How to get set up as a rep-payee to guarantee your income!
When you are providing group home housing and related services for people with disabilities and other disadvantaged populations, one of the most important things that you can do for them, and for yourself, is to get set up as their representative payee. Of course, if you are being paid directly by the federal or state government then you may not want to act as the rep-payee; you may want an outside third party to do this for you……
Does this sound confusing? Do you even know what a re-payee is? Well, if you plan on starting a group home for adults, children or anyone else that either has or doesn’t have a disability you will need to learn! May as well start learning now, so let’s get into it:
What is a rep-payee?
A rep-payee is a person or company that acts as the receive of money or income from the United States Government from the person who is not fully capable of managing their benefits. These people cannot be their payee. Why not? Well, they may have an alcohol problem, they may have a mental health disability or some other type of disability which makes them unable to manage their personal funds. The mental disability will typically be just severe enough to impact their judgment, which makes them incapable of handling their funds. It is your job as the rep-payee and manager of their funds to make sure that good judgment is used when making spending decisions – i.e. that the rent is paid, utilities are paid, money is spent on food rather than frivolous items etc.
In some of our courses, we go into exact step-by-step detail of how to go to the social security office and get set up as a representative payee for your clients. In today’s article, wee won’t discuss that as it is too much information; however we will discuss some high-level areas which are of importance.
Setting up Bank Accounts for Your Group Home Tenants
Depending on the type of group home, transitional living, assisted living, care home, foster home, sober home or other that you are operating you may find that your clients would like you to handle their money. Doing so is extremely advantageous for you and your client as you will guarantee your rental income while simultaneously ensuring that you will not have to evict the tenant (tenants that pay, stay!)
After you have been set up as the rep-payee, you may want to get a bank account set up for the client. These bank accounts will typically be set up as follows:
“(Beneficiary’s name) by (your name), representative payee.”
OR
“(Your name), representative payee for (beneficiary’s name).”
If you sign up for our free course on starting your very own, income-generating group home business, we will show you actual checks of rent money that is automatically sent on a monthly basis by the federal government. You can do the same thing and begin improving your life and the lives of those around you….just think what you could do with an extra $1,000 (SUPER DUPER EASY-EASY TO DO!) $2,000 (SUPER DUPER EASY TO DO!) $5,000 (EASY TO DO!) $10,000 (Relatively EASY TO DO!) $20,000 or $50,000 PER MONTH!
AND we are not talking gross income here! We are talking NET INCOME TO YOU, with minimal overhead, personal and no outside equity investors.
YES! We are talking NET INCOME AFTER EXPENSES.
We have done this and are part of a larger consortium of organizations that have been doing this for decades. Many of them have equity investors with tens of millions of dollars per month in guaranteed rent! Rent that gets automatically sent to them or wired into their bank account EACH AND EVERY MONTH. THEY ARE Re-Payees for their clients….being paid in multiple ways:
Financially, Emotionally and Spiritually
If you are looking for additional information on how to start a group home, halfway home, transitional living home, sober home, foster home, ICF/MR home, DADS Home or other type of care home for people with disabilities; check out our free course on starting your very own income-generating group home by entering your email below.
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