Investor · Pensacola, FL · Member since 2024 · 4 posts · 3 votes
Currently looking into a 10 unit investment property and would like some advice as for how to lease it. The property has 10 identical 750sqft units with a 2,000 sqft end unit. Likely a motel in its past life. My first thought was to work with Section 8 to fill the units. Confirmed with local office that they will approve vouchers for studio layouts. I heard on the rookie podcast about sober living which sounds like a good route as well. Any guidance would be helpful!
Currently looking into a 10 unit investment property and would like some advice as for how to lease it. The property has 10 identical 750sqft units with a 2,000 sqft end unit. Likely a motel in its past life. My first thought was to work with Section 8 to fill the units. Confirmed with local office that they will approve vouchers for studio layouts. I heard on the rookie podcast about sober living which sounds like a good route as well. Any guidance would be helpful!
Hey @Jake Marriott, welcome to the BP Forum! I'd defer to any sober living operators, but I suspect doing S8 tenants has less hoops to jump through, depending on the licensing requirements for sober living in your area. Would the studio rents with S8 cash flow the property?
Currently looking into a 10 unit investment property and would like some advice as for how to lease it. The property has 10 identical 750sqft units with a 2,000 sqft end unit. Likely a motel in its past life. My first thought was to work with Section 8 to fill the units. Confirmed with local office that they will approve vouchers for studio layouts. I heard on the rookie podcast about sober living which sounds like a good route as well. Any guidance would be helpful!
Hey @Jake Marriott, welcome to the BP Forum! I'd defer to any sober living operators, but I suspect doing S8 tenants has less hoops to jump through, depending on the licensing requirements for sober living in your area. Would the studio rents with S8 cash flow the property?
The property will cash flow with S8. After doing a building walk through the units can easily be made 5 2beds and 2 3beds. My thought proccess was rather than manage 7 units, look for one sober living operator to magage the units.
What area is it in? Section 8 is fine, but not the most profitable strategy depending on it's location. Any chance you can furnish the units and make the medium term rentals? LTR is always a good choice if the numbers work, but I would lean towards standard residents over section 8.
What area is it in? Section 8 is fine, but not the most profitable strategy depending on it's location. Any chance you can furnish the units and make the medium term rentals? LTR is always a good choice if the numbers work, but I would lean towards standard residents over section 8.
The area that it's in would not work well for medium term rentals unfortunately.