Eric Spofford is a real estate investor, entrepreneur and a recovering drug addict. Eric didn’t have an easy childhood, but his comeback story is legendary. Born December 7, 1984 in New Hampshire, Eric faced difficulties early on being a high school dropout at 15 years old.
But he used his past as a driving motivator to help others by starting a drug treatment, rehab and recovery center. The center grew to be one of the largest drug recovery centers in New England which he then sold for quite a bit of money in 2021.
He’s also the CEO of Spofford Enterprises, a real estate firm that has a huge portfolio in investments like:
- Multi-family and commercial real estate
- Private equity funds
- Behavioral healthcare businesses
Eric’s business acumen and success in real estate has even earned him recognition as Young Entrepreneur of the Year from the U.S. Small Business Administration.
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He often gets out at speaking events about real estate and personal development, talking about his story from drug addiction to business success, even to the point of testifying before the U.S. Senate about the broader social issues of addiction and recovery.
Today, Eric is still making an impact on others with his writing, speaking and business ventures.
In this Eric Spofford review, I would like to zero in on one specific part of Eric’s endeavors regarding real estate investing with Section 8, and answer some of the more common questions that people have.
My Goal in the next few minutes is to help you decide if Section 8 investing is right for you.
So with that being said, let’s get going.
Tell Me More About Eric Spofford
Today Eric is 39 years old and wears many hats in the fields of real estate and addiction recovery. He’s also the author of a widely influential book called Real People, Real Recovery: Overcoming Addiction in Modern America.
In his early years as a drug addict, Eric got messed up in the wrong crowd and got himself involved in many illegal activities in order to buy more drugs.
When Eric turned 21 he got himself into a drug treatment center and turned his life around. At 23, he and his father started up the Granite House, a drug treatment center for people who were in the same situation as him.
Granite House became such a huge success that it was later renamed Granite Recovery Centers with 10 locations in New Hampshire and Maine. They offer services in:
- Substance abuse
- Medical Detox
- Drug and Alcohol Therapy
In 2018, Eric sold his interests in GRC to BayMark Health Services, a Texas based treatment company, for over $100 Million and soon after created Spofford Enterprises. Eric currently lives with his wife and children in Miami, FL.
He also has quite the following on:
Instagram – 881k followers
Facebook – 28k followers
Youtube – Over 14k followers
What About The Allegations Against Eric Spofford?
In 2022, New Hampshire Public Radio (NHPR), published an article alleging that Spofford was involved in sexual misconduct with a client of GRC. Spofford denies any wrongdoing and filed a defamation suit again NHPR defendants. The case eventually was dismissed as Rockingham County Superior Court Judge Daniel St. Hilaire deemed spofford had no viable basis to sue NHPR.
What Is Section 8 All About?
Section 8 is a program that was developed by the U.S. Department of Housing and Urban Development (HUD) to provide homes for low-income families. This program real estate investors and landlords guaranteed rent for their properties with the Federal Government subsidizing a large portion to even all of the actual rent.
There are two programs for Section 8 Housing:
- Voucher-Based: The subsidies for this program allows the tenant to choose where they live.
- Project-Based: These subsidies are designated to the actual property or location.
In order for landlords to get approved for Section 8 subsidies they need to apply to HUD in order to get their properties inspected to see if they’re safe and habitable. If so, the landlord will receive payments once the rental agreement is signed with a certified tenant.
The benefits to the landlord are:
- Guaranteed income
- Lower vacancies
- Lower costs to fill properties
But Section 8 is not a beginner friendly program and there can be drawbacks as the landlords will need to jump through a lot of hoops in order to be qualified. In most cases, the rent that the landlord can charge is often capped which can limit potential earnings especially in higher-demand areas.
Also, landlords could run into difficulties with tenants damaging their properties and the eviction process is much more cumbersome than with a typical tenant.
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How Much Is Eric’s Training?
The cost to get started in Eric’s Elite Coaching is $4,999 every three months or $19,999 for the year. The training has a no refund policy, but you can cancel anytime you like.
What Do You Get Inside His Training
Here’s a quick look at what you’ll get with Eric’s Training…
- Coaching: Eric offers personal coaching along with advice and support.
- Business Strategies: Eric teaches key information about Section 8 investing.
- Community: You get access to his community of investors for networking.
- Weekly Live Calls: You get weekly live training so you can ask questions and get additional support.
- Networking Events: Eric’s puts on monthly in-person events to meet other investors.
- Masterminds: He offers tickets to quarterly in-depth trainings
- Private Jet Event: Annual subscribers can attend special masterminds by private jet.
Are There Better Ways To Make Money In 2024?
I would say that Real Estate Investing is, hands down, one of the best ways to make money in 2024 regardless of the shape of the economy and provided that you had a sizable amount of capital to get started.
Some other issues you can face with real estate is that real estate isn’t liquid, meaning if you run into a situation where you need a lot of money in a hurry, you could take a loss if you try to sell one of your properties.
Management and maintenance, especially with Section 8, can be an uphill battle so you might want to consider hiring a property manager.
Lastly, the market can be unpredictable with property values going up and down due to the state of the economy.
For this reason, I prefer Digital Leasing, which is kind of like rental investing except that you don’t have to deal with all the downside risks of conventional real estate investing.
For example, I could create digital assets for as little as $100 in ongoing expenses and rent each of them out for $500-$2000 per month in semi-passive income with a 90-95% profit margin.
If this sounds like something you would like to learn more about and why Digital Leasing is my #1 pick, just click the button below.
