Community crusader: Drunia Duvivier is purchasing property to help revitalize her neighborhood and her lifestyle.

Drunia M. Duvivier not only owns--but leases out and lives in--her three-level property located in the Bedford-Stuyvesant section of Brooklyn, New York. The former Morgan Stanley executive, who now describes herself as an active red estate investor, took advantage of the Neighborhood Housing Services' StoreWorks program. The program, an initiative geared toward community rehabilitation and revitalization, helped Duvivier purchase her property in 2002.

Duvivier bought the mixed-use building for over $200,000. She then partnered with her friend, Marlene Green, and her sister, Helena Duvivier to form O'Rancy Management. Duvivier is majority owner (75%) and acts as property manager.

"I was looking to purchase property for a certain amount, so I stuck to my guns and was able to secure property in my price range," says Duvivier. "In real estate, there's enormous risk. You've really got to do the math to make sure that this is something you can sustain."

By taking the risk, Duvivier's foresight to acquire real estate made it easier for her when she was downsized from Morgan Stanley in 2002. As the first major holding for her business, the property provides an income stream to sustain her lifestyle, as well as provide additional funds that can be used to purchase more properties in the future. The store front commercial space of the building is occupied by a CPA firm, and the second and third floors each have an apartment, one of which Duvivier resides in. Since she lives in the property, she builds equity with each mortgage payment, making the property a major building block tot her future wealth.

"Real estate is a wonderful way to try to acquire wealth for the future and to really structure yourself. There are so many different ways that you can use real estate to match your lifestyle and what's important to you," Duvivier says.

Duvivier is capitalizing on the advantages of making a strong commitment to DOFE Principle No.1: to use home ownership to build wealth.

Duvivier is treating her property like a business, and by doing so is contributing to the revitalization of the community she grew up in. She was adamant about remaining in the community and is happy to watch and be part of the new developments. "I waited six months to rent out to a professional business because really it's an investment in the community," says Duvivier, who wanted to provide services for the professionals and families in the neighborhood. "I started to ask people, 'What type of business would you like to see on this block?' to find out what was needed."

Along with the rehabilitated building she owns, Duvivier wants to make a social investment through running several wealth-building workshops for the community in upcoming months. She is partnering with the CPA that leases the office space for this project.

Real estate ownership has also afforded Duvivier several non financial benefits including increased time and flexibility to pursue other interests. She has been able to focus more energy on producing and directing a documentary called Traded to Trading: Portraits of Wall Street in the Black. The film explores the contributions that blacks have made on Wall Street, starting with their history of being traded as commodities and leading up to today.

The increased flexibility has also allowed Duvivier to take an active part in the Dolphin Group, a team of multicultural real estate investors that meets once a month to share lessons and experiences and explore potential investments. Last year, members of the group traveled to Belize, Costa Rica, and Panama to explore real estate opportunities. For Duvivier, the group is an important resource for networking and developing mentor relationships. It also plays into her overall wealth-building goals for the future.

"I'm looking to continue to invest in real estate properties while focusing on the quality of service I'm providing and to acquire more multi-use/multi-unit properties," says Duvivier.

With her property serving as a firm foundation, she's well on her way.

To use home ownership to build wealth

PRINCIPLE 1

Confidence, perseverance, and commitment have been the key aspects of Duvivier's wealth-building strategy. To follow in her footsteps:

[] Don't rule out partnerships. It was initially challenging for Duvivier to acquire property because she was constantly being outbid. " I knew I wanted to acquire real estate and I knew I wanted it to be commercial space with apartment rentals," Duvivier says. To get the property she wanted, she had to save for several years and then pool resources with her partners to start their real estate entity. She was sure to partner with people she knew and could trust.

[] Flex your risk muscle. Duvivier says the recognition that "God is in control" helped her develop a greater willingness to take risks. She took a mild risk by taking a shell of a building and renovating it in order to stay in her Bedford-Stuyvesant neighborhood, waiting for it to begin to revitalize. Her commitment to her community has paid off, as property values have increased at a brisk pace. Duvivier's property is now valued at approximately $540,000.

[] Pay to educate yourself. Duvivier encourages investors to spend money to educate themselves about the real estate market. She suggests joining associations or groups like the Dolphin Group, of which she is a member. Specialized courses on real estate management and acquisition techniques can also broaden your knowledge base and make obtaining property easier.

Declaration of Financial Empowerment

From this day forward, I declare my vigilant and lifelong commitment to financial empowerment. I pledge the following:

1] To use homeownership to build wealth

2] To save and invest 10% to 15% of my after-tax income

3] To commit to a program of retirement planning and investing

4] To engage in sound budget, credit, and tax management practices

5] To measure my personal wealth by net worth, not income

6] To be proactive and knowledgeable about investing, money management, and consumer issues

7] To provide access to programs that will educate my children about business and finance

8] To support the creation and growth of profitable, competitive black-owned enterprises

9] To use a portion of my wealth to strengthen my community

10] To ensure that my wealth is passed on to future generations