All Forum Posts by: Steve Garcia

Quote from @Gloria Grotjan:

@Steve Garcia - Thank you for the info. I think marketing is the key before you even get started with a home at least thats what I'm seeing from various comments and also Youtube videos.

If you need any guidance feel free to reach out. It’s just the matter of letting facilities know you’re there. 

Quote from @Gloria Grotjan:

Quote from @Steve Garcia:

Quote from @Jared Galde:

@Steve Garcia first, LOVE that you're doing this! Curious what made you decided to operate the house yourself instead of Oxford House or another tenant organization who specializes in this?

Thanks Jared! My son is battling addiction which is where I discovered what a sober living home is. I wanted to open and operate my own to serve the need in my community to help bridge those gaps between families. I am in hopes he will join me in this venture.  

 Just curious if you've started the process of opening your first home and how thats going? Looking at opening a home this year in California but in the research stage and trying to learn from others.

Hi Gloria! Everything is going well so far. I continue to market my home by touring rehab/IOP centers along with giving house tours to said facilities. You definitely need a strong house manager in place with a policy and procedure manual. It can be a lucrative business opposed to the traditional LTR, but you definitely need to have your heart in the right place. PM me if you want more information or have additional questions. 

Quote from @Jared Galde:

@Steve Garcia first, LOVE that you're doing this! Curious what made you decided to operate the house yourself instead of Oxford House or another tenant organization who specializes in this?

Thanks Jared! My son is battling addiction which is where I discovered what a sober living home is. I wanted to open and operate my own to serve the need in my community to help bridge those gaps between families. I am in hopes he will join me in this venture.  

Quote from @Amanda Paugas:

Does anyone have experience with owning/managing sober living houses? I’m looking at a portfolio of three homes, buying both the buildings and the business. Quick analysis yields a 16% cap rate, just wondering if anyone has experience with logistics In running these places, paying staff, rent collection, etc. Thanks!

 Hi Amanda,

I recently converted a mid-term rental into a Sober Living. I am the Owner/Operator. The home just opened and I have 2 residents in place. Biggest challenge is to network to build relationships with rehab facilities, detox centers, IOP/PHP clinics. I have a live in house manager that is also in recovery. House managers typically are offered free rent, but I am charging half until the house is filled. There are policy and procedures in place. House rules, meeting requirements, and chore's to mentions a few. 

This service has helped me in the past to gauge an estimate of a repair price range for action items on the inspection report. 

https://www.repairpricer.com/

Hello! 
Congrats on securing a property! FF generates leads therefore you should be reaching out to the leads directly in order to secure a booking. Diversify your listing as well and list with Airbnb and VRBO. 30 Day Stay is a great read to help you every step of the way from building your listing and what the desired amenities are. Also look at other listings on Airbnb in your market and see what style you can incorporate or approve upon. Hope this helps!

Hi,

You could also try reaching out to ALE solutions as well. They are a housing solution provider for families that have been displaced from their homes. They house families via an insurance claim and they pay well. 

That sounds great Matthew! Any particular software you are using to find off market deals? What position was the property owner in that they considered selling? Tired landloard? 

@Andrew Freed that is awesome and definitely a position I want to be in. Is there any particular strategy used for obtaining financing as you scaled? 

Hello Dylan,

I am not an agent, but I am a newbie investor. I have a LTR in North FW and a MTR in Arlington. The North FW market is strong and has seen growth with much more to come. For LTR it will be challenging to meet 0.8% ratio. A MTR will get you there and I do think the MTR would work great in the North FW area. Have you used Price labs? I would suggest creating a market dashboard on the software for the North FW/Haslet area. Filter out all the Airbnbs that are listed for 30+ days and scrub the data to determine what your return can be. I also suggest subscribing to the CI Morning Impact newsletter for up to date news in the FW area. It will speak of growth, new jobs, and traffic patterns etc. Let me know if you have any questions.