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

Real Estate Rookie

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