Hey guys, just wanted to share that I recently bought a duplex. I’m living in one unit and renting out the other to a family member in exchange for childcare. Looking ahead, I’m open to ideas for the future. The setup is a one-bed/bath on the first floor and a 4-bed/1-bath on the upper floors, in an “okay-ish” neighborhood (had my car broken into by local kids, but it’s generally safe).
I’m a registered nurse, mainly in psych, corrections, and LTC. One idea I’m exploring is offering double occupancy “assisted living” rooms, where I’d get paid through Medicare waivers, needing to hire nurses and clients. Not sure about the process or licensing needed. Considering a 100-hour course for personal care home administrator license to help with this.
Another option is leasing both units to a sober living company, simplifying things for me. My area has sober living options without public issues. Alternatively, renting out each unit or rooms individually is an option, but seems less profitable and more work.
My mortgage is $2,200, so ideally want to gross $4,000 monthly from the 5 bedrooms. Most rooms can accommodate double occupancy, except for one, which is small for singles. Any insights on these options or other suggestions are welcome!
I know some might say landlords are not cool, but as a single mom with a special needs child, I’m focused on securing his financial future after I’m gone.