Group Home Experience Anyone?
Hi!
Right now I invest in long term, medium term and short term rentals. As they are lucrative, I am looking to expand and dive into the group home community specifically in Austin, TX. I am still gathering information on the certifications and qualifications needed but does anyone have any experience or expertise in this field?
I worked at my mother in law’s group home for a few years, so I guess I would ask what you mean by getting into them? Also I think you have to be more specific because people have different interpretations of “group home”. Specifically, the one I worked at was for young boys in transition away from family for a variety of different reasons.
If you are just trying to lease to existing group homes then I’d imagine it’s like any other commercial lease. They have a lot of different inspections they get regularly and I remember when she was trying to expand they wanted her to have a certain amount of reserves before allowing her to open a second location. This probably varies from state to state.
In terms of opening one yourself? That would be a totally different business venture and definitely challenging!
Hi @Sidney Flood, I'd recommend connecting with @Christina J Allen. she is working on a group home strategy as well.
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Financial Advisor Texas (#7319835)
- Apollo Advising
- https://www.apolloadvising.com/
I'm actually looking into this too. You can rent your SFH to a non-profit like a NARR Level 2 drug recovery home. So far I've looked at Kate's House Foundation.
There is so much to tell you about group homes. But I would be doing you a disservice if I didn’t refer you to the ones who are teaching me everything I know.
go to the the website : www.grouphomeriches.com
It's a shame that more REI aren't doing this. But I sense a change is coming especially with the affordable houses CRISIS we are experiencing right now. I will be opening my first home in December and I didn't even need a license to do it! Happy hunting everyone and i'd love to talk about it if anyone is interested.
Quote from @Denver McClure:Thanks for the shout out! several people have reached out to me with interest.
Hi @Sidney Flood, I'd recommend connecting with @Christina J Allen. she is working on a group home strategy as well.
I’m super excited to start working with you!!! Prepping for my reno! I’m def gonna need your guidance lol Thanks for all you do #rockstar