A Millennial's Approach to Investing

[Steven Aviram]

I think Millenials, my generation, have a different mind-set when it comes to a lot of things, including investing.  We don't just want to make money; want to make a difference in communities that other generations discarded, in favor of bland, car-centric suburbs.  In the past 5 years, I have rehabbed and rented 5 units in an up and coming area of Cleveland.  I'll tell you a little about my approach.

When I look for an investment, I look for an opportunity to do good while doing well.  I like to find properties that are distressed, in areas that have potential, but have a ways to go.  I like properties that I can convert from neighborhood eyesores, to neighborhood assets.  

You could say I'm an idealist at heart, but I don't let my idealism carry me away from the practical aspects of investing.  I stay away from areas that have excessive violent crime, and areas that aren't close to freeways or employment centers.  I look for areas where others are investing in walkable streets, but the investment hasn't hit such a critical mass that I have a ton of competition for good deals.  Finding areas like this is often hard work.  It requires keeping up on the local area's news, attending council meetings, keeping up on what's happening in the city you want to invest in.  But in the end, it pays off, and allows you to be a part of a neighborhood's renaissance, which is rewarding both financially, and personally.