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korek api
 
Today's Discussion

I want to open a boarding house for middle aged women how do I start?
Boarding house for middle aged women going through transitions, divorce, relocating, just starting over. This would not be a transition house. But a home for middle aged women to get a new start. Wanted to start with a 6 - 8 bedroom House in the Vancouver, WA area, how do I go about getting started and where would I get the funding for this project (vision)?

Reply
Henry B
If you contact womens' organizations you might be able to get some funding from them if they are interested in such a project. A loan wouldn't work unless you are planning on making a profit off of this house. Also, don't be afraid of fundraising. You might even want to register as a charity. Even if the organizations can't support you financially, they could at least probably refer your home to people seeking a fresh start and afford you some publicity. Great idea, and good luck.

Dale H
You really need a business plan. How do you know there is a need for such housing? Have you checked with local agencies to find out whether there is a shortage of housing for this group? I know local agencies sometimes have some grants and other resources which may help you get it started but you may have to put some of your own funds into it. Forming a non-profit would be a good idea. It would be easier to raise funds from both public and private sources under the name of a non-profit. As far as financing, you would probably want to check with local banks to see if they have any ability to finance such a property under their Community Reinvestment Act programs. Check with your local HUD office. Other non-profits may provide some support. Would your clients pay their own rent or are you looking for subisdies? I worked on a project trying to get financing for a lady who provides adult foster care for the mentally ill in Cincinnati. Her stories were very touching, but she lacked the resources necessary for conventional loan approval. It was the same scenario as far as being a rooming house. Even though she had years of experience and she could have raised another 5K per month with a 5 BR house, we could not use future income to qualify her. I was a little hurt, but she took it very well. Good luck. I know it won't be easy, but where there is a will there is a way.




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