I'm a Brooklyn Investor and I have to say I LOVE Millennials! A lot of my rentals have moved up because of their creative spirits and adding value to neighborhoods because they had the talent to see what it needs and then provide it.
Many of them create businesses, especially things like music scenes, coffee shops, Gourmet Restaurants, etc. You have to see how it really works by studying Williamsburg!
Unfortunately, like a lot of generations which experienced moving into Gentrifying neighborhoods, many become victims of their own creativity and improvements.
Eventually, the more wealthier the neighborhood became because of their creative talents, the more the Yuppies take over and bring up the rents above where the younger Millennials could afford.
It's a scene that seems to repeat itself again and again and mostly in dense Urban areas and Metros.
I took it upon myself to teach RE and managed to Partner with several of them between the age of 26 and 32.
We did phenomenally well. They are not Lazy. The ones I know work very hard and have good earnings.
The ones who rent, they are struggling for the most part, but not all.
I will say a lot of the Millennials can be described as out of towners who wanted to see a better world and be where the hipsters are. I think for this Generation, they moved from Suburbs to Metros where they can do the kind of work that they love, mostly creative. So things like Warehouses that can accommodate an Artist workshop and living quarters are extremely desirable and you can't generally get that in Suburbs where most of the Clients of an Artist may not be close enough to see your work in your Workshop.
My Millennial Partners are a subset of the vast majority as they make a decent amount of money. But none can single handedly afford to buy a multi-family here in Brooklyn. So I taught them Property Analysis and Partnering.
Because the Properties themselves have skyrocketted (for instance, we bought a Bed-Stuy property for $900k in 2013 and it's now worth around $2 Million with only $350k of Renovations), these Millennials who Partnered with me learned a lot and they continue to build up a portfolio with me.
They can travel and do whatever they want now in just about 3 years or so of investing as the Properties Cashflows also skyrocketted.
So, you may think they got lucky to meet me. But the reality is that I needed them as the Mortgage Market prevented me from getting the kinds of Loans that I needed to make these properties work. The highly paid Millennial became an advantage and allowed my Business Models to work.
I fully think if a Millennial is taught correct, and they are willing to work in a field which can give them the seed capital, they will do exceptionally well with help from someone like me who can mentor them.
So it really all depends!
Investor Llew
