Jay Biggins invests in distressed real estate properties to transform them into high quality apartment complexes serving as low-income housing. Biggins’s expertise in real estate focuses on affordable housing, which he knows is difficult for many families in the country to find. Too many people need a higher standard in terms of living spaces, so Biggins works diligently to create safe and comfortable housing throughout the United States. Biggins has definitely helped to fill the gap in the housing market through his work, meanwhile engaging in the real estate investment strategies with a certain zeal and passion.
Jay Biggins works with an understanding that any property flipping or real estate investment strategy requires a plan centered on distressed properties. He succeeds in his endeavors to create high quality, affordable housing from distressed properties because he can select the ideal properties. Like most investors, Biggins aims to recoup the amount he spends and generate profitable returns. However, with a passion for helping others, Biggins never sacrifices the need to make renovations as quickly as possible.
In some cases, Biggins also takes on the role of management, which investors in real estate rarely do. To manage the property, then, Biggins also accounts for a variety of costs and expenses from a business perspective. As such, his prowess and expertise for the business side of real estate investment are always useful. Biggins accounts for the overhead costs of operating and maintaining a transformed complex, among other intricacies of projects’ development and execution.
Jay Biggins has been dedicated to the acquisitions of distressed apartment complexes for the purpose of transforming them into high quality, low-income housing facilities. Many people find it very difficult to find affordable housing, but some need better spaces than we can imagine. The US housing market has not been able to accommodate thousands in this way, but Biggins has helped. His work engages real estate investment strategies that finding properties that can be transformed.
Insofar as Biggins has come to understand it, apartment complexes can provide Section 8 housing at incredibly low rates. However, Jay Biggins has worked so that the revamped properties can profit and generate returns on his investment. The key is in selecting the ideal properties in investment returns, which is not as easy as it may sound.
The Section 8 program has designated a limit for the amount of money that landlords or property managers can charge per month. Jay Biggins is among many investors who work within the program, but he is among few who encourage landlords to issue the rent cap. The rent cap is different depending upon the geographic location of a property and the median housing costs that surround it. However, Jay Biggins has conducted his dealings based on that number, and devised a rough estimate of the possible returns a property can generate every time. That has been just part of his secret to profiting from real estate investment.
Biggins has always done thorough research on potential properties to see what opportunities are available. Looking mostly for distressed properties, Biggins has found that the extremely low rates at which they are offered make them great investment opportunities. From a business standpoint, Biggins has looked for a need for renovations and with the right approach, purchased and remodeled many distressed properties. Ultimately, real estate investment in this way is less expensive than purchasing a property that has already undergone renovations in order to resell it.
As with any property flipping situation, Biggins has learned a great deal about accounting for overhead in order to maintain a profitable business plan. He has noticed that different kinds of renovations cost varying amounts of money and require varying amounts of effort. For example, cosmetic issues with a structure are not always expensive, so investors can handle the work independently or hire contractors. Biggins has noticed that renovations such as painting and flooring are not very expensive. However, he quickly learned that any required structural work can make or break an investment.
Jay Biggins constantly has to work with plumbers, electricians, carpenters and other specialists to mitigate another key aspect of affordable housing development. He has worked with trained, experienced specialists to ensure buildings are always up to local and state codes. Accordingly, Biggins has learned a great deal about making estimates for the costs of renovations. From an investmenet standpoint, for Biggins, this has meant property renovation costs must be added to the price of the property in question.
Biggins’s work in the field of Section 8 housing has given him some remarkable expertise. The program often has negative connotations because myths and misrepresentation of its operations are not always positive. To exemplify his expertise, a few highlights of how Section 8 housing works and why it is important are as follows:
• The Section 8 program is part of the 1937 Housing Act. The program was originally designed to provide families with access housing in the event of financial hardship.
• A subsidy program was added to the program during the 1960s and 1970s. This enacted federal assistance for individuals and families so they could afford housing in low-income neighborhoods.
• At present, Section 8 support consists of a voucher program, which directly collaborates with specific apartment or housing complexes.
• Section 8 also offers a tenant-based program, where tenants can live in private sector housing. Landlords or property managers must agree to accepting rent that is subsidized by the government.
• On average, participants are expected to contribute 30% of their adjusted income to their housing. The rest is subsidized by the Section 8 program.
• Public Housing Agencies (PHAs) pay landlords for the amount of the rent due following tenants’ expected payment.
• Fair Market Rents are caps for the amount of rent landlords can charge in their complexes under Section 8. The caps are determined based on median rents in the geographic area and utility costs. FMR differ from one city to the next due to discrepancies in the geographic housing market and average costs of living.
• Landlords are not required to offer Section 8 housing. Housing Quality Standards are enforced for landlords who do. The regulations are compulsory.
• Many landlords provide Section 8 housing because there is almost always a large pool of tenants available. Thousands of people and families need affordable living spaces.
Investing in real estate is a complicated process, to say the least, simply because it is demanding in terms of time and work. Even still, Jay Biggins and other successful professionals in the field have come to understand that the need for housing is almost unprecedented. Apartment complexes and other affordable living spaces are always in demand, regardless of changes in the national housing market. In effect, Biggins has found that his work is not only meaningful, but ideal for professionals like him who have always looked for challenging opportunities.
Jay Biggins has encouraged countless investors to break into real estate investment, but to conduct sufficient research beforehand. While he has had success creating comprehensive investment plans in order to general profitable returns, many others have failed. As such, Biggins has learned that planning is often more important than actually investing. Biggins has also achieved so much because he has been prepared for the unexpected in order to mitigate all the risks inherent to real estate development.
Biggins has certainly found a penchant and passion for the real estate investment field. Moreover, he does very meaningful work, creating affordable housing for families that need it most. His work over the years has allowed him to support countless individuals and families and helping augment the housing market. Jay Biggins continues to improve distressed properties and develop high quality living spaces in the form of apartment complexes for those involved in the Section 8 program.
Jay Biggins plans on continuing his investments in distressed real estate properties as long as possible. Because high quality and affordable housing is on the low side of new construction projects, Biggins does not expect his opportunities to dwindle in number. Unfortunately, thousands of families in the US cannot find affordable housing. While technically speaking this is good news for Biggins, the modest real estate investor will not stop finding ways to provide people with a higher standard of living.
At the present rate, Biggins will continue to help fill such a wide gap in the housing market. His real estate investment strategies will be conducted with the same zeal and passion as always, but the tactics will doubtlessly develop, too. Flipping properties is not a static process, so Biggins will also work to advance his expertise on how to plan and execute various strategies. Surely, the success of his endeavors will not slow down given his ambition and capabilities.
Jay Biggins will also assume management roles in development projects as often as possible. Although managing a new property can require a great deal of time and effort, there is no doubt Biggins will be able to balance the responsibilities with those on the investment side. By a similar token, Biggins will also enhance his knowledge of business to work within the realm of real estate from a comprehensive, knowledgeable standpoint. Accounting for overhead costs of operating and maintaining a transformed complex, for example, is one aspect of project development that will require Biggins to augment his expertise on a regular basis.