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Friday, March 09, 2012 8:45:42 AM
In order for this business model to be successful the company either need:
1.To be given the properties
or
2.A governmental or 501c3 will need to pay the residents rent
I am a real estate professional myself and the investment firm that I work for has a similar program that ACYD is trying to get rolling. You can acquire these properties dirt cheap however it is a task to get the residents to pay their rent on time or at all. The people that are in need of this type of housing (not all but a very high %) think way differently than your average middle/working class individual (don't take that the wrong way). Their brain chemistry has been altered drastically from drugs,alcohol,ect. and paying rent/utilities isn't their top priority and when they move out/are evicted the condition they leave the property in isn't pleasant.Not only are you not receiving rent but now you have to pay to evict and then pump a good chunk of change into the property to get the place ready to be rented again. Let me reiterate that I know this from first hand experience dealing with this situation.
That being said, if the rent was guaranteed (i.e. Section 8) then this can be very lucrative and ACYD is in the right place at the right time.
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