Wholesaler · Houston, TX · Member since 2009 · 4 posts · 0 votes
If anyone has worked with Nick Sidoti and had success with Special needs housing I would like to speak with you. The concept is a good one although I'm doubtful one can expect to triple their returns. I'm willing to compensate you for your time.
@ Natasha-- From our experience, the req's that non-profits have are not as strict as Section 8; if you ask, they will surely provide a copy of their requirements. They will come out and inspect the unit. If there are items that need to be fixed, they will let you know.
What I did to get our units 100% occupied was really simple, I just googled the non-profits in my area and called every single one (literally) and asked about their housing program. I informed them that we offered rental property and that we would love to support their mission and the phones haven't stopped ringing. Get to know the community and the people who serve in that area. Take part in the events there. We are taking part in Project Homeless Connect tomorrow, offering housing and also small job opportunities (we need a handyman and a resident manager). What better way to support the community than to offer jobs and REAL support, not just making a quick buck. Just some things to think about.
Thanks for the reply! I couldn't get you to tag in my last post for some reason.
Great idea with leasing to grad students. I actually just finished grad school so that niche would be a good fit. I love the creativity. Let's keep in touch with what progress we are able to make. I'm still trying to connect with the other VoA programs at the moment.
It goes much deeper than that in servicing a special needs group. The money to pay rents will usually be there, you need to underwrite the supporting agency. Search "profit with non-profits". Good luck ;)
@Bill Gulley I have connected with the veterans and families first program offered by Volunteers of America. The set up seems really simple. No special inspection, lease review or anything. For a house that rents for $750/mo, I will get $475/bedroom by including utilities and lawn service. That is for their single men veterans portion of the program. I chatted with the housing coordinator and she generated an ad to send to the case managers then and there.
Ok, here's an update for you Sis. I've pulled it off and here's a tip. Special needs doesn't necessarily mean people with disabilities. It includes busy people that need flexible rental terms as well.
Now that I've broaden my definition of "special needs" I can see a lot more opportunities. I'm nearly able to double my income by renting rooms to short term renters that are affiliated with our local teaching hospital. I make everything all inclusive, plug and play with the goal of creating a housing kiosk - or self-serve housing.
I'm going to go into detail on my home blog, but I wanted to spill the beans with you.
That's excellent news!! I can't wait to read about it on your blog. I'm leaning towards looking for an institutional tenant but we have to diversify. Congrats!
Hello guys I'm new to bigger pockets and have a property that I want to use for special needs housing. I'm in Dallas, TX but the property is located in Memphis, TN so will also include @Sonja Bell. What is you guys experience with this particular niche? Is there a lot of maintenance required or hoops to jump through? Also is it possible to make it turn-key since I am out of state? Thanks in advance for your responses!
I have yet to actually rent a place to a NP. I met with a few NP directors and told everyone I know what I'm trying to do. So far, i haven't found one that wants to lease the property and take responsibility for placing the tenant - essentially doing a NNN lease on a house, which is what I want. Sounds like that's what you're looking for as well. I have found agencies that are looking for really low rent housing ($450-550/mo) and at best they would pay the security deposit and a few months rent for the person. I have/had little to no motivation to do this because I don't invest in areas where that price point would make sense. No do I want to take on the risk of renting to someone without a track record of performing. The one NP I found that was marginally willing to explore the NNN lease wanted Class A- property and wanted to pay Class B- rent. Still no deal. I would say it's possible, but I have yet to successfully execute.
Hey Sonja I was wondering how is the special needs housing going for you in Memphis, TN? I was born there but I live in Dallas, TX now. My family has a rental property in that market and we are about to have a vacancy :-D Just seeking advice from an expert investor in that market such as yourself. Thanks in advance!
I would just like to get some feed back on Nick Sidoti. I just viewed his webinar and it sounds great. For anyone that has used his program.
Is anyone making those big checks and how hard is it to get the government to pay for the tenant's ( Special Need's) rent? I would like to do this with the VA since I am a vet and would like to help my fellow vet out.
I know not everyone has used his program but any luck with his strategy and getting intouch with those agencies. Thanks
So how does a 4 bedroom selling for 90 k sound if its being used as a special needs home? How much could i charge per room? The other homes sold in this neighborhood were around $270,000 and more. I have to call to see what might be wrong with the property.
Wow...on Mr. Sidoti's program. I just listened to it today. Couldn't afford it anyway, but decided to research how what he claimed could actually be. And I am so glad to be a part of Bigger Pockets forum because the information I receive here is helpful.