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Bay Area Equity Group Applies for Grant to Brighten Future for Detroit Homeowners
In a time where businesses are pulling back the reigns on some of their more philanthropic activities, Campbell based Bay Area Equity Group has chosen to do the opposite.
Currently in the application process, Bay Area Equity Group is hoping to leverage monetary support from a five million dollar grant to provide housing to lower income families in Detroit. Under the program, Bay Area Equity Group will purchase distressed homes and rehabilitate the homes to the standards Bay Area Equity Group prides itself in. Once the home has been brought to standard, Bay Area Equity Group will also help to find tenants for these homes without traditional credit checks. Homes will then be rented for less than the prevailing rental rate in the area (ex. $300/mo vs. $700/mo). The best part of the program is when a tenant maintains good standing on their rental agreement. With rent paid on time for three years, the property deed is then transferred to them and they become the new homeowners. Just one of the many programs engineered to help revitalize Detroit, the goal is to bring home ownership and pursuit of the American dream back to hard working Americans.
Antranik Kabajouzian, CEO/President of Bay Area Equity Group, is hopeful the program will be put on the fast track to be approved in the near future. He believes that the analysis performed by Bay Area Equity Group on the homes it purchases as real estate investment properties is a perfect fit for this type of program. By having Bay Area Equity Group focused on above average monthly cash returns for its investors, they are able to find and provide homes that can ride out hard economic times while still maintaining value. It is exactly these types of homes that are especially beneficial to lower income families and can serve as a real boon to citizens in the revitalization of Detroit. When asked about his motivation for applying for such a grant, Antranik replied: “I think that it’s important to take care of the places you do business in. We are physically located here in Campbell, but we do a lot of business in Detroit. We would be irresponsible if we didn’t give back to the communities we operate in. A program like this is hard to pass up because it gives us the ability to demonstrate our expertise to both those in need and our future investors. It’s a win-win.”
Bay Area Equity Group is a real estate investment company that focuses on providing monthly cash flow returns to its investors with double digit ROI. Located in Campbell, CA at the Pruneyard Shopping Center, they also provide IRA/401k asset management and tax help relating to property ownership.
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Specializing in Detroit real estate investment properties with double digit returns on investment, Bay Area Equity Group offers a full suite of real estate investment services including IRA/401k direction and real estate tax benefit guidance.