THE BEST INVESTMENT OPPORTUNITY AVAILABLE TODAY THAT THRIVES IN BOTH GOOD AND BAD ECONOMIC TIMES MIKE CONLON
country over the next 510 years will pay between $ 8 $ 12 / hr . As one of my friends in the industry , who used to be a Wall Street guy and quit to own affordable properties fulltime , said recently , “ I love waking up every day knowing the demand for my product is only getting stronger .”
The greatest thing about investing in affordable housing is that you can be part of the solution as well . We provide our residents with safe , affordable housing in clean and wellkept communities . We make a strong effort to get residents involved with each other by sponsoring activities at all the major holidays , putting in new playgrounds and soccer fields , planting a community garden , and coordinating with local organizations , such as the Boys and Girls clubs and local food trucks , to provide services to our community . The biggest mistake you can make with affordable housing is not reinvesting in the complex or community . Repaving the parking lots and / or community streets or rehabbing older apartments and / or homes every few years is a must . Slum lords are driven out of business quickly . Owners who treat their residents with respect ( our policy is “ firm , but fair ”) and reinvest in their complexes or communities will be the ones that thrive .
So how do you get started in affordable housing investments ? Six steps :
1 . Get educated . Any good business requires hard work and basic principles you need to understand so you don ’ t make a big mistake on your first investment . You need to invest in education materials that provide a stepbystep process on how to invest in affordable housing .
2 . Find a mentor . You need someone with experience in the business who can guide you through your first couple investments .
3 . Select a geographic area where you want to invest . I like the Southeast and Midwest U . S . as they are more affordable .
4 . Choose your affordable housing investment type . What do you feel more comfortable with – single family homes ( the easiest to get started with ), apartment complexes ( the easiest to get financed ), or mobile home communities ( the easiest to manage )?
5 . Put together a team . You will need to find good local brokers , a local banker to finance your properties , a good CPA to handle your taxes , and a good property manager to oversee them .