265: Making $90K/Year with Just ONE Rental by Combining Compassion and Cash Flow w/Devana Came & Reid Stadelman

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 1 March 2023

⏱️ 70 minutes

🔗️ Recording | iTunes | RSS

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Summary

Investing in sober living facilities may not be the first thing that comes to mind when we talk about building a real estate portfolio. But if you knew how much they made, you might take a second look. We often focus on short-term rentals, long-term rentals, or fix-and-flip properties. But one of the best things about choosing real estate as an investment medium is its wide range and opportunities for creativity. People out there are house hacking, wholesaling, investing in mobile homes, and buying up parking lots. The options are truly endless. So, where do we start? Sometimes, the best real estate investments are the ones that mean something more to us than cash flow. Devana Came and Reid Stadelman saw a gap in their community, and they filled it. They turned their real estate investment into a sober living facility to help people in recovery, and gave them a safe, structured place to stay while earning (mostly) passive income and building their investment portfolio. In this episode, this husband and wife dynamic duo tells us all about their creative real estate investments that cash flow like nothing else. We talk about what a sober living facility is (hint: it’s not a rehab center), how and why they built theirs, how to find and screen tenants, and tips for reducing tenant turnover rates. These things don’t just apply to sober living facilities. Devana and Reid offer advice that applies to any real estate investment journey. In This Episode We Cover How to turn an investment property into a sober living facility Finding and screening tenants Easy ways to keep your turnover rate low Managing an investment property with a waiting list Choosing a property that fits your needs and investment goals Investing for cash flow and your community Resources for starting a sober living facility or domestic violence shelter And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram Airbnb AirDNA Real Estate Rookie Facebook Group Real Estate Rookie Podcast The Real Estate Podcast The National Alliance of Recovery Residences House of Ruth MLS Connect with Devana and Reid: Devana's Email: [email protected] or [email protected] Devana's Instagram: [email protected] or @beeorganicmama Check the full show notes here: https://www.biggerpockets.com/blog/rookie-265 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is a real estate rookie episode 265.
0:05.1	I also reached out to the Civil Living Coalition in our area and we started going to their meetings
0:11.4	and they gave out like a kind of a packet. I guess with some sorts that had some intake papers
0:19.4	and then read and I really sat down and thought about what our why was, how we wanted people to
0:26.5	feel in our house and we started structuring our paperwork off of that and off of experiences
0:33.1	that we knew people had in other Civil Living's like well how could we make it different
0:37.9	and we just kind of formed it from there. My name is Ashley Care and I'm here with my co-host
0:42.8	Tony Robinson. And welcome to the real estate rookie podcast where every week twice a week we bring
0:47.7	you the inspiration, motivation and stories you need to hear to kickstart your investing journey
0:52.4	and today I want to start out by shouting out a special person in the rookie audience that goes
0:56.8	by the user name Smiley21 and Smiley21 left to say five star review and Apple podcasts that says
1:03.2	a must listen as a newbie. I'm so happy to have discovered the real estate rookie podcast.
1:08.8	Ashley and Tony do a great job of breaking things down while keeping the show entertaining with
1:13.7	their banter and jokes. I hope to begin my journey this year in real estate and this podcast has
1:18.5	been so inspiring. So Smiley21 we appreciate you. We also hope this year is super successful for
1:25.4	you and thanks for supporting the podcast. So if you haven't yet please leave us an honest rating
1:29.2	review on whatever platform and as you're listening to the more reviews we get the more folks who
1:33.1	can reach the more folks we can reach more folks we can help. And let's let's be clear about that
1:37.4	review is my jokes because I think there's been like two times that I could in the history of this
1:43.0	podcast or you cracked the joke and I remember typing to oh I got it. So what a good job.
1:47.8	That's true. That's true. But they also love the banter which is awesome which is in
1:51.5	itself. I need to ask because I'm actually I'm in Houston right now. So if you guys are watching
	...

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