i have a property that will be ready in about a month.total rehab–the contractor is a jerk but it will be completed by the end of the month. :banghead. im looking for some advice as to what is more profitable-its a three story-1st flr 2 bdr., 2nd flr., 2bdr. and 3flr., one bdr…I was thinking section 8, or assistant living, or personal care facility… halfway house. :help
If you don’t know the answer to your own question, you’re not qualified to do any of the options you listed.
Knowing the intended use of the property would dictate how the property is rehabed. With the exception of Section 8, all of the options you listed are healthcare businesses that are based around healthcare services. They are not as simple as residential multi-family rentals.
JP
jfpen is right. While properties like assisted living facilities or halfway houses can be profitable, they are highly regulated businesses that must be built to exacting standards as far as access, safety, and healthcare requirements. Also, such facilities are much more complicated, government regulatory and paperwork intensive businesses, more so than any rental property. It is like buying a motel, except even more complicated.
If you are not familiar with this now, doing this with your current property is most likely impossible. I would bypass that thought for now, but if you are interested in it, contact your local and state zoning and medical regulator authorities to begin your education on what is needed to open such a facility in your area.
Section 8, however, is fairly easy to do. Check with your townhall to trackdown what local housing authority handles Section 8. The housing authority can give you detailed requirements of what is needed to have Section 8 tenants (safe electrical, adequate plumbing, smoke detectors, etc). If you did a decent rehab you might not need to do anything additional.
Good luck.