It’s no secret that millennials are in worse shape financially than the generations that came before them. And it’s keeping them out of one of the most stable ways to develop wealth in this country: real estate.
As a millennial himself, tech CEO Calvin Cooper knows this.
“We own a lot less wealth than previous generations and this is tragic,” Cooper tells BLACK ENTERPRISE. “Growing student debt, two once-in-a-lifetime economic downturns, and a housing shortage have left many without the ability to own in our communities. Further, systemic inequality in housing is a primary driver of the wealth gap in America.”
One positive Cooper sees for millennials is they have technology on their side, which has given them more tools and some new ideas.
“What you’re starting to see is this financial populism entering the market where younger investors are collaborating online and educating themselves about the market and investing,” Cooper says. “It’s starting to have an impact and large corporations are starting to think about environmental, social and governance and take it more seriously in response to not just consumer activism or employee activism but now investor activism.”
Cooper invented the Rhove app to bring investor activism to private commercial real estate and give people the chance to invest and build wealth in the communities they call home.
“With Rhove we’re bringing that energy to the private commercial, real estate space so that we can come together, pool our resources, and invest in the places we love.”
The Rhove app is a venture-backed technology company that allows anyone, anywhere to invest in
real estate. The Rhove app provides a platform to share and discover projects and empowers
people to build wealth by investing in their communities. For as little as $1, anyone 18 and over can invest and cultivate ownership.
Real estate in the U.S. is enjoying a boom in the recovery of the pandemic and commercial real estate is no different. One of the few positives of the coronavirus pandemic is it made people more aware of their situation and do more to become financially secure. Additionally, more small business have been started than ever
Commercial real estate is rebounding with the pandemic and using Rhove you don’t have to invest alone. “Rhovers” (as Rhove app users are called) can explore commercial real estate investment opportunities (multifamily, commercial, and mixed-use) in cities and states nationwide and invest in properties
Rhovers can also immerse themselves in the community aspects of the app—interacting with real estate developers raising capital through Rhove, sharing information and ideas with other would-be investors, and advocating for additional investment opportunities not yet available in the app.
Rhovers will also be the first to know when investing is live in the app, which should happen this fall.
“We’re breaking down the barriers to entry, so if you think about real estate finance technology, we’re in the E-Trade MySpace,” Cooper tells BLACK ENTERPRISE. “What Rhove does is take us into the Coinbase, Instagram days of real estate. So on the investor side you can download the app, create a profile, invite friends, follow them as real estate owners, and invest as little as a dollar per share in properties.
“You can also deposit funds into your account so that you can make investing and real estate a priority by setting aside funds every month to build up your resources.”
Investing in real estate has always been a pillar of financial security and a stable way to generate wealth in the U.S. and that hasn’t changed. What has changed is more people know it and with Rhove you can invest in and benefit from your community.