All Forum Posts by: Steve Hyduchak

Hmmm very good information, thank you. The first that you speak of up top is where I would like to steer towards and my partner has experience in. He said that you have to pay weekly in most cases and as you stated if you do not adhere to guidelines i.e. staying clean and paying then its an automatic eviction. 

His time was spent in FL where there is a large incentive there because of the weather and beaches. 

@Karen Margrave I definitely only want to focus on sober living, where the efforts are focused around the camaraderie aspect of support. My partner would be the actually involved with the addicts while I handled the business side of things and the legalities in our designated area. Do you have any investments in sober living now or are you trying to gain perspective like myself?

#bump

@Bradley Bogdan Thanks for your experience and pointers. I know the forum is halfway house, but I mean to focus my ambitions on sober homes. As you said Brad that when running a halfway you need full time staff and there is a bunch of legalities. My partner has experience in these sober homes and he would be the one running the day to day and making sure our "tenants" were meeting all criteria and staying clean as part of the guidelines. 

I know this post is old but I hope ya'll are still following the thread. I have a quick question for you about turning homes into halfway houses in general (if you know) and if you can speak to specifics in NC that would be even better. I have a friend who was in and out of them a year ago and he is now a small business owner doing well… long story short he told me of the cost and the immense potential for earnings if you do it right. You get a guaranteed check from health insurance from these people since its technically rehabilitation and they pay out every week. He did his stint with hallways in FL down near Boca Raton and said there’s a huge market down there for it, obviously since it’s sun and beach destinations. And my partners' vision is to help others with his experience and what he did to get off that path.

Any experience that you may have on starting one of these will be of great assistance to me. This will be my first investment and I want to do it right. With my business mindset and my past friends' experiences since he is too now "recovered" we will make a great team. @Dave Van Horn sounds very similar to your situation with your son, so I would like any advice.

Thanks for any help in advice guys/gals!

Thanks for the replies and the follow up messages, @Dirk Richmond and @Rachel H.

My decision to leave was a tough one, but I am looking forward and when I look back I am so happy I left. I was going to a sub-tier law school accumulating bad debt. It was so wise and responsible for me to walk away and now I am about to complete my 75 hours and receiving my broker's license in NC. With all that in mind, I hear about Obama forgiving loans and seeing how hard it is to get a job in your degree field and on par with the amount of debt kids have today I am thankful to God I was wise enough to get out. If I need legal tips I will study it on my own or simply consult an attorney.

Dirk, I know I am young but in my experience even if you get into a top law school it is just not valuable today, the ROI is so minimal. My uncle's brother-in-law is a law professor at Duke and he really, really cautioned me before starting law school. He said, "make sure it truly is a passion of yours, do not expect to make a lot of $$ from it today." Even though it is a passion of mine I couldn't afford the expense and at the end of the day how much can you keep doing things just because you love them.... Yes I realize I am a bloody realist LOL. But, if it something you feel you need then go for it! All I know is there is guys from top law schools like NYU, Duke, Harvard struggling to find legal work... and all those I mentioned I know the lawyers personally.

Who knows maybe one day I will end up going back to finish my law degree, but at that point I will either be extremely rich and just looking for something to do or my company will damn well be paying for that JD! haha

Greetings BP,

I would like to hear experience with different types of financing that people have used and which is the most economical for someone starting out?

I would like the smallest down payment possible and I know of the FHA loan, but due to mortgage insurance for the life of the loan they are not that great anymore. And yes I have very good credit. I am not looking to owner-occupy at this time either. Plan on getting into lower income community multi-family units.

Any advice would be appreciated!

God bless

Interesting thread. I wish you the best of luck in paying off those loans as fast as Possible and having a happy and successful life. I like you were told to go to school and get an education... "It will give me a more comfortable life, yadda yadda." In a first year law student now and am packing my bags and finishing the year and getting out. Luckily I only have 50k in loans from undergrad and law school combined. But it's sad that we are put into a system that doesn't equal the reward anymore. Imagine going into an Audi dealer and wanted a 100k vehicle in our current situation.... They would laugh! But they give us all these graduate loans at a high interest rate that accrues since disbursement now, scary stuff. It's funny that all doctors and lawyers tell us not to go to med school or law school, I thought I'd be different and make it but it's just a burden of debt to my life and I have lost sleep already like you said about it. My friends are working "unpaid internships" all summer so they won't even make money.. Just live off more loans. It really disgusts me. Anyway I wish you the best of luck and hope you tackle that debt and start your life! God bless and take care

@Sharon Vornholt I agree with you completely. My finance and accounting background should help me get going with some real estate investing company that I can cling and learn all I can from. And in time hopefully I can start my own business and live the dream like so many on this forum and yourself.

@Andrew Syrios well we all have a bias towards something no matter whether we say it or not! haha but I do agree with yours. Got to go with our gut instinct and at the end of the day what is going to make our lives the most comfortable.

On a positive note, I sat in at my first REIA meeting tonight and it was one of the most influential few hours I had in my life. Met many great people who are middle class like me and have learned to find a niche and make it out there, great to hear about entrepreneurial success! @Nicholas Miceli great job and presentation tonight!

I am thoroughly impressed with the turn out and advice from everybody on BiggerPockets. I am glad to see others willing to give advice and help a young buck like myself with their own personal stories and experiences. I cannot put a price on how much I appreciate everyones' advice.