How to Run Your Group Home and Keep Your Full Time Job

Welcome to the wonderful world of the side hustle. You have your dream group home going, but you don’t quite trust it to feed your family yet, so you keep your day job. Meaning that your morning, evenings, nights and weekends are often occupied with working on your group home business. Does it sound brutal, right? Well, keep reading because I want to break down how you can avoid drowning in this situation. It is more than possible to succeed at this, but you’re going to need some strong discipline. You are about to start one heck of a journey!

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The Realities Of Group Home Ownership

Steve Schwarzman, I remember saying once, mentioned that he liked real estate because “real estate doesn’t talk.” I love this quote. He was saying that one of the big pluses in owning property is there is less human interaction. Sadly, humans can be error-prone, whiny, wild, crazy and a million different other things (or emotions)…Welcome to the wonderful world of business! Here is why I welcome you with open arms to group home ownership: When you start servicing your customers – especially in the affordable housing realm, group home arena, assisted living arena, memory care arena, sober home or whatever particular niche you play in; you are dealing with human beings!

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WHY FLIPPING HOMES IS DANGEROUS AND THE SMART MONEY PLAY IN GROUP HOMES

In a recent article in the Wall Street Journal, a lady by the name of Kathleen Wolf from Monterrey, California is discussed. They mention that she was a “Millionaire” (More on this later) who was flipping homes in California and who eventually lost everything. It reminds me of the article/blog posting I wrote last week about the couple that I met (also from Northern California) that was “simplifying” their lifestyle. Remember, simplifying is the code word for – “we don’t have enough money saved up and we don’t generate any income to live off.” That said, in the Wall Street Journal article, this 68-year-old lady had “built her fortune on buying and selling homes, ” and then everything collapsed during the great recession. It goes on to say that her bank balance fell to $15. Yes, $15.

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