Not sure what the economic climate has factored in to my difficulty in renting my current vacant homes, so I thought I'd try something new.
Long story short. A home I built years ago as a small package of 3 (2 I kept) is still owned by the woman I sold it to. She and I have come back into passing contact within the last year or more. It so happens that she works for and is fairly high up in rank in a recovery/treatment center for drug and alcohol abuse. Quite some time ago, we discussed me building new properties for the specific use as the halfway homes for people coming out of treatment. The revenue potential sounded great but we couldn't come up with a suitable location.
She recently called me (when the house next to her came available) asking if I would be willing to use the home next to her as one of these such homes. Its a small 4 bedroom, 2 bath home with a garage which could lend itself beautifully to trying this..............so that's what I'm going to try.
She has the ability to provide the manager (who lives for free) and the "residents" on an ongoing basis. She's agree'd to do it for little to no pay for 90 days until we see if it works ( and then 10% +/- of monthly gross). Within a week of speaking to her (having told her I wanted to furnish the home for a grand or LESS if we were to do this), she has apparently secured the manager ( a middle aged man clean for 17 months) and has taken it upon herself to start buying furnishings etc for the place ( for which I agree'd to cover her purchases once complete).
The monthly money (assuming she does her job and keeps the place "stocked" with residents almost doubles my monthly revenue for that property. The program, she tells me, is very strict and with her next door should remain in good shape (she'll be my eyes and ears). I have expressed my wishes not to be involved in any way shape or form to which she has agree'd.
I'm actually excited to see if this will work, could be a whole new way to ride out a crappy economy (in regards to renting in the conventional sense). My intentions is to keep the head count low (only 4-6 people total per house - most tend to have many more) and build a good reputation for being a nice place and worth the wait, try to get a waiting list going. Plus if I keep the count low, it won't throw up red flags to neighbors and I'll fly below any regulatory radar.
Curious if anyone has tried this before. I'm a bit nervous about turning over complete control over to someone (I tend to be a control freak) like this, but it sounds really good and the property is vacant anyway, so why not try it?
Long story short. A home I built years ago as a small package of 3 (2 I kept) is still owned by the woman I sold it to. She and I have come back into passing contact within the last year or more. It so happens that she works for and is fairly high up in rank in a recovery/treatment center for drug and alcohol abuse. Quite some time ago, we discussed me building new properties for the specific use as the halfway homes for people coming out of treatment. The revenue potential sounded great but we couldn't come up with a suitable location.
She recently called me (when the house next to her came available) asking if I would be willing to use the home next to her as one of these such homes. Its a small 4 bedroom, 2 bath home with a garage which could lend itself beautifully to trying this..............so that's what I'm going to try.
She has the ability to provide the manager (who lives for free) and the "residents" on an ongoing basis. She's agree'd to do it for little to no pay for 90 days until we see if it works ( and then 10% +/- of monthly gross). Within a week of speaking to her (having told her I wanted to furnish the home for a grand or LESS if we were to do this), she has apparently secured the manager ( a middle aged man clean for 17 months) and has taken it upon herself to start buying furnishings etc for the place ( for which I agree'd to cover her purchases once complete).
The monthly money (assuming she does her job and keeps the place "stocked" with residents almost doubles my monthly revenue for that property. The program, she tells me, is very strict and with her next door should remain in good shape (she'll be my eyes and ears). I have expressed my wishes not to be involved in any way shape or form to which she has agree'd.
I'm actually excited to see if this will work, could be a whole new way to ride out a crappy economy (in regards to renting in the conventional sense). My intentions is to keep the head count low (only 4-6 people total per house - most tend to have many more) and build a good reputation for being a nice place and worth the wait, try to get a waiting list going. Plus if I keep the count low, it won't throw up red flags to neighbors and I'll fly below any regulatory radar.
Curious if anyone has tried this before. I'm a bit nervous about turning over complete control over to someone (I tend to be a control freak) like this, but it sounds really good and the property is vacant anyway, so why not try it?
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