All Forum Posts by: Glenn McCrorey

Welcome Kelvin.  Never hurts to get your financial house in order first and it's a moot point now anyway.  I wouldn't worry about contributing just yet.  Just continue to learn and maybe go back and start over with your buddies.  I'm sure they have learned a lot in the last two years.

Let's all go out to lunch one day soon and I will convert her in one sitting!

I question if you should be working at a NP with 180K is student loan debt.  Usually, only the few at the top make good money and I would trust them to pay off my debt in 7 years.  It is Poor Dad thinking to sell your assets to pay off the debt (also how Dave Ramsey thinks).  I would look for the best paying job I could find with that expensive education, refi the loan as has been suggested, keep my assets and invest in more real estate.  If you can't make more than 7% investing in real estate then you're doing it wrong.  Good luck.

Hey BP bro,  I have "special needs" as a key word and your rehabber "special needs" light rehab came up... just thought is was funny and I would share.  We winter in Ft. Myers but don't really flip there.

I just had a NP put an egress window into the basement bedroom to make it "conforming", at no cost to me but I agreed not to raise the rent just because it was a 4 bedroom now.  I have added these windows in the past at my expense but then rented it our for more.   OK, you're going to call me a liar.... but.... the reason they did this is because there are 3 individuals in the house and 3 bedrooms on the main floor.  Two people have passed away in that room in the last year or so.  Apparently, tenants and staff now think the place is haunted and no one wants to be in that room, seriously.  But, they love the house and location so they offered to put in the window.

That's about the size of it.

@Andrew Wong  I don't know the details exactly but many individuals on SS disability have a certain amount of money set aside by the government for them to use to accommodate their disability, like build a ramp.  Also, I have had two nice big ramps put in by two different NP groups that do nice things for people like .....building ramps.

A company may wish to sell a property to raise revenue for something else or get away from the maintenance and upkeep.  There is a feeling among care providers that the government is going to do something to discourage the NP's that provide these services from also being the landlord.  It could appear to be a conflict of interest when the NP is being paid to take care of individuals but also has a motive to keep them in a particular house.  Individuals are allowed to move out and I have seen people at a house I rent to  NP "X" and say.. "Hey, didn't you used to live at 123 Main St. that is run by NP "Y"?  One lady said, "yes, too much drama with my room mates."   It would be easy to manipulate individuals that weren't functioning on a higher level to live wherever th NP wanted them to.

The other side of that coin though is, if we don't think the NP has any nefarious motives, we can understand how not having a different landlord and lease for each property would be a good thing.  If the NP owns the house, they can modify anything they want without needing a landlords approval. Some individuals aren't the most hygienic or tidy and that could be tough for some landlords to take. 

Regarding renovations.  Usually, none are required.  Things like grab bars and ramps you are required to let them do according to the ADA which says you have to allow them to make reasonable modifications.  They have to put the property back to it's original condition when they move out.  Sometimes I do make modifications for them.  Sometimes they want to do thins like widen doorways for wheelchairs but I let them pay for that sort of stuff.  

Yes, they non profits that have sold houses to me are the same companies I rent to.  I have done this a few times.  Twice, one NP owned the house and another NP ran the program.  I bought the house and kept the tenants in place.  

@Mike Flora "community based living services" is the service these companies provide.  You can google that and wherever you are interested in investing.  You can contact those companies and ask if they have any housing needs that you might be able to help with. I wouldn't say the rents are inflated, they are around market value.  I try to keep the 1% rule in mind when purchasing and setting the rent.

@Jennifer Beadles  Here's another little tid bit because I like the cut of your jib....lol ... I have bought several houses from non profits that want to unload the asset, maintenance responsibility, and the appearance of a conflict of interest in being both the landlord and the care giver for significantly less than "market value".  They like knowing they can keep renting the property from someone that understands their business and is a good landlord.  Example, bought one for 90K cash then had it appraised for 126K and got a loan for 80% or $100,800.  You could do one of those a day if you could find them.