Open Up a Halfway House in Tennessee
Looking for a new source of income without changing jobs? You can collect passive monthly income every month by opening up a halfway house in Tennessee. Most of the work is left up to the staff, so as long as the owner has the investment, he can open up a halfway house, sit back and grow their bank accounts.
This is not just a benefit for the owner, it is an important part of life outside prison walls or being addicted to drugs and alcohol.
How to Open a Halfway House in Tennessee:
Those that think that opening up a halfway house in Tennessee is a good opportunity. They are probably right as long as they follow the rules to the letter. Each state has its own guidelines for opening up a halfway house.
To be sure they are staying within the guidelines of the city and state, they should seek legal counsel experienced in this area. They will be able to help them with the right licenses, make sure the area is zoned for a halfway house, and make sure they have extra insurance on the home because it can be a rather transient place with high liability.
You may also want to speak to those that have or currently own a halfway house or sober living home, so you can get real-life insight.
How to Start a Halfway House:
The state of Tennessee has created a helpful tool for those looking to start a halfway house called, The State of Tennessee Department of Corrections Guidelines for Transitional Housing. This 9-page document clearly defines all the guidelines that those considering opening a halfway house need to know in order to stay compliant in the state of Tennessee.
Once owners understand those guidelines, they begin the process of looking for real estate and putting together all the other collateral needed. These items may include:
Searching for a home with at least 3-4 bedrooms
Completing any renovations
Applying for all city and state licenses
Purchasing the proper insurance
Hiring knowledgeable staff
Creating an operations’ manual
Hiring an experienced accountant
As one could imagine, the insurance on a halfway home or sober living home is extremely expensive, so instead of renting, most choose to invest in real estate. One reason is they can make changes to the home, upgrades, and other necessities without having to consult an owner.
Many investors find that after they open one halfway house, they open a second or third.
Halfway House Grants:
There is a wealth of information and resources for grants that investors can apply for when opening up a halfway house. Some of the grants currently available include:
Benefits of Halfway Houses:
There are numerous benefits to investing in a halfway house. The most important reason is that they are helping others get back on their feet after making some bad decisions.
For the investor/owner, they have a positive source of income.
Helpful Resources in Tennessee:
There is a wide range of helpful resources for those considering opening a halfway house in the state of Tennessee. These include:
Tennessee Department of Reentry and Integration:
Reentering the outside world after being confined as an inmate can be a difficult adjustment for many. That is why the state of Tennessee has a plan designed to help those that were incarcerated adjust to their new life.
Each inmate needs assistance for a place to live and find a job.
Tennessee Business Licenses:
Those opening a halfway house need to know what state and city licenses are required before they open up their house or secure residents. It is wise to have legal representation to make sure everything is done correctly to avoid problems in the future.
SAMHSA (Substance Abuse and Mental Health Services Administration):
SAMHSA Offers several grant options through three channels in Tennessee: The Center for Substance Abuse Prevention, the Center for Substance Abuse Treatment, and the Center for Mental Health Services. It is worth looking into this particular grant.
Are You Looking for Help Opening a Halfway House for Passive Income and Help Those in Need in Tennessee?
Investing in a halfway house is a great way to earn cash without doing a lot of work. Those that secure a good team to run the home, have very little to do. In most cases, the owners have other jobs and use the halfway house as a form of income. Contact us today to start your journey to help others.
Halfway House FAQs:
Do I need to Own Property to Start a Halfway House?
Many people think they must own a home in order to start a halfway house. This is not always the case, but most do prefer to go in this direction.
Many also seek the guidance of Keith Humes, who is an expert in investing in halfway houses. His information sets people up for success and is a great resource.
Can I get Federal Funding to Help with Starting?
There are many federal funding resources available to those that are starting a halfway house so make sure you know what they are and apply for them.