According to the Jewish Virtual Library, a gareen is a small group of young Jews dedicated to establishing something new (usually a settlement or community) in Israel. I’ve started promoting the idea of creating a movement of similar minded people to do just that.

There are so many people over 55, empty nesters, in large homes living alone, many of whom are now considering downsizing but with no clear idea where they want to go. They have significant equity tied up in their home, a huge mortgage, taxes in five figures, gardening payments, utilities and maintenance—monthly expenses that add up to a number that made sense when they had five or six people living in the house, but seem foolish now that there’s only two. There are rental options, but many people wish to still own real estate once they sell their primary home.

So please imagine with me for a moment.

A condo building with two-bedroom units, nearby so that you can easily visit the children living in the Teaneck area, perhaps even walking distance to connect on Shabbat. The building would include a pool, community room and even a cafe for people to meet for breakfast and lunch. The community room would be available for minyans, community meetings and fun evening activities that would become a staple for the building’s residents.

I would propose a unique financial structure whereby the original investors in the units would also have a financial interest in the success of future units. I would also explore the possibility of allowing short-term rentals so their owners who spend time in Florida, Israel or Long Branch could earn income on their vacant units. This would also allow residents who want to invite family for Shabbat or a chag to have available units to rent to accommodate their families.

I’m not a builder so it’s not something that I can make happen on my own. I have spoken to some builders about the idea of working together on this project, and the one thing that’s clear to me is that the only way this will work is by bringing a builder a group of buyers who are interested and committed to the project. A gareen. Perhaps the reason builders are developing rental units is because they want to have long-term appreciation. I don’t blame them. They don’t want to simply have the profit from the quick sale. That is why I believe by joining together, in a cooperative fashion, that we can create a project whereby we can accomplish the following:

• Build what we want;
• Where we want;
• At an affordable price;
• With the ability to offset costs by generating income; and
• Have the ability to profit from the success of the overall project.

So what needs to happen in order to move this idea forward? For me, it’s writing articles like this and trying to spread the word. For you, it’s responding to this correspondence and reaching out to me to express your interest. I can’t do this without you.

So if this idea sounds interesting to you, if you would like to consider joining this gareen, please respond to my email and let’s build this dream together. [email protected]. David Siegel.

David has over 15 years of experience at both major banks and mortgage bankers and understands the guidelines of different lenders to help direct his customers to the best loan type for their needs. Contact him via email at [email protected], or phone 201-725-9527.