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Updated almost 7 years ago,
Master Leasing- first time poster
Hi! I live in Washington State and am looking into doing a master lease with a healthcare agency in my area- essentially
I'm buying a house and renting it out to the agency. There is VERY limited housing around here, so people who have housing vouchers can hardly find a place to move into and those with mental health are essentially screwed. So i lease the home to the agency, they pay me a contracted set amount and then they gather the rent from the clients.. They also have their own insurance so if a person punches a hole in the wall then they have to fix it, etc. So im only responsbile for things out of their control or things that someone living in the home didnt break like a water heater or something like that. Also the agency can kick out the tennant if they are acting up, destroying property or arent paying...which if thats the case, im still getting my contracted amount and they would have to fix damage.
My question is.. what do you all think about getting started doing this? How much should i charge as i was told they could put like 2 adults per bedroom. Also should i look at multiplexes to increase income or start with a single family home? Has anyone done master leasing?
My goal is to slowly buy more properites and start my financial freedom!