A Philadelphia-bred entrepreneur is using his journey in the real estate industry to empower other individuals to establish financial freedom. According to The Philadelphia Tribune, 30-year-old Patrick Jeune has flipped over 30 properties and earned upwards of $30 million in sales before his 30th birthday and hopes that the moves he’s made will inspire others to follow suit.
For Jeune—the founder of the real estate investment firm JP Holdings, LLC—his financial setbacks inspired him to pursue a career in real estate. During his sophomore year at Temple University, he and his roommates struggled to pay their rent. Jeune—a business major—used that obstacle as fuel to launch his own business. He hosted parties and assisted his landlord with renting out properties to raise funds for his first investment property. He purchased his first property in 2010 with the help of his mother and went on to sell several homes throughout Philadelphia above the city’s market rate in the Brewerytown and Point Breeze neighborhoods. “I had to learn the hard way that just one property isn’t going to change your life, so I decided to dig more into real estate and identify other ways of scaling and growing the business,” he told the news outlet.
As far as what’s on the horizon for Jeune and his business, he plans on purchasing land from the City of Philadelphia to create affordable housing. He also wants to grow his portfolio and develop properties across the country. Ultimately, he wants to give back to his community by providing guidance when it comes to navigating the real estate industry. “I feel like I figured it out. This is something that I want to share because I know that there are a lot of people out there who are trying to figure it out, too,” he said.
Studies show that real estate can be instrumental in addressing racial wealth disparities. A 2018 study conducted by Duke University showed that reducing the home equity gap would narrow the racial wealth gap by 31 percent.