My First Motel: The Transformation Into Mental Health Housing

Ep 86 - In this exciting episode of the Share the Wealth Show, Standice Rumph shares her inspiring journey of transforming her first motel into Mental Health Housing. 🏨➡️🏡 Building wealth through real estate and mental health services  Standis shares how she purchased a motel in Newport News, VA and transformed it into transitional housing for her mental health clients, allowing her to triple the revenue of her counseling business. Purchasing a motel and transforming it  Standis details the owner financing terms for purchasing the motel for $435k, and spending $175k on renovations during COVID challenges. She houses homeless clients referred from hospitals through her nonprofit. 🎧 Tune in to this episode for an insightful journey with Standice Rumph and Nicole, exploring the intersection of real estate and mental health.  Standice Rumph is the Chief Executive Officer for Benevolent Family Services,LLC located primarily in Hampton, Virginia, and operating since 2012. She also owns and operates properties throughout Hampton Roads that service the needs of individuals with mental health issues. Standice is responsible for managing the upkeep of BFS’s Trauma Informed Care practices through an array of programs for adults and children with severe and chronic mental illnesses and possible co-occurring disorders. These individuals often face issues with food and shelter, thus creating the need for her 501c3 non-profit organization affectionately named after her daughter, Kennedy’s Quest. The organization provides housing vouchers and food to individuals in need. Understanding that individuals cannot work to resolve issues with their mental health without their basic needs being met, Standice purchased a 15 unit motel in 2020 at the peak of the pandemic to house her demographic while shelters were closed. Opening in January 2022, the motel has been able to temporarily house over 100 individuals.In her spare time, Standice serves as a committee member in the Portsmouth Alumnae Chapter of Delta Sigma Theta Sorority, Incorporated where she has been an active member since 2010. Beyond all her professional roles, her greatest title is mother to her two sons, Derrick and Dylan who remind her every day what love truly is. ________________________________ Interested in investing in small multifamily? Learn more about The Microfamily Mavericks mentorship program here: https://www.microfamilymavericks.com/casestudy Check out our podcast website! Thesharethewealthshow.com     Want to leave feedback or suggestions on our show? Take our survey: https://s.surveyplanet.com/c1xu5qdv  ________________________________ Key Quotes: “If it is not your wheelhouse, don't do it because you're wasting time and money.”  - Standice Rumph Connect with Standice! You can find her on Website: www.benevolentfs.com  Instagram: https://www.instagram.com/stanlpc_re/?hl=en  Tiktok: https://www.tiktok.com/@stanlpc_re?lang=en  Office: 757-755-3253 ___________________________________________ Let’s get connected!  You can find Nicole on  LinkedIn https://www.linkedin.com/in/nicole-pendergrass/ Instagram https://www.instagram.com/nvestornikki/?hl=en Facebook https://www.facebook.com/nvestornikki or Visit her website https://noirvestholdings.com  LEAVE A REVIEW & SHARE THE WEALTH by SHARING this EPISODE with someone who wants to learn the secret strategies of the wealthy and build an abundant life.