THE BEST INVESTMENT OPPORTUNITY AVAILABLE TODAY THAT THRIVES IN BOTH GOOD AND BAD ECONOMIC TIMES MIKE CONLON
in the internet that indicated MHC’ s were better investments than apartments because, if they were well operated, they had much less turnover( i. e. residents moving in and out) and thus much less maintenance and repair expenses. So again I took action and bought an MHC and I did find it was much easier to manage than an apartment complex. So I kept buying them, mostly ones in distress from banks in 2011 and 2012. I now own 25 communities with almost 3,000 spaces in five states with annual rent exceeding $ 7 million. I have also done 16 fullcycle deals( buy, rehab, and sell) with sales proceeds in excess of $ 65 million. And best of all, I still work out of my house and rarely work more than 25 hours per week.
How have affordable housing investments treated other investors? A man who sold me a 175space mobile home community in Raleigh, NC never graduated from high school and actually lived in the community for 28 years. That community paid for his three kids’ college educations and he walked away from the sale with over $ 2 million( after tax) in his pocket. All from one community! Another guy I knew invested in three communities in California in the early 1970’ s. He sold one community for over $ 30 million and the other community, which has no debt on it, generates a check for over $ 100,000 … per month! to him and his family. Finally, I visited a guy I know who lives in Buffalo who started buying affordable apartment complexes in the early 1990’ s. He now has over 60 apartment complexes throughout the East Coast. When I visited him last, he showed me his car collection which had grown to 86 collector cars( Ferraris, Aston Martin’ s, old Mustangs, etc.) – pretty impressive.
Investing in affordable housing is not a get rich quick scheme. It is a great investment for longterm wealth and one of the best for generating current passive income. The beauty of investing in affordable housing is that you don’ t need thousands of units. If you want to make $ 100k per year, all you need are 130150 apartment units, 90100 MHC spaces, or 3540 singlefamily homes. This can be accomplished with one property or a couple properties. To obtain this type of cash flow from a property, you need to follow three important steps: