Rethinking Generational Wealth: Building a Brighter Future Together

Imagine a world where the dream of owning a home, once a cornerstone of the American Dream, is slipping away. Today, many families find themselves caught in a cycle where the opportunity to build wealth for future generations is disappearing right before our eyes. It's a troubling trend that begs the question: Are we making the American Dream impossible for the next generation?

In recent years, we've witnessed a concerning pattern unfold. As people live longer lives, they face the daunting challenge of affording healthcare and housing in their later years. Too often, seniors are forced to sell their homes to cover the staggering costs of assisted living facilities, leaving little to no inheritance for their loved ones. Meanwhile, younger generations struggle to afford housing or access to quality healthcare, creating a cycle of financial strain that spans across generations.

This crisis is not just about economics; it's about quality of life. While we celebrate longer lifespans, we must acknowledge that longevity does not always equate to happiness or well-being. As a society, we need to reassess our cultural values surrounding generational wealth building and embrace equitable solutions that ensure economic stability and a better quality of life for all.

At the heart of this issue lies the traditional belief in homeownership as a pathway to financial security and stability. Yet, in today's housing crisis, this dream is becoming increasingly out of reach for many. The soaring costs of homes, coupled with stagnant wages, have created a landscape where affordable housing options are scarce. Developers prioritize luxury properties over starter homes or townhouses, further exacerbating the affordability crisis.

To address this challenge, we must rethink our approach to housing and community development. Legalizing different housing types beyond single-family homes opens up opportunities for both younger and older generations to achieve economic stability and foster vibrant communities. I've seen firsthand the transformative power of diverse housing options, such as courtyard condos, in creating supportive and engaged communities where individuals thrive.

As a real estate developer and housing consultant, I am deeply committed to finding solutions that promote housing abundance and community investment. It's clear to me that we're missing out on crucial opportunities for cultural intergenerational wealth transfer and well-being. By embracing housing choice, from multigenerational housing to cooperative living arrangements, we can ensure that seniors have the support and resources they need to live fulfilling lives without sacrificing their financial security.

In conclusion, the time has come for us to rethink the American Dream and build a brighter future for generations to come. By prioritizing equitable housing policies and fostering inclusive communities, we can break the cycle of financial strain and ensure that every individual has the opportunity to thrive. Together, we can create a society where the promise of the American Dream remains alive and well for all.

What's next?

Milestones are a funny thing. Admittedly, each time I achieve a milestone, I say, “What’s next?” Even taking the time to write and reflect on my business anniversary is something I’ve been procrastinating on and rather focused instead on what I’d like to accomplish. 

Six years ago, I chose to take the leap into entrepreneurship and become a full-time real estate developer. Initially, having a pipeline of productive projects socially, environmentally, and financially was the whole goal. I worried there wasn’t enough to be done or that I would be able to accomplish. Building trust among stakeholders and partners was a top priority and only started to occur once I’d demonstrated the ability to deliver a stellar project. In reflecting on it, I was young, hungry, and scrappy. 

The latter two I still deliver on, but I’ve grown up professionally. I have been a part of $25 million of real estate development in the Great Lakes Bay region. I’ve developed 67 residential units (aka awesome homes) for people. We have over 43 commercial spaces in Downtown Bay City. I’ve consulted for incredible developments both locally and around the state, plus had the opportunity to teach workshops in boot camps across the country. Diving into being a commercial real estate agent has offered another way for me to support small businesses, entrepreneurs, and local property investment. 

This journey so far has taught me how much local ownership is a critical part of strong communities. I get to advocate for and support that through supporting real estate clients, teaching and speaking, and through my investments. Supporting others in their investments to help them do well for themselves by making a positive community impact. The big picture mindset of my sociology background promotes how our community is worth investing in for its sustainability.

So now for my favorite part… What’s next? 

It is time for growth. 

1. Keep serving clients in real estate. Helping others invest wisely into the places and spaces to build their businesses is a top priority. 

2. Housing. Housing choice is a critical piece of economic development—housing density ties into having people to support our small businesses. Homeownership is a primary investment that helps citizens either gain or lose generational wealth. Assisting communities across the state in building the housing their community needs is a top priority.

3. Development projects that are irresistible additions to the community with partners who are driven to make this community an incredible place full of character.

The biggest takeaway when I reflect on this time is how grateful I am to do the work that drives me. People said our community is too small. That progress like what I wanted to achieve could not happen here. In those moments, I kept my head down and did the work. I am grateful for the grueling grind. Now it’s time to advance to the next level of the game.

The Bottom Up Revolution | Jenifer Acosta: Giving New Life to Historic Buildings and Neighborhoods

Today’s guest on The Bottom-Up Revolution podcast is Jenifer Acosta, a community revitalizer and incremental developer working in the Tri-Cities region of Michigan, near the shores of Lake Huron. Her focus is on adaptive reuse projects—taking historic structures like old bank and newspaper buildings and turning them into updated housing and commercial spaces. She finds that sweet spot between preserving history while also modernizing and allowing these old buildings to take on new life so they can last another hundred years, even as the needs of a community change.

Mitten Money Podcast

Another must-listen episode of Mitten Money is available. https://bit.ly/3hjmWch

William Zank has a conversation with Jenifer Acosta, founder and President of Jenifer Acosta Development. Building dynamic communities and creating a sense of place are just two of Jen’s favorite things. Combine them and add a dash of determination, and you have one of the region’s most sought-after “matchmakers” in real estate.

In this episode of Mitten Money, prepare to learn about:
- Jen’s path to commercial and real estate development.
- Missing middle house and why creating more of it matters.
- Jen’s current community development projects.
- What baking treat she is famously known for by her friends and family.

Mitten Money features Michigan-based leaders from various industries and varying sizes. Host William Zank focuses on sharing business leaders' struggles and triumphs. Follow, subscribe and share:
Apple: http://apple.co/2ZY84Xu
Amazon: https://amzn.to/303u03n
Google: http://bit.ly/3dTBw9j
Spotify: http://spoti.fi/304eHaRWil

Magic is in the Air

Bay City is full of the magic of yesteryear and it is steadily returning. The newest spark to our growing area is Drift. An open-air beer garden with a family-friendly atmosphere and relaxed vibe, the Drift is located at 1019 N Water Street and will be open weekends as a food truck park and beer garden while construction on the building is in progress. These early open weekends are fundraisers for nonprofits who greatly appreciate your support. They are open Friday and Saturday evenings from 4pm - dusk.

Locals and visitors alike all have great memories of enjoying the waterfront from this property. Our partnership team is dedicated to bringing back this gem of a place. "Drift will be a place for families and friends to just be together.  We hope to have programs like outdoor yoga for kids, provide an area for children to run and play, and even have water bowls and biscuits for dogs. Parents can relax at our custom-made bar with a cold drink and delicious food as they watch their little ones having a good time outside," Acosta says.

Drift has plans to evolve over time. Currently, their docks are awaiting final permits for reconstruction. Soon, boating guests will be able to dock and enjoy some time relaxing outside on the massive patio or sit at the bar for a break from the sun.

Part-Time Assistant Opportunity

Why would I hire an assistant while my inbox only has 7 emails flagged for follow-up?

When I analyze the volume of work I'm delivering, I manage it quite well so it seems odd to choose to hire someone. Two major factors influenced my recent decision. 

1. Managing my workload isn't my goal. Growth is my goal. Being able to delegate tasks and work would allow me to continue a growth mindset and teach someone else development and real estate along the way. 

2. Family comes first. Michigan summers are sacred and my business coach gave me the best advice 5 years ago. She told me, "If you're reaching your goals, take a day off each week this summer to spend with your children." I have been doing exactly that for the last 5 years. This summer as I look at the workload in opening Drift, closing out phase 2 of Westwood, moving eleven thirteen center forward, and serving real estate clients I know that I cannot deliver it in 4 weekdays.

With a busy pipeline, this is the best time for anyone to come work for jenifer acosta development as they will have such exposure to different projects in various phases and stages. If you know someone who likes riding roller coasters, please let them know that I am looking for someone to ride through all the twists, turns, ups, and downs alongside me this summer.

Details:

Looking for a part-time assistant for the summer and potentially beyond. Must be energetic, willing to learn, and handle a non-traditional work environment.

Proficiency in both google suite and Microsoft Office is required. Candidates must be able to demonstrate knowledge in foundational elements to real estate and finance. A love of interior design, placemaking, and civic life is preferred.

Must live in the Great Lakes Bay Region

Estimated 15-20 hours per week. 

Email cover letter and resume to jen@jeniferacosta.com by June 12, 2021

Strike While the Iron is Hot

Current interest rates and market dynamics are driving vibrant discussions between my partners, clients, and myself. Here is some inside scoop:

1. Sell.  Sell the property or portfolio of properties. Residential markets are high and commercial properties are moving faster than normal, now is a great time to bless and release those investments that have served you well. Selling those previous investments allows you to capitalize on newer tax incentives like opportunity zones as you redeploy the capital. 

2. Prepare Yourself.  Be prepared to buy. Investors are looking to do a 1031 exchange and quickly redeploy capital. Additionally, many of us are looking to sit with cash, ready for the market to open back up with foreclosures, and want to be prepared to spring into action when it does.

3. Unlock equity. Capitalize on the value of properties held in your portfolio by either refinancing or obtaining a line of credit to make improvements. Interest rates are great and this is the time to flip the script on being asset rich and cash poor. Access financing now in order to redevelop or make property improvements to attract stronger leases and secure the investment. Now is the time to line up financing and get the work done when contractors prefer rehabilitation projects for fall and winter. Amplify your investment by starting now: plan early and arrange for financing so you can strike while the iron is hot.

If you’re interested in navigating these opportunities, be sure to reach out.

-jen@jeniferacosta.com

Shoreside Beer Garden coming to Bay City riverfront

Downtown Restaurant Investments, Jenifer Acosta Development and Mission Partners are launching a new beer garden and food truck park called Drift Shoreside Beer Garden located at 1019 N. Water St. in Bay City.