Are you interested in improving your financial and spiritual life? Did you know that the average family spends about $4100 per month just to live? Did you know that the average family is a dual income family where both the husband and the wife are each working 40 – 60 hours per week? Being that this is the case, what if I told you that there was a way to literally pay for your living expenses (assuming you are similar to the average US family) with one simple group home? Now, there are numerous factors that one must take into consideration as far as costs go to find out whether or not it will take one or two group homes to create enough passive income for you to quit your job – factors such as rent – if you are in expensive parts of California or New York, you may have to spend $2,000 per month or more to rent a simple house which will obviously cut into your profits. However, if you live in Birmingham Alabama or Dallas Texas, you can literally rent out a 3 bedroom home for $750 per month and with all your expenses combined, you will be hard pressed to spend over $1,100 per month. Assuming you follow the guidebook found on the www.grouphomeriches.com website, you will easily be able to locate and charge $600 per client. Assuming you have 8 clients, you would be bringing in over $4,800 per month with expenses of $1,100 or a net of $3,700. So maybe you are not quite there as far as covering all your monthly expenses with one property, but wouldn’t you enjoy having an extra $44,400 per year to live on? I know that nearly 99.9% of society sure would! And what if you could do this and feel great about what you were doing? Wouldn’t that be joyous? That is the power of creating passive income and residual monthly income through group homes.
So tell me more….how do I create a monthly residual and passive income through group homes?
In today’s article, we are not going to get into a deep dive with step-by-step instructions on how to create a passive income stream through group homes. We are simply going to walk you through the high-level steps of the concept of creating group homes for passive income.
Step 1. Know your why and know your number.
Why do you want to start a group home? Is it to provide a caring and loving home for someone in your family with a disability? If so, that is fantastic! You have a strong why. Now the next question becomes, what is your number? When we ask this question, we are referring to your monthly number that would allow you to be “Free”. What do we mean by free? We mean how much o you need coming in every month in order to sustain your lifestyle and be able to pay all of your bills on a monthly basis. If your overhead is $3,500 per month then you can EASILY get there with one group home. Yes, one group home, as you saw from the example above will provide you the necessary monthly passive income that will allow you to b free!
Step 2 and 3. Find a property, buy the furniture, build your marketing flyer, find your clients, provide great service!
Everything that was just mentioned above is EXACTLY what needs to be done in order to create your ideal lifestyle. Find a home? Guess, what…you can simply rent one! Furniture…..Buy it at the local auction house. Marketing flyer? Put together a word document with your services and phone number on it…..next step: FIND YOUR CLIENTS AND PROVIDE A GREAT HOME FOR THEM!
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.