9-foot ceilings. Kellum says the house has been vacant for 10 years and requires major renovations. Kellum says he understands that Franklin lived in the home off and on for several years but is not clear why it was vacant for so long.

He plans to invest roughly $ 400,000 to rehab the property, restore its original beauty and maintain its historical integrity. Kellum says the foundation is in good shape, but the interior needs significant work. The improvements will include repairs to a slate roof and new piping.

Kellum plans to re-design the kitchen, bathrooms, and rehab every room. “One challenge will be keeping as many unique aspects as we possibly can such as the intricate details of the fireplaces as well as original wood paneling, and the rich molding throughout the house.”  He plains to retain some chandeliers and other fixtures in the 91-year-old home.

“We want to blend some of the original elements in the home with some modern touches.”

Extensive work on the home that sits on the club’s 7th hole will begin in January. Kellum aims to complete the renovation by late May, allowing him to rent the home to people attending the inaugural PGA Tour at the Detroit Golf Club in late June.

Kellum plans to list Franklin property for sale by July 2019 for about $ 1.5 million. He plans to build a home on a half-acre next door he acquired in the deal that Franklin also owned. He hopes to sell the Franklin home to a family who appreciates its historical importance and value Aretha Franklin’s legacy.

Additionally, the property has sentimental value to Kellum.  His mother was a huge fan of Franklin’s who listened to her music every day when he was a kid.

“When I walked through the property it was an emotional experience for me,” Kellum says. “I see this as an opportunity to not only revitalize an iconic property in the city I love but knowing how proud my mom would be if she were still here, makes this even more amazing.”

As a black real estate investor who works in the Motor City, Kellum says he is acutely aware of the importance of the estate and the massive impact Aretha Franklin had on Detroit.

Kellum is founder and president of Kellum Mortgage and Kellum Capital Group, both based in Troy, Michigan. He has rehabilitated homes in the Detroit area for over 15 years. Kellum says he has generated over $ 850 million in residential and commercial real estate lending transactions since 1995, with 90% of that activity in the black community.

“I intend to partner with black-owned businesses and laborers on the construction of Ms. Franklin’s home,” he says. “We’re also going to explore partnerships with nonprofits, and local and national museums to see what we can do.”

See! Aretha Franklin’s Home Before She Bought It

aretha franklin home

 

The post [Slideshow] Black Real Estate Investor’s Labor of Love Restoring Aretha Franklin Home appeared first on Black Enterprise.

Money | Black Enterprise

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T.I. Hit With $5M Lawsuit For Defrauding Cryptocurrency Investors

(Photo Credit: PR Photos) 

T.I. and his business partner are being sued for securities fraud after a group of investors claim they poured over $ 1.3 million in a cryptocurrency the duo launched — and all they got was flat broke in return.

According to court documents obtained by The Blast, the 25 investors claim the rapper and a guy named Ryan Felton used “social media, celebrity endorsements, and well-known industry experts to create the false impression that FLiK Tokens were a valuable liquid investment.”

The plaintiffs allege they invested over a million “for now worthless securities called FLiK Tokens.”

Here’s how The Blast breaks it down:

In the lawsuit, the investors claim Felton and T.I. drove up the price of the tokens using the money they got from investors and then “dumped” their tokens and disappeared. They claim once they realized what went down, Felton created a new company that he said acquired FLiK “and speciously told investors that he had nothing to do with the new sham company.”

As part of their efforts to drive up the price, the investors claim T.I. and Felton made it seem like Kevin Hart was going to be the face of FLiK and even “owner of the business.”

Felton even got Dallas Mavericks owner Mark Cuban to invest and “created fake online posts on behalf of Mark Cuban in order to manipulate the value of FLiK Tokens.”

Then in late 2017, a massive “dump” of FLiK tokens caused a significant drop in their value, the report states.

“Felton explained that the devaluation was caused, at least in part, because T.I. had given FLiK tokens to members of his family and friends who had sold massive amounts on coinexchange.com causing rapid devaluation,” the plaintiffs state.

The investors are suing T.I. and Felton — seeking no less than $ 5,000,000 in damages.

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