The Downing brothers are changing lives in Chicago. They have taken their expertise in real estate and applied their skills to the transformation of neighborhoods. They made their television debut via HGTV on their show called “Double Down” where they flip homes in broken areas and provide financial literacy to families in these spaces. Anthony and Anton Downing are dedicated to their communities. They recently partnered with the Cook County Land Bank Authority to give away a home. Rolling out spoke with the Downings about this giveaway, the importance of financial literacy and changing lives.
Why is owning property an important aspect of wealth-building?
Anthony: Because of the ability to leverage the equity [value] in the property to buy more property, pay down debt, get money for family emergencies and transfer an asset to your children that over time will continue to create passive income and increase in value.
Anton: Ninety percent of all millionaires get their status through real estate. It’s a proven fact that a person can pull from that value to buy more property and start other business ventures.
What have been some of your challenges in building your portfolio?
Anthony: One of our biggest challenges has been working with contractors that could not complete renovation work for us on time and within budget. It is the hardest part of building a real estate portfolio.