Christine made an additional $ 39 000 in the first year of owning and operating her group home for senior assisted living. The best part of her story is that she needed less than $ 2000 to get started!
BABY BOOMER NICHE CREATES UNBELIEVABLE OPPORTUNITY FOR CARE HOMES AND GROUP HOMES
This lady needs an affordable place to live! Why? Because she can no longer afford her apartment and miscellaneous costs which average over $2,000 per month.
The problem with money is that our society often thinks of it all wrong. It is hard to learn the truth because we often learn from our parents and they learn from their parents, and the school system has no interest in helping us learn about money either. Moreover, everyone around us is selling an idea about money that rich people simply don’t follow. Wealth is built on an entirely different set of rules than what society typically follows.
Have you gotten to a point where you just stop setting goals because they never seem to come true anyway? I have good news for you; there is a cure for the constant failure. There is a way to set them and not have to make them small or just outright fail. There is a way to set goals and 100% surpass them every time. Today’s audio is 100% focused on what it requires to do this. Make sure you check out our resources page when you finish listening.
If you are in the market for an investment that will be able to sustain you and your family during economic downturns, you have probably already been exploring a wide variety of opportunities. Most people start off by looking at the restaurant industry. Take McDonald’s for example. According to various online sources, one would need over $1,000,000 to open a McDonalds! You may be overlooking the power of starting a group home.
The great thing about success is that it can be duplicated. There is a proven set of commonalities between millionaires, billionaires, high-level athletes, musicians, and running a successful group home is no different. If you want to be successful, these are three nonnegotiables to getting there. We could make a list of about 10 – 15 traits that will increase your chances, but these are the three you must have.
If you want to get better at math, do you study science? Of course not, you study math. If you want to be more successful what do you study? Most people just assume that hard work will bring them what they want, and they never take the time to study success. You have to study it. When you listen to this audio, take our three traits and match them up with the success you see in your life. You will quickly learn that it matches up every time.
If you read this blog periodically, you know that we are big believers in the quote, “there are riches in the niches.” Where this gets a little more fun is when you begin to “sub-niche.” What I mean by this is picking out an industry that you want to get into, where you know there is money being made, and something that (hopefully) you understand. Warren Buffett refers to this as your circle of competence. Periodically, you need to expand your circle of competence or as he likes to say “venture out to the perimeter.” Get ready to learn a crap ton about sober homes.
In today’s post, I want to focus on something near and dear to all winners in society. I am talking about the economic winners, the family winners, the athletic winners, the and religious winners. Matter of fact, I am talking about anyone who consistently come out on top. PREPARATION! Preparation is the common thread amongst all winners. Some people may call it luck, but the reality is that the harder you work (i.e. Prepare), the luckier you get. My question for you is are you prepared for the next recession?
Is there any money to be made with group homes, transitional homes, sober homes, halfway houses or MHMR homes? Don’t let them fool you!
Let’s get into the high-level details. A 30,000-foot level – of the financials behind running group homes.
Businesses come in all shapes and sizes. Whether it is a developer of land who purchases large tracts of land, entitles it and sells it off piece by piece. Or an owner of a Thai restaurant who buys 1000 eggrolls and then sells them 1 at a time. or it is a local bar that purchases beer by the kegs and then sells them by the individual glass – they all have one thing in common. All these businesses are buying in bulk and selling in smaller pieces. Renting out an apartment is the same thing. And the more apartment units you have in a building, the more rent you will take in.
Understanding The Money
The group home, assisted living, halfway house or transitional home business is the same from a generic standpoint. Let’s take a normal property, for example, a four bed, two bath home. In a typical Texas neighborhood, this property will rent for anywhere from $1000 – $1350 per month. Unfortunately, most properties of this nature will cost between $115,000 – $155,000. Without a substantial down payment, this property will eventually be a money loser on a monthly basis before any potential appreciation or capital gain. However, let’s assume that you decide to start up an assisted living company, group home company or something of that nature and rent out the property by the room? What if the rent you collect is $600 per month? BINGO – Hopefully you are getting the point. The property now brings in over $2400 per month.
Understanding The Landlord
This type of landlord is not new. In fact, many refer to it as the second oldest profession in the world! Now, take a minute and think about some of the world’s greatest fortunes that initially started from this simple concept. Let me give you a hint; you probably have stayed at one of their hotels…and you may have seen one of their great grand-daughters acting as they worked in the world’s oldest profession. Conrad Hilton started out with a small rooming house in San Antonio, New Mexico and perfected his craft from there. The family has since built it into one of the largest hotel chains in the world because of his efforts.
But Hilton is just one example of how a small boarding home, rooming home or transitional house can give you the seed money you need to continue scaling up. There are tens of thousands of group homes throughout the country…and they wouldn’t be around if they weren’t profitable. And then there are the larger players…companies that are owned by private equity. Do you think Steven Schwarzman and Blackstone Group would have purchased Southern Cross, the biggest care home provider in Europe, of this was not a profitable industry? Remember, Private Equity’s job is to MAKE MONEY.
The Opportunity is There for You to Take
Although we are only touching on the high-level financial aspects of care homes, nursing homes, group homes and MHMR homes; it should be fairly clear and obvious that even the owner of a small group home with six residents can make a lot of money with minimal hours. I will let you do the math on seven clients because at $600 per month and a small $950 per month rent or mortgage payment.
Now you must also remember that a “group home” is simply a generic name. Within the “group home” industry are literally hundreds of difference “sub-niches”. Also, consider that “group homes” are simply a sub-niche of the real estate sector. That said, each “sub-niche” will have its different problems and solutions as well as differing amounts of work required to make the operation run. Student “group-home” living is going to be relatively passive, as will be elderly group home housing in the 50 – 65 age range; while housing violent ex-offenders in a group home would potentially be more lucrative but would require more staff and therefore management time. These are all things to take into consideration when determining how much money can be made operating a group home!
If you are looking for additional information on how to start a group home, halfway home, transitional living home, sober home, foster home, ICF/MR home, DADS Home or other type of care home for people with disabilities; check out our free course on starting your very own income-generating group home by clicking here or going to www.grouphomeriches.com and clicking on the free wealth building course.
If you think this was helpful… check out our membership site! The information here has helped many to earn more than $10,000 per month.
You may have looked online but not found any real “how to” information from anyone! You want that step-by-step process for running and operating a group home for special needs individuals. If this is something that you have thought about, you have come to the right place. Whether to help out the community, help out someone in your family, there are plenty of opportunities to help others.
Today’s article will focus on the fundamental reason why people operate group homes and how they do it. The primary reason is a desire to help others, and there are two ways to go about it . Let’s go into more details about this.
THE PRIMARY REASON WHY PEOPLE launch a GROUP HOME: The Desire To Help Others