Co-Founder Jimmy Woodard discusses how Cloud Castles is using technology to close the wealth Gap
This week on the Shavaughn B Podcast, Co-Founder Jimmy Woodard discusses how Cloud Castles is using technology to close the wealth Gap for Black Americans through real estate investing.
The Wealth Gap
The wealth gap continues to persist in the United States for Black Americans. At $171,000, the net worth of a typical white family is nearly ten times greater than that of a Black family ($17,150) in 2016. Racial inequity impacts homeownership as well. Homeownership is critical to the accumulation of Black wealth. In a 2016 study conducted by the Brookings Institute, white families net worth was $171,000 versus Black families who had a net worth of $17,150.
This week Jimmy Woodard sat down with Shavaughn B (Founder of The Corporate Concierge Group) to talk about Cloud Castles and why closing the Black wealth gap is the driving force behind the company’s vision. Jimmy talks about the roadblocks of building a startup up, to working through complications of purchasing vacation rental homes.
What are time shares?
Time sharing is a property sharing arrangement for vacation rental homes that enables owners to share the costs of owning a property.
SB: Why did you choose to build a startup in the real estate sector?
JW: Why has time shares not changed in the dozens of years it’s been around? We looked at the model and realized that there’s a lot that we could do in this space to bring it to the 21st century. So that’s what we’re trying to build with Cloud Castles.
SB: Why Group Economics makes sense for building wealth in the Black community
JB: It doesn’t take as much as you think when it comes to investing in real estate because a lot of people shy away from real estate because they think they need $50K, $100K, $200K to really build wealth through this channel. But what we’re trying to do here is help widen the people who have access to investing in real estate especially, Black people. Wealth is something we as a community need to build together.
Listen to the full interview here: