All Forum Posts by: Glenn McCrorey

I rent to folks with disabilities, my advice would be to take "disability" out of the equation and vet them just like any other tenant such has been suggested above.

@Nataniel A.  I charge market rent so not sure where the 3X number comes from.  There are many different types of special needs housing such as drug recovery half-way houses, and veterans programs.  I rent to companies that are paid by the government to care for people with physical and developmental disabilities.  These companies can be "for profit" or non-profit.  There a pro's and cons to this but the lack of vacancy and getting paid like clock work makes it worth it to me.

@Nataniel A. Why do you think they are different?  Buy and hold something that you can rent long term to individuals with disabilities or companies that take care of individuals with special needs. They tend to stay long term so you have minimal turn over and vacancy.

@Thomas Hickey  Because I'm getting paid automatically and I don't have to show the property, screen tenants, etc. I basically manage repairs.  Some of the companies have maintenance people on staff but most do not.  They handle little things and let me know when a furnace quits or other things like that.  I don't do any of the repairs myself with a few exceptions.  A PM would be a waste of money but I do use a PM for the few houses I rent to John Q. Public.

@Thomas Hickey  Here's what I do.... I contact the companies that provide "community based living services" for the individuals with special needs.  We discuss what they need ie. near a bus line, how many bedrooms, rent, etc. then I find a couple that I like and have the company representatives walk through it, maybe the individuals too or their guardians.  If everyone likes it, I buy it, they move in and stay forever.  In my town, 5 or fewer unrelated individuals living in a house is just a $30  fee annually and a house inspection every 3 years, no special permitting or requirements like sprinklers, etc.  If the individuals are on Section 8, I have that money go to the company, not me, I get paid electronically by the company.... rinse and repeat....

@Michael David Pagan  Tim Vipond at Hiawatha Bank and Thad Roffey at the Marion branch of UICCU.  I have great relationships with both and you will like the terms.  Mention my name... or maybe don't .. lol

@David Tiemann  Sounds like everyone agrees it's not a good idea/business decision, except me.  I'm buying a house today that will require some remodeling.  I am removing the tub and putting in a shower because my tenants have mobility issues.  I rent to special needs folks through non profit companies.  Do you think your tenants will ever move out once you make that unit more accessible (maybe)?  I literally never have vacancies.  The house I'm buying today has already been approved by the non profit and the tenants and the rent has been agreed upon. There is a need for accessible housing, believe me.  Just my two cents worth.

Welcome Aleasha.   Having 5 kids to support is a great reason to get into RE investing.  Most people would use that as an excuse not to do it.  Good start!

@Derek Okahashi Thank you for your service! I didn't know the VA waived that fee for individuals with a service related disability so I learned something. Thanks for sharing.

I was listening to a podcast about asset protection, LLC', law suites, etc. when I pulled up to a property I was showing. One of the people that met me there to see the house was 70ish year old guy who promptly tripped and stumbled/fell ten feet before landing in a pile of snow. It was like a slap stick surreal experience. What are the odds? He as OK but it made the term "asset protection" real in a hurry. Glad it had snowed so much and I had the driveway cleared or he wouldn't have had such a soft landing.