Private Capital at Work | Think Realty | A Real Estate of Mind

Abstract

As city centers across the country become increasingly unaffordable, homeowners are looking further afield to find affordable housing options. In parts of Maine, where the waitlist for Section 8 housing can be up to five years, local real estate entrepreneurs are working with lenders to renovate and reposition existing housing to meet growing demand-and improve their communities in the process. Maley started wholesaling, doing general contracting projects, and working on flip homes before solidifying his focus on affordable housing. "Affordable housing is how I got started. Where I'm headed is toward doing more of it," Maley said. "After we turned it over, the neighborhood loved it. Everybody was happy not to have the rundown house in the neighborhood. Turning that over and then turning it into affordable housing for people was great." Working as a three-man team and leveraging his electrical background, Maley handles the construction. "There's actually a 5-year waitlist for Section 8 and affordable housing in our community," Maley said. "Local agents will contact me and say, 'Hey, do you have a three bedroom, a two bedroom, a one bedroom, or a four bedroom?' And I'll flip through what we have and tell them. Then they'll have somebody come in and take a look at it before it's renovated. They know what our stuff looks like. And then we'll sign them up and basically get them ready so that when the project's done, they're ready to sign a lease and move in. Then we'll move onto the next project." The young developer's efforts have led to more than just increased affordable housing stock.