Benefits of Investing in Sober Living Property
The trend of investing in sober living property is steadily increasing in popularity. What exactly is this type of property, you may ask? Well, in simple terms, ‘sober living properties’ are apartments or homes in which you live alone or with several roommates. They are equipped with professional staff and programs, allowing you to resist the temptation of drugs or alcohol successfully. The people who look to rent such properties have typically gone through treatment already and are simply looking for additional support to allow them to stick to their new resolutions. So, let us take a look at the benefits of investing in sober living property so you can decide if it’s the right move for you!
You would be helping people
Of course, one of the first positives of investing in sober living property is the fact that you would be helping people. Many former addicts, no matter how much they wish to recover, have severe difficulties with keeping to their resolutions. The chances of relapse are alleviated, or at least minimized, through the support they can obtain in sober living properties. Of course, some specific procedures exist when acquiring such property, and fundamental landlord-tenant law can be a bit complicated. But the trouble is well worth it. Since it is a rewarding venture that will let you make a profit and help many people who need and deserve such assistance.
You do not require significant continuous investments
Of course, to keep a sober living property up and running, you will require a bit more investment than a typical rental. Paying for the staff and comfort of your tenant is even more essential than usual. Especially since this is one of the ways for people to enroll in an outpatient program and live their lives while making sure additional assistance is available if needed. However, these expenses are still not as large as some other forms of property investment might require. You can comfortably continue running your sober living property while assured that it will not cut into your profits too much.
You can turn a decent profit
Speaking of profits, it’s generally acknowledged that sober living properties can be very viable investments. Of course, unfortunately, many landlords of such properties look for nothing but profits, discarding their responsibility to their tenants. This leads to subpar results in keeping former addicts on the proper path to full recovery. And most people in such purely profit-oriented sober living properties fail in their attempt to return to everyday life. You do not go this far and make money at the expense of others’ health and wellbeing. So long as you do not have the misfortune of running into destructive or violent tenants, things will go smoothly. You will see a steady stream of profits coming your way. This, of course, is one of the factors to consider before becoming a property investor.
Investing in sober living property is safer
As mentioned above, choosing to invest in sober living property is, in most cases, a much safer option. Compared to most other property investments, the only trouble you might experience is from violent or rude residents. However, as most people rent sober living homes in hopes of getting better, most of your tenants will behave in an appropriate manner. Still, accidents, triggers, or relapses can occur, and when they happen, the tenant might damage something on your property accidentally or on purpose. But, since such actions would result in a loss of privileges provided by the sober living home, most residents strive to be mindful and respectful of their community. Overall, additional investments to cover the potential damage are minimum.
There is always interest in sober living properties
As the experts from the Bright Futures Treatment Center FL can attest, there are simply never enough reliable sober living properties to go around. This means that when one is opened, it is quickly booked out. Compare that to the current trends in other rental properties. Some states are seeing significant dips in the number of people who choose to rent. Rental properties are languishing unused. And landlords are suffering massive losses just from having to pay for the upkeep of such empty homes. This means that by choosing to invest in sober living properties, you’re guaranteeing your source of income won’t dry up. Even if you try to be conscientious and minimize your own profits in favor of investing more into the properties. This still means you will at least have some guaranteed earnings to fall back on. And by all means, this is something that is always essential for landlords.
The property is easy to convert
Finally, even if investing in sober living property does not work out for you, it isn’t like you will lose access to your properties. With the right professional support, you can still repurpose those properties in a way that will allow you to continue profiting from them. There are endless possibilities, be it converting them into traditional apartments and homes for rent or trying to shift tactics and transform them into business offices. So long as you are determined, you will be able to make the best possible use of your past investments.\
Now that you understand the benefits of investing in sober living property, you likely already know whether you want to get involved in this field or not. If you decide on this way of investing in properties, remember to be careful and contract only the best staff. The quality and performance of your sober living property will largely depend on them.