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Our Story: The Peays
Our Story: The Peays
In 2016 the Peay family decided they wanted to use their 17 years of public and private housing experience to help themselves and others create financial freedom and generational wealth using Multifamily Real Estate as the primary vehicle.
Inspired by Robert Kiyosaki’s book Rich Dad Poor Dad and Tom Ferris’s Four Day Work Week, the Peays embarked on a journey of building multiple streams of income from performing assets while aggressively ridding themselves of bad debt and non performing assets. One of their big non-performing assets was their house. They were paying it – it wasn’t paying them. The Peays sold their 4100 sqft. tri-level home in the suburbs of Hanover County.
After selling their home, they sold most of their belongings, stored the rest in a storage, and moved into a near by Candlewood Suites hotel. They stayed there for a few weeks while awaiting for the condo they owned to come available. Once the tenant vacated their condo, the Peays moved in and carried out a live-in rehab project. The rehab took them several months to complete. While rehabbing their condo they began looking for their first apartment building - the search was long and arduous. Negotiations were tough.
In January 2018, they closed on their first apartment deal in an Opportunity Zone, a Fourplex in the heart of the City of Richmond, Virginia. This is where they now reside as “Apartment Hackers”. While a transition from 4100 sqft house with top of the line fixtures to a 840 sqft apartment was no easy transition, they mark this move as pivotal their financial freedom and changing their long term trajectory.
Its amazing to see what the Peay’s have accomplished in such a short time. During this time, Peay United also inked a consultant contract with the Hopewell Redevelopment and Housing Authority. This moved a significant amount of their household income out of the earned income (W2 column) and created opportunity for use of incentives in the tax laws for business owners. In this role, they oversee the operations of the Hopewell Redevelopment and Housing Authority. They also went from spending an estimated $30,600.00 a year in personal housing expenses to spending around a $3,700.00 a year on their personal housing expenses. The beauty of it all is the Peays get these benefits by doing what they enjoy: contributing to the community by preserving and providing quality affordable housing.
The Peays are on track to be Financially Free by the end of 2021. Financially Free for the Peay’s means accelerating wealth building, having more freedom to choose how to spend their time, and having the ability to make significant financial contributions in their community.
The Peay’s are kicking their investments into high gear with significant expansion of the Peay United housing portfolio and increased funding of the Peay United Foundation- a 501c3 established to support Financial Literacy in schools and start an earnest money deposit gifting program for aspiring House Hackers.
The Peay’s believe lack of real financial education is one of the biggest issues in American society. They never hesitate to tell people how Apartment Hacking, sound real estate investments, sound tax strategy, and bad debt elimination is changing their lives and how they know it can do the same for them.
The Peay's invite you to join them on this journey. A journey which leads to freedom of choice.
Lee Alford, Advisor
Lee Alford, Advisor
Lee Alford joined Better Housing Coalition as the Director of Multi-Family Real Estate in 2019. In this role, he oversees a $150 million pipeline of rental developments throughout Central Virginia. Lee has served in roles for a variety of non-profit community development corporations as well as in the public sector.
Prior to his current role, he was a Senior Development Officer with Community Preservation & Development Corporation, overseeing multiphase apartment renovations, and managing a HUD conversion of 200 units of senior housing. He also established a new Richmond office for CPDC to expand its geographic footprint.
Lee holds a Bachelor of Business Administration in Finance from the University of Miami and a Master of Business Administration in Finance from Temple University.
He is also an Associate Professor teaching Real Estate Development at Virginia Commonwealth University’s School of Business. He is a graduate of the Emerging Nonprofit Leaders Program, and has served on committees for the Virginia Housing Alliance and ULI Richmond.