For residents, affordable housing is a stepping stone. We empower them to be a better version of themselves.– Evan Holladay
The Mission-Driven Strategy that Led to 1,347 Multifamily Units & $225 Million in Developments w/ Evan Holladay
In our 250+ episodes of the CarrotCast, we have never talked about the world of affordable housing.
This unique niche is not only a way to make money, but it is a way to provide assistance to the over 7 million Americans who lack adequate housing. Evan Holladay has an incredible business model that is empowering people and improving communities.
Here’s how Evan is influencing change, building thousands of units, and creating over $225 million in developments… all at the ripe old age of 30.
Read the Full Show Notes Below…
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What is Affordable Housing?
Affordable housing can have different connotations to different people, Some people have a negative connotation, which is often misguided. Depending on the area, affordable housing is for those making $35-$65k annually.
This includes teachers, frontline workers, first responders, and many hardworking people who work to provide for their families and keep a roof over their heads.
There are incentives available for developers to create these types of communities. Tax credits are offered which can be sold to banks or investors, helping you to raise the capital you need.
Why We Need It
Affordable housing is there to help working-class residents, who are often the backbone of communities. Before COVID, there were 7 million families in America who were paying over 60% of their income toward their housing. With numbers like this, how can they expect to pay for anything else?
Right now, there is a shortage of affordable housing nationwide. We are in a housing deficit, where prices are high and interest rates are low. In today’s market, it can be very difficult to buy a home.
Affordable housing provides an opportunity for those who may not have been able to have their own place otherwise. It serves as a stepping stone to help people become better versions of themselves.
Evan’s approach is about more than just creating units. For him, it is about empowering residents and providing them with the services they need.
Do the Work for Free
Before starting a business of his own, Evan worked for some of the top affordable housing developers in the country. He discovered that creating these impactful communities is what drove him and that he needed to go all in in this niche.
He listened, he watched, and he learned about all of the details that went into these bigger types of deals. He was able to take the experience of his mentors, and learn in one year what would have taken him 10 on his own.
Evan was able to find out exactly what he liked to do, while eliminating and delegating the tasks that he wasn’t so fond of.
Innovation Under Your Nose
One of the things Evan has learned is that it is ok to be innovative and different – you don’t have to follow the mold. In his business, he is able to help families reinvent their lives, while still being able to make his investors happy.
He creates more than units, he creates communities that offer the services people need to get ahead.
Letting Your Purpose Drive You
Evan truly loves everything about what he is doing. Many people involved in real estate will look at buyers and sellers as commodities. When they are equated to dollars and cents, it can be easy to lose your passion.
Many people give up because they lack the heart. Evan stumbled across his mission, but today he knows exactly why he is doing what he is doing.
He knows the kind of change he wants to make and because he has amassed the right knowledge, team, and tools, we have no doubt he will meet his “Big, Hairy, Audacious Goals.”