How Do I Go About Finding Property To Rent Or Buy And Use As A Group Home?

15 Sep 2013 by ">Admin
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We are going to discuss the best way to go about finding property where you can operate your halfway home, group home, transitional home or care home.

Let’s assume you are a little short on money. You don’t have a down payment set aside, and you are wondering how you are going to set up your first group home. Nothing to fear….all the information you need is HERE.

Open up your local newspaper or simply go to craigslist.com and start looking for properties for lease. I don’t care if you are in expensive Northern California or a small town in Arizona or Tennessee; there are hundreds of homes that people are looking to lease! So let’s run through the initial steps:

The Process for Finding Property

Step 1: Go to Craigslist, Zillow, Trulia or any other website to begin looking for homes for lease.

Step 2: Send the people that are listing their homes emails or call them to set up a tour.

Step 3: Look and visit the property. Make sure it is in good condition. Remember, properties that are not in good condition will wind up costing you time and additional cash out of pocket getting them fixed up – and that is money that you want (and need) to hold on to.

Step 4: Negotiate a deposit for $150 that allows you to secure the property and begin moving your furniture into it. Tell them you need the first month free, and that you will pay them starting the second month. There are some ways to go about doing this, but remember, the key here is to find a MOTIVATED landlord!

Often (and we know this from experience) landlords simply will take the first halfway decent applicant that comes along – even if they don’t have the first full months rent! Tell them you will give them access to your credit card or something for security – and they can run it on Paypal if they don’t have a way of accepting credit cards. Remember, you need to be creative to secure this lease for a LOW LOW LOW price!

Step 5: Get them to say YES! Once they say yes, you are ready to begin moving your furniture in and get your group home or assisted living home started. All you need is two clients at $500 per month, and you can make the rent payment! It is that easy.

Now go out and advertise what you are doing to the local hospitals and case workers and your phone will be ringing off the hook before you know it with another four clients for you. Now you have six customers at $500/ month or $3,000 per month with a $1,000 rent payment. Next month add a few more customers and the following month, start increasing your rent! Just like that you no longer have to worry about finding property.

The next thing you know, you have $4,800 per month coming in with $1,000 per month going out along with a few additional expenses. You have now successfully secured a lease for your first group home, filled it up with paying clients and are now reaping the rewards both financially and emotionally. You are now helping people in the community while simultaneously helping yourself.

 

How to buy a home that you can use for starting your group home

Let’s move on now that we have finding property out of the way. A brilliant way to generate generational wealth for your family and progeny consists of purchasing the properties – whether buildings or homes – and then running your group homes, assisted living homes, care homes, sober homes or ICF homes out of them. Doing it this way will allow you to eventually pay off the mortgage which will reduce your monthly expenses by $1,000 or whatever the monthly payment amount is. Additionally, you wind up having a free and clear asset which will (over the long term) appreciate in value (most likely). We go into further details on this in future blog articles.

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 entering your email below.

 

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3 responses to “How Do I Go About Finding Property To Rent Or Buy And Use As A Group Home?”

  1. I didn’t know that a brilliant way to generate generational wealth for your family and progeny consists of purchasing the properties. My brother wants to start a group home business but doesn’t know how to. My aunt suggested leasing properties and shared this article with him.

    • Look, since the beginning of time real estate has been a great way to store wealth and to use as an inflation hedge. Look back at the bible. All the kings etc had huge palaces. But even just renting out properties and owning the land and building is a great way to produce MASSIVE monthly income. The real secret souce that I learned from my mentors is owning a business AND owning the real estate where the business operates. That is why the GROUP HOME, CARE HOME, assisted living and other business model is so huge. How much money can you make with group homes? A ton. But the awesome part is that you can use the business to PAY YOU RENT! This is money you dont have to work for. Put the real estate on a 10 year AMORTIZATION and you will have it paid off in no time flat. Keep reading!

  2. You have some great tips for buying a home. I like how you said that the first step should be to check online for good properties. My wife and I want to buy a property for a second home, so we’ll try that first.

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