$7,000/Month with THIS Rental Property (2x Your Cash Flow!)
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- čas přidán 28. 06. 2024
- Episode #421
A rental property that doesn’t cash flow can be a nightmare for new investors. But when the numbers no longer work, remember that not all is lost. Pivoting to another investing strategy can help save your property and get you right back in the green!
Welcome back to the “Real Estate Rookie” podcast! Investor Kayley George had already built a small portfolio when she stumbled across an old, colonial-style home on the multiple listings service (MLS). With big plans to convert it into a fourplex, Kayley bought the property at a huge discount and got right to work-teeing up a hard money lender and kicking off renovations-only to uncover several MAJOR issues with the house. Fortunately, tuning into a previous “Rookie” episode helped her find another strategy and SAVE the “misfit” property. Today, this unique house brings in over $7,000 each month!
Not sure what to do with your rental? In this episode, you’ll learn about a business model that allows you to not only make a huge difference in your community but also boost your monthly cash flow-sober living. Along the way, Kayley will show you how to get bank financing for a sober living house, partner with nonprofits, find a property manager, screen tenants, and more!
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Real Estate Rookie - Episode 265: Making $90K/Year with Just ONE Rental by Combining Compassion and Cash Flow:
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Socially Conscious Investing: How to Start a Sober Living Home:
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Connect with Ashley and Tony on Instagram:
Ashley: @wealthfromrentals or / wealthfromrentals
Tony: @tonyjrobinson or / tonyjrobinson
Show notes at: link.chtbl.com/Rookie
00:00 Intro
01:03 Doubling Her Cash Flow?!
09:19 Sober Living 101
17:30 Partnering with Nonprofits
23:57 How to Screen Tenants
30:20 Expectations & Lessons Learned
35:21 TOUGH Financing Challenges
I got inspired by the very same episode, I now own a sober living home which will be 1 yrs in July! So awesome to see someone else not only also inspired but you are crushing it girl wow!!! Way to go!!!
I love your positive attitude when all these different issues arise ❤
Salute for supporting the sober community
What's the duration of a stay?
What is the benefit to the landlord for having high risk tenants though? I’m genuinely asking? Why is it not easier to get people that don’t have those red flags to be tenants and charge the same amount?
Question: Do the individual tenants have leases and pay rent or does the organization that runs the home have a lease and pay rent?
We don't use formal leases, but we do have a list of rules and requirements for our house members and their monthly fees are one of those, and it's all on a month to month basis
How are your tenants able to afford $700-$900/month rent? There’s no supplementary funding source, right? I feel like I must have missed this, sorry if so
Places like these aren't cattle cars. Too many folks with money and not near the facilities available. Believe me the money is there.
@@lms567jwhere's your sober living location?
Am sorry but this is more than real estate. This is social work. Not the life style majority of investors want. Leave that to the government . Sounds like a future disaster pending . Peace of mind is definitely far from guaranteed in this method. Government need mental facilities not private housing. My 3 cents.
Don’t do real estate deals in liberal cities/states. It'll rid you of the homeless issue
Like Waco lol
women are drama