As we all know, becoming successful in real estate is a challenging feat, especially when you’re working with Section 8 rentals. However, Karim, the owner of Freedom for Life LLC, has defied the odds by owning 54 single-family Section 8 rentals, showing that anyone can succeed with proper planning and execution.
With the COVID-19 pandemic leaving many people unemployed and struggling to make ends meet, investing in Section 8 rentals may seem like a risky move, but Karim’s proven track record and business model show otherwise. According to a study by the National Low Income Housing Coalition, there are currently 11 million low-income renter households in the United States, making Section 8 rentals a significant opportunity for investors.
Here are some ways Karim achieved success in Section 8 rentals:
- A Solid Business Model
By attending all the board meetings and learning the ins and outs of Section 8, Karim was able to create a formula and system that worked for him. He designed a business model that could scale without him directly being involved. He wanted to be the investor in the background and scale the business without having to be directly involved.
- Proper Planning
Karim did not jump into Section 8 rentals blindly; instead, he took the time to learn the ins and outs of Section 8. He began interning at a local housing authority at the age of 17, where he learned all the loopholes and the entire process of Section 8. Karim spent his first year learning the ropes and lost around $70,000, but he did not give up. Instead, he learned from his mistakes and found a formula that worked.
- Financing Options
Karim used different routes of financing to buy his properties. He used owner financing, subject 2 financing, and private money lenders. He was able to close on each property with an average of $5,000-$12,000. With a solid business model, proper planning, and financing options, Karim was able to scale his business without worrying about financial issues.
- Helping Others
Karim’s success did not stop with him; he has also helped many entrepreneurs achieve success in Section 8 rentals. Over the last two years, he has helped over 50 entrepreneurs get started with Section 8 rentals and bring in passive income. Karim understands that within Section 8, the biggest reason people don’t take action is because of the discrepancies that surround it. He has a system that works, and he is willing to share it with others.
In conclusion, Karim’s story shows that anyone can achieve success in Section 8 rentals with proper planning and execution. He was not afraid to learn and make mistakes along the way, but he was willing to use those mistakes as learning opportunities. Karim’s success was not just for himself; he has also helped many entrepreneurs achieve success in Section 8 rentals. With the pandemic still affecting many people’s finances, investing in Section 8 rentals may be a good opportunity for investors. With a solid business model, proper planning, and financing options, anyone can achieve success in Section 8 rentals.