On Tuesday, entrepreneurship professionals in Boston began their attempt to guide teens into the world of real estate investing. Their goal: to instill more diversity in an industry that remains predominantly white.
This is a summer program launched by real estate developer The Fallon Company and economic empowerment group Street2Ivy, which will teach 18 local youth ages 16 to 19 free of charge on the basics of real estate development over the next five weeks at Wentworth Institute of Technology. charge.
According to Street2Ivy founder Tavares Brewington, aspiring entrepreneurs from low-income communities usually lack the resources needed to start investing. This discrepancy prompted Bruington to seek cooperation.
“We needed to program to bridge the gap between people from different walks of life, educating them and educating them about what it really means to invest in real estate,” Brewington said.
Among the biggest barriers to entering a commercial real estate, he said, is a lack of access to information. Those without family or other connections already working in the field are unlikely to learn much about it.
This is one reason – even many in the industry agree – the large-scale construction and finance business in Boston remains predominantly white. It is one of a growing program aimed at changing this situation by offering entry-level training to young people from underserved communities and attracting a wider range of investors to projects here.
According to Fallon Company founder and CEO Joe Fallon, participants in the summer program will receive all the tools they need to fully participate in the training. Everyone will receive a computer, software, and mentoring from Wentworth students.
“The intention is to let them see the college campus and know it’s not that big of a deal,” Fallon said. “This is something they can get used to and what they can get to know to go to college.”
Senior staff at The Fallon Company and Street2Ivy will lecture in evening classes throughout the program, covering industry fundamentals in stages, from site search and evaluation to debt search and partnerships. Students will also take a tour of real estate properties throughout Boston.
Fallon said the organizers hope to continue the program over the next few years. Based on the success of the initial launch, it will seek to expand the initiative across the country to other cities where The Fallon Company operates.
“If I had access to something like this back in high school and didn’t know what I was going to do,” Fallon said, “I think it would help them come to something that is a great and exciting area. activities. … “
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