All Forum Posts by: Amy L Purol
Amy L Purol has started 1 posts and replied 3 times.
Post: Hey! I'm Jared. My life is about Sober Living Home Investing
- Rental Property Investor
- Indianapolis, IN
- Posts 3
- Votes 0
Quote from @Jared Galde:
Quote from @Renee Bacon:
That's awesome Jared. I've been in a co-living mastermind for a year, but I'm curious how you set your business up. Do you have a 501c3 that you operate under (and rent the house from yourself), or do you purchase homes with an LLC or personal name, and run as a regular business?
Also, do you have 2 people per room, or just one person?
What do you see as the advantages of sober living homes vs regular rent by the room type homes?
Thanks!
Jared,
Thanks for your post, stumbling across it now. We've got a duplex ready to be rented and have been approached by a new sober living/transitional housing company wanting to lease from us. They would be the operators which is what it sounds like your structure is. I'm having difficulty finding info on whether this would need certification, zoning, etc. Do you have experience with this or ideas of where to start? Can I just sign a lease with them and move on?
Post: Sober living rental
- Rental Property Investor
- Indianapolis, IN
- Posts 3
- Votes 0
Thank you! Definitely something to consider if down the road we think we will refinance. We do already have a good umbrella policy, but I do need to check with city/county codes.
Post: Sober living rental
- Rental Property Investor
- Indianapolis, IN
- Posts 3
- Votes 0
Hi there! My husband and I recently completed renovation on our second duplex. We have it listed to rent and were approached by a new sober living/transitional housing company who is interested in renting it out. My husband and I are both sober and connected to the community so are relatively comfortable with the plan. Some pros are that the company would essentially work as a property management company without the fees, ie they would be first contact point for minor fixes rather than us. The company itself would be paying the rent to us, (assumably) regardless of whether they have the expected number of clients/tenants. They are hoping to scale and would love to partner with us if things work out, which we would love to do as well.
I've listened to a few podcasts with experiences of renting to sober living companies, but was hoping for more personal experiences and pros/cons.
I am a little nervous as this is a new company with no proof of concept just yet (but I am in Indianapolis, a large city with a definite need for transitional housing). I'm trying to look through our lease to decide how to restructure it with the idea in mind that there is no contract with a tenant, but rather the company. I can't run a credit check or background check like you traditionally would. How would I go about evicting tenants or dealing with nonpayment of rent? Will I need to adjust my traditional landlord insurance to reflect the change?
Thank you for any and all feedback!