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 :