How Do I Go About Finding Property To Rent Or Buy And Use As A Group Home?
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.
So, what’s in it for you to run one of these homes? Why wouldn’t you just provide housing to a traditional renter? Watch this video to see the amazing outcome this business model will have on your community AND your wallet:
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 10-PART COURSE on starting your very own income-generating group home.
Thanks for the tip that negotiating deposits can also help in making the process of buying property a lot easier. I’d like to look for properties that I could use as home rentals someday because I think it would be best to secure my future through real estate investments. Hopefully, it will be easy to find a real estate agent to work with later on.
can I buy a new house and turn it into a group home?
It’s good creative but it’s not easy to start a group home business like you mentioned it, if they just paying only 500 per month per person, what do they eat? What do you pay for utilities? …. I tried to rent house for group home or assisted living, landlords don’t want to rent their house for this type of business. Neighbors complains as well
Gareth Douglas, my name is Margaret Porter, and I know that you stated that you were interested in renting your home for a group home and it was three years ago. I was just reaching out to you to find out if your home has been rented yet?
Cannot get past step 4! I have been at step 4 for a year and I still don’t have a property! Any other ideas?
Thank Out!
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I have a home that I would like to rent to a grouphome how would I go about doing that it is in Huntersville North Carolina someone seeing this, if you can reach out to me it would be great I would like to do it ASAP
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My sister is looking for a home for rent because she will be moving to another city. It was explained here that she can negotiate the deposit price of the rental place. Furthermore, it’s recommended to consult a real estate expert when looking for home properties for rent.
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My favorite part of this article is when you said that we should visit the property in person to see the condition of the house. I will definitely do this even if renting a house won’t be a permanent decision to ensure that my family will be living in a secured property. We just need to rent a house near the city because I have received a lot of memos already due to being late which is caused by the heavy traffic.
It’s definitely not that easy. A lot of landlords want let you rent out due to liability and deed restrictions.
That’s interesting that you can negotiate a deposit and even to get the first month’s rent free if find a landlord that is motivated and you give them something for security for payments. My husband and I are looking to rent a home so we can get out of our apartment and our son and daughter can have their own rooms. We’ll have to look around at different rental properties and see if we can get a company to help us find a landlord that’d be willing to negotiate so we can at least get a good deposit.
I am looking into buying my first property right now. It’s a good idea to look at online resources to find listings first, then go visit it yourself. It’s a good idea to find a property that is already in good condition. You should keep in mind that if it isn’t in perfect condition, this might cost you more in order to get it fixed up, like you said. If that isn’t an issue for you, you should incorporate that into your budget.
My brother is torn between renting or buying a house. He’s just being promoted and needed to be transferred to the next state. So he thinks of selling his current house to buy a new one. Any help?
Thanks for these tips for finding a property. It’s good to know that you should still visit the property. I wonder if you could take your own pictures that you can refer to later when choosing between different places.
I agree that you should first do research online to look for the listings. I’m thinking about finding a house to rent this summer. I’ll definitely have to go to the websites you mentioned. That would help me be able to initially find listings that I can then sift through.
I’ve been wanting to get some property, and I think that some information would be nice. I’m glad you talked about how you want to look at a few places for property on different sites. I’m going to have to look for some good property options and see what we can find!
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.
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.