We run a senior-living center and are building a tiny home village so dozens of our employees can afford to live where they work
This story is based on a conversation with architect Maggie Randolph and her husband, contractor John Randolph, who are building a tiny home village in Dover, New Hampshire. The two met in 2015 while working on a project together. The conversation has been edited for length and clarity. In addition to being a contractor and a designer, we run two assisted-living facilities in southern New Hampshire.
John and Maggie Randolph in front of the tiny home community they are developing in Dover, New Hampshire.So, we asked our staff: what are your greatest challenges? We heard over and over:"I drive an hour from work and I drop off my kids in a separate town, and then I drive another 45 minutes here, then I turn around and do it again." So what could be an eight-hour day quickly turns into a 12-hour day. We knew we had to address this.
We decided to build a 44-homes tiny home community in Dover, about 15 minutes from Durham, to meet the need we were seeing. The cool thing is those tiny homes will allow us to go well beyond our staff needs — we'll be able to start to support the community. : The units each have one bedroom and a 16'-by-24' footprint.
I think you need to look at it a couple of ways: our goal is for whatever we build to be self-sustaining, so its income will pay for the property management and maintenance. We're not going to cashflow a ton of money from it, but as a long-term investor, if I can build things at 75% of appraised value, then I can build equity in the real estate.Now, if you're looking for a 9% return next year, or 10% return next year, it's not ideal.
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