Malik Yoba Instagram – Sunday Real Estate School Family. 🏠 🏦🏗️🧱 This scene from a movie ( unknown to me) depicts a practice called “contract buying” very common when redlining in real estate was legal. A version of this can still exist today with hard money lenders if you ain’t careful. Real estate is the main generational wealth builder for the vast majority of folks. This is why I’m so passionate about it and the education that goes along with it and why I started @yobadevelopment. Contract buying involves the sale of a home to those who cannot acquire their own mortgage. In the mid 20th Century, contract buying emerged as a method of obtaining a place to live for many African-Americans. Without many other options, they engage in a contract with a seller and make monthly payments. The exploitation of these occupants begins at the signing of the contract. In most circumstances, the property owner marks up the price from which they bought the property. Even if occupants are up-to-date on their monthly payments, the contract allows for the property owner to incite miscellaneous fees and fines for whatever they deem necessary. Ultimately, it is the goals of the property owner to obtain as much money from the occupants as possible until they can no longer pay on the property and are evicted. By the time they are evicted, the property owner has already lined up new occupants from which to exploit in the same manner. Although this happened across the nation , Black families in Chicago were almost exclusively subject to this system of contracts, designed to capitalize on the lack of housing options for people of color in mid 20th century. If you haven’t read #richardrothstein The Color of Law, do yourself a favor and cop that. United States of America