Finding affordable housing near the workplace is often tricky for teachers, police officers, firefighters, etc. However, real estate investors such as Maxwell Drever have presented solutions that may ultimately ease the problem. One such housing idea has turned into a winning solution for both investors and renters. Essentially, Maxwell has adapted the basic strategy he built his nearly 50-year career on and also tweaked it to convert closed (broken) hotels into affordable workforce housing complexes.
Maxwell’s updated affordable workforce housing platform is a welcome update to the original concept. Basic workforce housing accommodates renters who earn 60% to 120% of the area median income (the value may differ from state to state). However, turning hotels into workforce housing is the right solution at the right time and place in our history. For one, it by design lowers the rental cost to as low as $500 per month. And at that cost, this brilliant innovation makes it possible to deliver resort-like amenities.
Strategies for converting broken hotels into affordable workforce housing.
While many real estate developers may believe they can successfully convert a broken hotel into an affordable workforce housing space, they should reconsider this thought process. Our research shows that a hotel conversion like this has complexities that most developers have never seen before. That is why we suggest that even the most experienced developers carefully assess their resources and consider all the potential challenges before moving forward. i
To the extent possible, utilize the original structures resources.
Make sure to focus on infrastructure, electrical, drainage, and also other essentials. To the best of your team’s ability, use everything in good shape or be restored to good condition.
Work closely with community leaders.
While you, the developer, understand Maxwell’s platform’s power, town leaders most likely do not. Make certain to establish close ties with as many community leaders as you can. Explain and re-explain the benefits that your project will provide says Maxwell Drever. Tell them stories of communities that have been restored to their former grandeur—schedule trips for them to see for themselves. To meet with town leaders etc. These are the people who will help you help hundreds of families and also turn a profit for you and your investors as well—a real win-win.
Speak to the local banks and finance companies!
Financial organizations have been hearing good things about Maxwell’s platform. Talk to local bankers and financiers about how they can help and also the opportunities that hundreds of newcomers to their little town can create.
The broken hotel to affordable workforce housing conversion is a winning idea whose time has come. There is a lot of room for a major rollout of this platform for developers willing to put in the time to learn the opportunities and the pitfalls.