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Show Summary
In this episode of the Real Estate Pros Podcast, host Micah Johnson interviews Toni Akin, a seasoned real estate professional from Rhode Island. Toni shares her journey in real estate, focusing on community development and innovative housing solutions. She discusses her work with public housing, the misconceptions surrounding it, and the importance of providing affordable housing for various demographics. The conversation also highlights collaborative efforts in housing development, including accessory dwelling units (ADUs) and repurposing abandoned buildings. Toni emphasizes the need for community involvement and the potential for positive change in the housing market.
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Investor Fuel Show Transcript:
Toni Akin (00:00)
another area that, ⁓ you know, I’m seeking expansion inis what’s called accessory dwelling units. And I’m working as an advisory capacity with the startup company ⁓ that will take that concept and make it much more affordable
this particular ⁓ project that I’m working on is a self-built, eco-friendly, ⁓ very affordable dwelling, almost like a glamping style, but could be usey around. And, you know, follows all of the zoning parameters, you know, in terms of ⁓ accessibility and safety and fire.
and security, but also is less than 8,000 or between 8,000 and $10,000 to build and also to disassemble.
Micah Johnson (02:20)
Hello everyone, welcome to the Real Estate Pros Podcast. I’m your host, Micah Johnson. And today I’m joined by Toni Akin who’s been making some serious moves in real estate for over two decades. Toni welcome in. How are you today?Toni Akin (02:31)
Good afternoon, Micah. I’m doing great. How are you doing?Micah Johnson (02:36)
I’m doing well,doing well. I’m glad for you to be here today. I’m excited for our show. I think our listeners are going to take some real value away from your story, how you’re in real estate and then what you’re working on now, just the overall approach. I’m pumped for it. So for folks who may not be that familiar with you yet, tell us what’s your main focus right now and what markets do you operate in?
Toni Akin (02:55)
Thank you. Thank you, Micah. Toni Akin Providence, Rhode Island. ⁓ Primarily operate in here in New England region. I’ve owned property in Connecticut, Massachusetts, and also here in Rhode Island in rental services in both residential and commercial properties. ⁓ it’s been so rewarding and challenging as we had mentioned ⁓ in this preview. But it’s something that ⁓going into all the regulatory aspects of it. For me, it’s also been about education, learning about the tax codes, learning about compliance, learning how to ⁓ do accounting and worksheets, very, very important components of real estate as well. But I also see it as a people pleasing business. And the customer service has been a primary focus ⁓ in that model that I’ve just mentioned.
Micah Johnson (03:51)
Because yeah, you’re on like some boards and commissions, correct? You’re serving your local area in the real estate sector.Toni Akin (03:58)
That’s correct. Yes, I am currently a commissioner for public housing. And it’s very, very rewarding because I grew up in public housing. So that was a main factor when I, ⁓ you know, later in life, wanted to be able to provide, ⁓ you know, those very same services to somebody else, you know, safe housing where they can live and work ⁓ and ⁓ be able to. ⁓be part of the integral part of the community, and also as a school board member. So education, again, is very, very important to me, both public education and also just continued lifelong learning about, like I say, so many modalities with real estate development. And it’s a very exciting time for it because in the public sector,
We’re making actually history here in Rhode Island ⁓ to cross over into development. ⁓ So contrary to popular belief ⁓ that public housing and public initiatives are for low income, that’s not necessarily the case. It’s for all incomes and we’re crossing over ⁓ into that new realm.
Micah Johnson (05:14)
That take us deeper into the project. What are you working on? What’s that goal for 2026 here?Toni Akin (06:06)
Yeah, we’re actually just rolling that out now. ⁓ And the five-year plan is out for public consumption. And the capital plan is really a key component that I’m paying a lot of attention to. ⁓ One of my pet projects, if you would, ⁓ is to develop what’s called a retirement community ⁓ on the public level. And the only ⁓project that is like that here in New England is out in Nantucket. It’s a 45-bed facility. It’s fully ⁓ funded by Medicaid and Medicare. And I just think it would be fantastic to roll it out here as we expand into this development phase and be the first urban center to do this here in New England. And I like being the first to do things. So ⁓ that’s my ⁓ pet.
project, but other than that, there’s other plans for rehabilitation of, ⁓ you know, existing buildings. I love having, you know, these abandoned buildings rehabbed into living space and workspace, you know, collectively for the community because it makes that building and supply shortage ⁓ much more affordable. And, you know, being able to offer that to the public as well is exciting.
Micah Johnson (07:30)
love that. Now, who is it that you work best with? So you’re on the commission, you know your part. Who are you looking for out there in the community to come alongside and work with you?Toni Akin (07:34)
Yes.Yeah, well, actually, I’m on, as I say, other panels and commissions. ⁓ So, you know, we actually, you know, with the commission, we work with the state and on the federal level. We have a lot of partnerships, you know, with NARO and, you know, as I say, with Rhode Island Housing, they’re great partnerships. But because I’m on many panels and boards and commissions in Massachusetts and Rhode Island,
another area that, ⁓ you know, I’m seeking expansion in
is what’s called accessory dwelling units. And I’m working as an advisory capacity with the startup company ⁓ that will take that concept and make it much more affordable to do so because I see it more as a bust with all those regulation changes. People just aren’t taking advantage of those zoning changes, either because of the high price of supplies, materials, tradespeople, or
you know, because they don’t have, ⁓ you know, they don’t have that level of time to put into such a project. Well, this particular ⁓ project that I’m working on is a self-built, eco-friendly, ⁓ very affordable dwelling, almost like a glamping style, but could be usey around. And, you know, follows all of the zoning parameters, you know, in terms of ⁓ accessibility and safety and fire.
and security, but also is less than 8,000 or between 8,000 and $10,000 to build and also to disassemble.
So I would love some of you listeners, if they’re interested, to reach out to me. Maybe we can work in collaboration to expand this development.
Micah Johnson (09:24)
Yeah.Let’s a little on that project if you can. What’s got you excited about pushing ADUs further? Because like you said, they came out, popular, and there was some stagnation with them, folks not really sure what to do. What is it that you’re seeing that’s going to give them that longevity?
Toni Akin (09:33)
Yes.Well, know, know, Micah, I see it as a way to address ⁓ the housing ⁓ crunch that we’re in as a way to offer some affordable living arrangements as well. Also because of the ⁓ as I say, because this is a a woman owned business enterprise. ⁓ This is, you know, a startup here that developed here.
⁓ in Rhode Island, the roots here in Rhode Island from Charlestown, Rhode Island with almost, like I say, the ground beneath us. ⁓ very ⁓ easy ⁓ assemblance, very ⁓ accessible. And I think it could be a great modality to ⁓ take this to a for-profit level, ⁓ but also to help people ⁓
you know, with maybe either transitional housing or, you know, ⁓ guest housing or some even long-term lodging aspects to it. So it’s very, very exciting to me. I haven’t been in real estate in no, ⁓ you know, how much, ⁓ just how much it costs to own property. This is just someone to be able to step in and ⁓ at a very affordable cost to do so.
Micah Johnson (11:37)
using what they already have. That’s what’s exciting as they catch on is it’s a way for us to solve that density problem, to be able to put more units inside places that allow people to live, even opens up the door to be a real estate investor. If you do it right in the right spot, it truly allows you to capitalize on what you’re doing, whether you own a bunch of houses or not, or you just want to get into it, you want to have one in your backyard. Literally, it’s one of those possibilities.Toni Akin (11:53)
Good luck.Micah Johnson (12:04)
I’m excited about them too. See what’s out there in the future for them. So let’s take a step back here real quick. Cause you said something earlier I want to revisit, which is you came from public housing, your heart is in this. This is your story to start giving back. And then you said that, you know, a lot of times folks think public housing is only for low income things, but it’s broader than that. And you slightly hinted on it, you know, it’s for all incomes, but can you elaborate there more to just really show us? CauseYou’re right. I don’t think a lot of people know what’s really accessible to them. What can we do? What can we participate in?
Toni Akin (12:37)
You know, it’s a big misconception there, ⁓ Micah. ⁓ you know, the five-year plan that’s out there, I’m happy to share it with you and your listeners, really will ⁓ take that more in detail level to explain that. But as I say, ⁓ you know, the ⁓ senior living is a big factor, ⁓ senior housing. And I’m very proud when I joined the commission.that I voted in favor of making more facilities strictly for senior housing. That’s another area that, you know, people work all their lives. They have some retirement funds. The cost of health care keeps increasing. That’s going to factor into your retirement wages, your savings. And, ⁓ you know, they might have had their own home at one time. They might have want to downsize.
So these are the times that we’re looking at where, you know, they might be able to afford assisted living, but if we can offer them safe, affordable, conveniently located with proper amenities in a location, that’s convenient. ⁓ You know, so these are the people that we’re attracting and these are the people that I’ve also attracted in my own ⁓ model as well.
with rental services and very, you know, very rewarding because, you know, they’ve worked their whole lives in the community, their integral parts of the community. So that’s one ⁓ sector. Another sector is students because a lot of the students are coming out of, ⁓ you know, they’re going into college or they, you know, we’re very much a college town here in Providence. So we want them to stay. ⁓ So that would be another. ⁓
you know, another basis of offering public housing ⁓ to have them, ⁓ you know, like you say, their first, maybe first time renters and be a part, you know, grow here and be a part of the community here in Providence. ⁓ you know, also another ⁓ is another sector is people that are disabled. So, you know, giving those people the…
know, either they’re veterans or they’re disabled populations, ⁓ you know, a good ⁓ quality of life, if you will, with public housing. And those are things that people don’t understand. They always think, public housing is, you know, going to be bad. The people are going to be nefarious or indolent or whatever. So that’s so far from the truth. And I think this plan really delves into more of it and
perhaps could enlighten some of your listeners on that as well.
Micah Johnson (15:21)
Yeah, definitely. Because you do typically hear, you get a kind of a bad stigma with public housing, that you’re servicing a lower part of the buying pool that can be difficult to deal with. But I like that you’re pointing out it’s not necessarily the case. in the end, as investors, it could be opening up more doors of opportunity. Now, for these retirement facilities, these… ⁓student ones. Well, these involve developers, new construction. Like who’s all getting in on that party?
Toni Akin (16:32)
Yeah, it’s going to be a combination of both. ⁓ There’s some vacant land here when they did some remodeling here of the city. ⁓ We actually recaptured a lot of land by, you know, taking down highways that were not, you know, not in use anymore. So that land, it’s called the 195 land, we’re taking actually ⁓ in collaboration with Rhode Island Housing and in going to develop that land.⁓ into ⁓ livable space, maybe an early childhood educational center, which actually is under development with the Shemrach Foundation, which is part of the Celtic. So it is ⁓ really merging with ⁓ other ⁓ factors of education and development. And it’s just a very, very exciting time.
in public housing, but also, as I said, taking some of those abandoned buildings that are no longer ⁓ utilized and rehabbing them as well. The old police station ⁓ in one sector section of town is going to be completely ⁓ rehabbed and that’s going to be ⁓ more living units. Perfect for students, perfect for elders as well.
Micah Johnson (17:52)
Right. Right. Repurposing what we have. And that’s what cities have to do. Y’all are doing what’s necessary to start solving the issue that we’re dealing with in the housing market. Cause we all know we need more. More units is the thing that we’re all everybody’s asking for. So how we do that, whether by new, I think it’s going to be a combination of everything, new construction, rehabbing old buildings, rehabbing old houses, like most, most investors typically do already, but thateven ADUs, it’s a joint effort that we’re really getting involved in. So for folks that are listening in and man, they’ve heard your story, what you came from, what you’re working on. If they were interested in learning more, possibly collaborating with you on the ADU idea, possibly some of these other developments, what’s the best way for them to find you?
Toni Akin (18:37)
You know, I have my own website, Micah. They can contact me via that. I have a contact page. I’m on Facebook under Toni D Akin in Providence, Rhode Island. I’m on LinkedIn as well. And, you know, those are all accessible for me ⁓ as ways of contacting me. They can also reach out to you and you can provide if they’re, you know, serious. My email address is another way they can contact me.Micah Johnson (18:53)
Excellent. Thank you so much.That’s right. If you’re listening or watching it, will make sure Toni’s Facebook link and her website link are in the show notes as well. So you’ll be able to click right there and go see it. I highly recommend it. As I say all the time, when you meet real professionals, learn from them, work with them. It’s not a mystery why people stay in the business a long time and get a lot of experience. They’re typically good at it.
So take advantage of that. Toni, thank you for being here with us today. Thanks for sharing your story. I appreciate it. Thank you for the work you’re doing there locally in Rhode Island and all of the Northeast, it sounds like really, I love it. I think we need more folks out there doing it like you’re doing it. People before profits, one of my favorite quotes there. If you’re listening and watching it again, if you got value out of today’s episode, please like today’s episode, share it with someone else to get value out of it as well. And as always, please don’t forget to subscribe to our podcast.
We appreciate every single one of you following along with us out there. We’ve got more conversations coming up with our operators, just like Toni, out there building a real business in the industry. Thanks for joining us and we’ll see you on the next episode.
