421: Turning a “Failed” Property Into a $7K/Month Rental by Doing THIS Instead w/Kayley George

A rental property that doesn’t cash flow can be a nightmare for new investors. But when the numbers no longer work, remember that not all is lost. Pivoting to another investing strategy can help save your property and get you right back in the green!   Welcome back to the Real Estate Rookie podcast! Investor Kayley George had already built a small portfolio when she stumbled across an old, colonial-style home on the multiple listings service (MLS). With big plans to convert it into a fourplex, Kayley bought the property at a huge discount and got right to work—teeing up a hard money lender and kicking off renovations—only to uncover several MAJOR issues with the house. Fortunately, tuning into a previous Rookie episode helped her find another strategy and SAVE the “misfit” property. Today, this unique house brings in over $7,000 each month!   Not sure what to do with your rental? In this episode, you’ll learn about a business model that allows you to not only make a huge difference in your community but also boost your monthly cash flow—sober living. Along the way, Kayley will show you how to get bank financing for a sober living house, partner with nonprofits, find a property manager, screen tenants, and more! In This Episode We Cover Boosting your cash flow and helping others with THIS business model The power of partnering with nonprofits for property management How to properly source and screen tenants for a sober living home Setting expectations for tenants (and what to include in your lease agreements) Common mistakes and financing challenges you’ll face with sober living And So Much More! (00:00) Intro (01:03) Doubling Her Cash Flow?! (09:19) Sober Living 101 (17:30) Partnering with Nonprofits (23:57) How to Screen Tenants (30:20) Expectations & Lessons Learned (35:21) TOUGH Financing Challenges Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-421 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices