Handicapped rental units?

3 Replies

I'm a new investor thinking about getting into handicapped rental units in single family and multi family homes, the idea is to rent for more but is there really a demand? I live in Hartford, Connecticut and don't see many rentals like this. If you have any rentals like this or know of any all advice is welcome.

it's a great idea. when I was a kid my mom used to rent rooms in our house to handicapped people. She would help them get ready in the mornings and cook all meals for them. She did really well doing this. I know here in California there are houses that are designed for this  purpose but there is usually a staff member that stays there. I worked for a company several years back that we would go in to houses and make them Ada compliant. I know that if you get it to this you may have to do upgrades to these properties to meet all Ada compliance requirements. I do know that there is grant money to make them complaint. I just don't know what are the requiments are get them them or where to find them. Hope this helps some and good luck in your  endeavors.  

Stephen Joyner Thank you for the reply it really reinforced my idea. My strategy is to get homes that are already stripped and make everything Ada, I have a little knowledge of the requirements from being a union carpenter. As far as the person helping them out, I planned for that too. I have family and friends who are CNA's who are willing to come into business with me and take care of the residents while I take care of the property management. The questions that I have about that is what do I charge for rent? What did your mom charge and to anyone else who is reading this what do you see in your areas?

Hello @Karl Chapman you can see on Loopnet right now in San Diego, CA there are quite a few elder care homes for sale. If you look at what they collect yearly and divide by month and bed you can find out what they are charging. San Diego is a very expensive area just for reference. 

Your prices should reflect the amount of service, and staff you provide. Overhead like insurance, and mortgage will be your base minimum.

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