April Crossley had her son at 16 years old so she had to do what she had to do as a full-time mom, a full-time student, and a part-time employee. Relying on food stamps to pay for groceries, she learned how to become resilient at an early age and work her way out of poverty.
In 2004, she bought her first property and got so obsessed with real estate that she dropped out of her master’s program so she could afford to pay for a real estate course. By 2006, she bought a six-unit property and then kept flipping houses and buying rental properties all the way up until 2013.
Currently, April is in learning mode in terms of making affordable-housing projects work as a business, especially at this time of this huge affordable-housing crisis. Specifically, she hopes to help solve the affordable-housing problem within the senior space, a segment of the population that she holds near and dear.
Here are some power takeaways from today’s conversation:
- Where April got her funding in flipping the six-unit property
- Her interest in the affordable housing space
- The concept of co-living
- Real estate investing in Tennessee vs. Pennsylvania
- Finding your purpose
- Developing affordable houses for seniors
- How to keep rent affordable
Episode Highlights:
[09:01] Looking for Funding
Everybody’s about finding deals and the money will come in because there is more money in the market than ever before right now. There are private money lenders everywhere looking to place money, but you have to make an effort and intention to connect with private money lenders. Hence, you have to be looking for deals and money simultaneously, which happens through networking or joint venturing with other investors.
[15:14] Affordable Housing for Seniors
We all know about senior residential assisted living and senior luxury apartments, but nobody actually talks about seniors having access to affordable housing. These folks want to live in a community where they still have contact with other people and friends, and not be lonely and isolated.
April believes in a world where you can provide affordable housing without having to provide the healthcare aspect, which can be done by a third party.
[34:29] How to Keep Rent Affordable
Keeping the rent affordable can be pretty difficult when you’ve got high renovation costs. April recommends looking to grants and tax credits. Also, consider doing a mix of affordable housing and high-end housing in one complex.
Resources Mentioned:
Facebook: http://www.facebook.com/groups/rvrei
*Book mentions:
