Many people today are not sure what to invest in. Many are tired of playing the volatile market and looking for some other, more innovative investment options.
Some investors choose to put their money into buying up commercial properties in strip malls or stand-alone units. They will either utilize these for their own businesses or rent them out to other business owners.
Others are looking for unique investment opportunities. Some of these may be brand new business ventures, others are taking existing businesses and buying them up for personal gain.
One of the unique businesses making a mark in the investment community today is to start a sober living facility. There is money to be made, and these residences are a critical part of recovery for the women and men that call them home.
What is a Sober Living Facility?
A sober living facility is an interim place for those leaving drug or alcohol rehab facilities to go during their transition. These homes provide structure, rules. and guidance to help those in recovery. In many cases, they are not ready or able to go back home and face the demons that forced them to succumb to their abusive behaviors.
Most sober living homes offer:
- Medical assistance on-site
- Access to 12-step and other recovery programs
- Chores that each resident must complete to get them used to working and being responsible
- Support of the staff and other residents
Also, those living in a sober living home have an individually designed aftercare plan to help reduce relapses. It helps residents identify the things that may trigger a binge, provides coping skills and ways to reduce stress, and manage day-to-day issues without alcohol or drugs.
Are You Ready to Invest in a Sober Living Facility?
Those seriously considering investing in a sober living facility need to conduct their due diligence to recoup their investment. There are numerous things to consider before you put down an initial payment.
Keeping these things in mind will help guide you towards financial success:
- Look for the appropriate property
- It should fit within your budget
- Have at least three bedrooms and two baths
- Find all the permits and licenses you will need
- Purchase special insurance
- Hire a team of professionals to oversee the facility
- Prepare an operating manual
- Set up a budget including renovations, opening ongoing utilities, and other expenses
- Coordinate programs and schedules
Halfway House Financial Resources Available:
One of the great things about investing in sober living homes is that there is financial help available. Funding them is not the sole responsibility of the real estate investor. There are many programs, local and national that can come to the financial aid of those that are pursuing this form of investment.
Here are some options for investors to consider. Some local areas may have specific options geared to support the local community.
- Sober Living Foundation
- Sonora Area Foundation
- Substance Abuse and Mental Health Services Administration (SAMHSA)
- Community Services Block Grant
- Family Violence Prevention and Services Funding
- United Way Community Impact Grants
- Grants for Group Homes
- USDA Community Facilities Direct Loan & Grant Program
Benefits of Halfway Houses:
There are many benefits to investing in a halfway house.
- The first is knowing that it helps people move from a controlled environment, like a rehab facility, and into a more traditional setting. These transitional sober living homes are crucial in helping people cope with life issues and gain a hidden strength many did not know they had.
- The other is financial. According to Marketplace.org, “sober homes have become lucrative business” ventures for investors looking for the next big investment opportunity.
- Even the less desirable facility can bring an owner over $500 per month/per bed.
- Realtor Brian Wall says sober homes have become a lucrative business for him. A single sale can net him up to $40,000.
- There are financial resources available to defray the cost of opening the home.
Get Help Starting Your Halfway House Today:
If you like the idea of helping those that are starting over in a sober lifestyle, you should consider investing in a Sober Living or Halfway House.
Get Help Starting Your Halfway House or Sober Living Facility Today:
The team at Open Up a Halfway House, are experts in investing in halfway houses and other “in-need” facilities. They can tell you how to start your investment, and in less than 90-day, with no money down, you can be opening up your first facility.