Keisha Bailey gets real about real estate, generational wealth
Published:Sunday | August 6, 2023 | 12:07 AMKrysta Anderson - Staff Reporter
Keisha Bailey grew up in a loving, extended family household. It took a village to raise her family and she enjoyed being in the company of cousins and aunties. But when she met her husband, Jermaine, he introduced her to a different side of living; one which involves home ownership. That experience changed the way she looks at investments and she has gained understanding, wisdom and earnings that will last far beyond retirement. Of course, she has no intentions of keeping this knowledge to herself. She plans to host a conference geared towards achieving generational wealth.
“The safest place to put your money is in the ground; in real estate,” Bailey told The Sunday Gleaner. These days, many have become familiar with the stock market as a means of gaining financial wealth and freedom. While that is indeed a viable option, Bailey pointed out that real estate also plays an important part in maximising one’s earning potential.
“We can zone in and compare the two. The stock market can be volatile; it leaves people to worry because of its unpredictable nature or going up, down and sideways. There’s the recession to consider; as well as scammers who can take your money out of your account. But, as I’ve said before, there’s nothing safer and more grounded than real estate. Most times, the money is going one way, and that’s up,” she highlighted.
CORPORATE EPIPHANY
While working in corporate Jamaica as a portfolio manager for one of the nation’s banks, Bailey discovered that her clients had multiple real estate holdings. The professional realised that there was an increase when it came to property value. “The client isn’t really doing anything, but the value is going up. I was getting a clear understanding of how investment works and realising that’s the only way to build wealth. I decided then and there that it was time to be an owner,” she shared.
Making a love connection with her husband only affirmed her new beliefs. She noticed that his house was owned by his mother and father. This was very different from the extended family living arrangements she was used to. “His parents had it all figured out from the start,” she said.
Her mother, at the time, had bought her first house. As a single parent, this was a big deal and Bailey was grateful that her mother had achieved this feat. So, naturally, she followed in the footsteps of those around her and bought a house. “I recalled turning to Jermaine and saying, if I have $100,000 in my account, then I’ll be good for life. He took one look at me and said ‘that makes no sense’. It became a big argument with him saying that money can’t last a long time.”
Content with her one-time purchase, she didn’t really see the importance of owning multiple properties. It was one and good in her book. So, what changed her mind? The process of the purchase.
“We bought our first house in 2009 and how we were able to buy that house was something that really surprised me. Jermaine’s parents had a piece of land and they sold it in order for us to get the deposit that was then put towards getting the place,” she recounted.
Owning the land and leaving it alone not only increased the value; it was also able to come in handy as a useful way of helping the next generation. Holding for the long term proved to be fruitful for the future. A thankful Bailey would soon apply this lesson to her own life.
An opportunity came to study overseas and, for the couple, that meant migration. Try as they did to sell the house, there were no buyers. This became a blessing in disguise, “Since we were away, we decided to rent because it wasn’t selling. So we stumbled into that added income. We bought the house for $8 million and now it is valued at $30 million.”
While abroad, they started a family. Becoming three meant the need for more space. Using Jermaine’s parent’s strategy of taking money against the land, the couple was able to do just that with the property in Jamaica and use the deposit to buy a house in Canada. “Real estate paved the way,” she added.
Learning all of these lessons and putting them into good use, Bailey decided that she wanted to share her knowledge with others. The Profit Jumpstarter’s chief executive officer has dropped these gems as a guest speaker at several conferences. This summer, she decided to host her very own.
Build Wealth with Real Estate, scheduled to take place at AC Hotel Kingston on August 19, is a conference designed to share the latest trends and financial insight, providing guests with all the tools to create generational wealth from early on. “People think they need to have a lot of money but we don’t have to wait. There are ways you can get the money and make the moves faster. If you sit and wait, you will never be able to afford it.
Breaking the stereotype of loans and bringing forth notions like the importance of borrowing money in order to have an appreciating asset are just some of the conversations this conference aims to start and engage in.
The event was also created to connect persons with industry movers and shakers. While hosting, specially invited speakers, namely Ryan Taylor, Omar Wisdom, Matthew Garland, Nicole Barham, Shaneka Shaw Taylor, Michelle O’Connor, Stacey Hines, Wayne Brooks and Kalilah Reynolds, will be sharing golden nuggets and principles that will be beneficial now and in the long run. “Expect knowledge, networking and deals; access to money and mentors, as well as a different way of thinking and executing. Everything that you need will be at the conference,” she added.