Sobriety house hacking and my next step

[David Raab]

Hi all,

  Being my first post I would like to just say thank you for any responses, suggestions, or advice.   

    I am currently house hacking my first property.  I initially started with roommates but after a year and completing a finished basement I was approached with the idea of converting the two bedroom apartment-my basement- into a sobriety house.  I was initially very turned off by the idea.  It was not until the idea was brought up again that I gave it the thought and the time it deserved. 

     In my home I constructed a two bedroom, full bath, full, kitchen, full laundry and a living room in the basement.   All together the basement is 900 SF.  Currently the sobriety house has four residents and a house manger.  When the house is completely filled that sobriety house brings in 2700-3200 a month.  This more than covers my mortgage and utilities.

     One downside is that I do not have formal leases with the residents.  Before they move in they sign a code of conduct agreement to refrain form using drugs, respecting others, and commit to working a twelve step program.   Even though I am renting the property for thirty dollars a square foot in Indianapolis, banks have been refused to let me borrow towards a second property  because I do not have a lease for my current home.

    I am looking for advise on how to expand my real estate portfolio through wholesaling, new sobriety homes, and multi family homes.  I would like to build a strong network of people across the state, country, and even the world.  If you are seeking a driven and determined partner or mentee  to work with or mentor I am gratefully looking forward to our introduction. 

David