Turning a profit is important within the real estate investing world, but it’s not the only factor we consider at Americas Housing Alliance. We want to make neighborhoods a better place for as many people as possible, and part of this involves helping revitalize vacant homes and neighborhoods to turn them into affordable housing solutions.
How does this process work, and how are investment properties impacted by it? Let’s take a look at a few different strategies we may take for neighborhood revitalization, starting with one tactic that remains constant across all projects.
In all revitalization scenarios, emergencies must be dealt with first. If a building is literally falling down, those repair needs have to be addressed before less severe issues can be handled. About 80 percent of our initial efforts will go into solving any immediate neighborhood crises, with the remaining 20 percent or so reserved for long-range growth measures that you’ll focus more on once the immediate issues have been handled.
Once any emergencies have been handled, there are a few strategies we might take for revitalization, depending on the neighborhood:
In some situations, it makes most sense to start with a project that’s built on a strength. If the neighborhood has a few assets located near each other, those could be a good starting point – we might focus on finding a few other things that could turn that chunk of area into a strong point of emphasis in the neighborhood. We network with neighborhood leaders and use investors if necessary.
The opposite strategy also will work in some situations – starting with the worst areas of a neighborhood, and turning them into an asset. Maybe we take the worst house on the block and revitalize it first, to help show the members of the neighborhood that no element of the area will be spared our attention. From here, we can dig into larger redevelopments.
These last two strategies are more long-term. This one involves beginning with the anchor, similarly to strategy 1, but then working outwardly in both directions from that anchor. To whatever degree possible, we look to address properties in order – this gives an orderly feel to the entire thing.
Down similar lines but with an opposite format, this system involves identifying two strong areas with weaker points in between, then working to fill the spots in the middle. If these spots are on the same street, we can literally watch the development move until it meets in the middle to form a perfect chain.
Want to know more about our neighborhood revitalization, or any of our real estate investment services? The brokers at Americas Housing Alliance are standing by.