LOCAL
Kimberly Marsh, The Oklahoma Eagle
Keith Willis, St. Louis real estate broker and investor, joined local National Association of Real Estate Brokers chapter President Roz Williams, center right, and Black Wall Street Chamber Director Kuma Roberts, far right, for the “Don’t Sell Big Momma’s House” panel discussion on generating wealth at Langston University during Tulsa’s Juneteenth celebrations. Photo, Kimberly Marsh
“Don’t sell Big Momma’s house!”
Those were the key words from Keith Antone Willis at a recent Juneteenth panel about building financial freedom and wealth through homeownership.
The real estate broker and investor told the room of a couple dozen people that too often “homes are owned by Big Momma, auntie, cousin, uncle, nephew, and nobody really knows much about the property” leading them to sell it for “pennies on the dollar.”
Willis oversees membership and engagement for Region XI of the National Association of Real Estate Brokers (NAREB). He traveled from St. Louis to join Roz Williams, NAREB Tulsa chapter president, for the panel discussion.
Inside a conference room at Langston University’s north Tulsa campus, Willis told the audience “make sure before Big Momma, Big Daddy, another auntie, or uncle passes away, that that house is either in a trust or you have a will for that property.”
He shared how his father, with only a 10th grade education, used veterans’ benefits to buy the family’s first home in 1961. That was the start of his family’s legacy, passing property on to generations to kickstart their investments and increase their wealth.
But, he said unfortunately back then, families didn’t talk about money in a positive way.
“I know when the lights went out, he didn’t have it… That’s the only time we had a money conversation.” Willis said the house is still in the family, which he called a testament to their mission to do better for the next generation.
“We gotta train them up, right?” he said. “We told our son when he graduated, you don’t need [a] new car. You need to get that duplex, and you live [on] one side and rent the other side out.”
Family Talks to Legal Structures
The key is to build wealth early, protect the home legally, and teach children to do the same, Willis said.
First, wealth must be proactively protected through legal framing to create a succession plan with clear rules to ensure properties stay in the family.
Then, trusts and C-corporations can be instrumental in avoiding probate after death, keeping the assets controlled by the family.
Finally, families should establish clear succession and ownership control to protect property from government claims.
“Let your kids know what your plans are… don’t just have it where the adults go and you don’t talk about the kids,” Willis said.
Willis also emphasized building the foundation for wealth should come before acquiring the symbols of it.
“If 64-year-old Keith could go back to 24-year-old Keith, I’d be a multi-millionaire right now,” he said. He admitted that he could have invested earlier in wealth-generating property instead of buying high end cars.
Between passing this information on and having frank conversations with his family, he says they’ve broken the cycle of renting over owning.
Where to Get Help in Tulsa
Roz Williams and the Tulsa chapter of the NAREB are creating a workbook to help guide local families on estate planning entitled “Family Legacy Workbook, Don’t Sell Momma’s House Edition.” Updates on the workbook launch and how to receive one will be available online.
Other wealth-building resources in Tulsa
Legal Aid of Oklahoma, Fair Housing for Homebuyers, Renters and Investors, Michale Van Tassell
Chase Bank, Community Homebuying Process and Credit Readiness, Ashley Townsend Vice president Chase and Community Manager. See her page of the same title on Facebook for updates.
Related: Ashley Townsend teaches how to save money and create generational wealth
