Rental Property Investor · Vernon Rockville, CT · Member since 2015 · 18 posts · 14 votes
Does anyone have experience with owning/managing sober living houses? I’m looking at a portfolio of three homes, buying both the buildings and the business. Quick analysis yields a 16% cap rate, just wondering if anyone has experience with logistics In running these places, paying staff, rent collection, etc. Thanks!
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
3y
@Amanda Paugas I had one all set up until Covid hit and changed my plans.
I was partnering with Oxford House. I think they operate in 36 states.
I would lease the house to them for an estimated but not guaranteed $x per room. They apply their house rules to the guests so you aren't stuck trying to evict one that relapsed. They can remove a guest in 2 hours if needed.
They require meetings where the house chores and costs are divied up, a house mgr in charge, all that. The guests pay Oxford, Oxford pays you. Seemed like they had the process down.
New to Real Estate · Hayward, CA · Member since 2016 · 5 posts · 1 vote
1y
Also open to hearing more. I had a brief chat with a representative from Oxford House but it was hard to get specifics when it came down to numbers. Open to investing in a couple of properties in a location where this is needed and provide the furnishings but also want to make certain the numbers make sense to lease out so it is a win:win all around.