As multifamily investors, it is easy to get caught up in making as much money as possible. Problem is, we sometimes forget that real people live in those apartment buildings. And regardless of their socioeconomic level, our tenants deserve to be treated with dignity and respect.
Eddie Lorin is a multifamily real estate investor with 20 years of value-add experience and 40K units under his belt. Eddie’s company, Impact Housing, is on a mission to breathe new life into neglected multifamily properties, generating positive returns for investors and improving the quality of life for residents and surrounding communities.
Eddie sits down with me today to share his vision for Impact Housing and the critical need for clean, affordable housing for the working class. He explains the concept of impact investing, discussing how he takes care of people ‘where they live’ by way of Class A amenities and on-site programming. Eddie speaks to his expectations for third-party property managers, describing the art and science of building a community. Listen in as Eddie offers the business argument for his model and learn how to do well by doing good.
Key Takeaways
Eddie’s vision for Impact Housing
- Changing people’s lives where they live
- Safe, affordable housing for working class
- Tenants stay, pay and refer friends
The concept of impact investing
- Doing business for a purpose
- Millennials leading paradigm shift
- Working poor in distressed areas
What’s different about Impact Housing
- Focus on resident rather than deal
- Treat tenants with dignity, respect
- Provide Class A amenities
How Eddie takes care of his residents
- Signage, pool and fitness center
- Health, wellness classes
- Create sense of community
What Eddie requires of third-party property managers
- Budget set aside for activities, amenities
- Respond to work orders within 48 hours
- Build relationships with tenants
The business argument for Eddie’s model
- Big demand for affordable housing
- Safe, defensive investment
What Eddie’s looking forward to
- Deal in Maryland (townhomes)
- Environmental, social and financial return
Connect with Eddie
Email [email protected]
Resources
Free eBook: The Secret to Raising Money to Buy Your First Apartment Building
