Discover the Fastest Way to Find Assisted Living Facilities for Sale Online

Transcript

00:00:05
Hey friend, I'm Brandon Gustafson with Assisted Living Investing. Excited to be here today. We are talking about discovering the fastest way for you to find assisted living assisted living facilities that are for sale online. I get people that ask me questions like this all the time. Hey, where I I I really want to figure out how to get into assisted living. And I know you've told me that, hey, buying an existing facility is the best way to do this, and I I truly believe it is. But where do I

00:00:33
go and find these facilities that are for sale online? Where do I find these existing facilities? How do I go about doing that? So, I want to get into that with you today. So, you kind of have an overview of what that's going to look what that's going to look like. So, with that, uh, welcome to assisted living investing. My name is Brandon Gustoson. I help first-time assisted living entrepreneurs launch profitable, purpose-driven businesses in the next 12 months, creating prosperity, purpose,

00:00:59
and peace in their lives. I'm super excited to be here with you today. Uh before we hop in, I also want to remind you to get over to roadmapchallenge.com to learn more about our next roadmap challenge. It is uh it's it's a live coaching experience. You're with me all week long. I'm helping you out as you're trying to create your road map and figure out how to get started. That is what this challenge is for. It's live. It's not a big sales pitch or anything like that. It's it's me coaching you all

00:01:25
week long to help you get unstuck. Go learn more at roadmapchallenge.com. Would love to see you over there. All right, let's get into this uh for today. Again, we are talking about discovering the fastest way to find assisted living facilities for sale online. And uh what I want to get into here with you today is there there's a few websites that you can go to. We're going to talk about those today. Which which websites are the top ones? I'm also going to talk to you about finding a broker. Um, how you

00:01:53
can use those websites or how you can find them in other other places and why you need a broker. This is this is super important. So, make sure you stick around for this part of the uh of the the video and the podcast because you you need a broker. You absolutely do. I want to share with you exactly why you need that and why it's so important for you and why uh and and why it's so important for you to find the right broker for your team. Okay. Okay. So, those are the things we're going to talk

00:02:19
about today in our video in our in our podcast. So, let's hop into it. Um, oh, got to click go live over here. And there we go. All right. So, top websites for commercial listings. There's three of them. Three of them that are really good. But before I get into which of those three, uh, what those three are, which one you might want to use, I'm going to share a story with you about how I got started. So, as I was getting ready to get into assisted living, I really I I really thought that the only

00:02:49
way to do that was to buy a home and convert it. Uh, this is actually something we go through pretty in-depth in the roadmap challenge. So, make sure you go and sign that sign up for that roadmapchallenge.com. Uh, go learn more information about that. Go to the website. Anyways, um, as I was getting into it, I really thought the only way for me to get into assisted living was to buy an existing home and um, and then convert it into assisted living. I thought I I honestly thought that was the only way to to move forward and get

00:03:14
into this world of of being in in in assisted living. And what I found as I was getting into it is that that's not what it was. I had a conversation with a mentor of mine at one point along the path. Uh and I share this in my book, the the profitable assisted living facility. You can get that at the ali.com. And I was talking with him. His name is Vern. And uh Vern told me something that shifted my mindset entirely. He said, "Well, why don't you just buy an existing business?" And all of a sudden,

00:03:45
I had this light bulb go go off in my head. You can do that. Like that that's a thing. I didn't realize you could do that. And that for me was uh just kind of life-changing in in the way that I looked at how I was going to get into assisted living. So uh I I didn't get very many details from Vern. We we started a conversation. My my wheels were still turning in my head. I wish I had asked him. He probably could have given me some better advice, but uh wheels were turning in my head and uh so

00:04:12
I get on online and I just searched for, you know, assisted living facilities for sale or something like that. I just I put it into Google uh and it popped up and and there's a website that pops up and it's called loopnet.com. Loopnet is is kind of like uh Zillow but for commercial properties. And so I get on on there and I'm like looking around like this is this is pretty cool. I can actually I can filter all the way down to like senior housing areas on here. This this is really useful. Uh so I was

00:04:41
then at that point I was sitting uh in the driveway uh or the parking lot at my chiropractor uh looking you know waiting. I was about 15 minutes early. I get on the website, get on the app. I'm looking through, scrolling, and um I I don't know what button I clicked, but I started calling somebody uh to to look at a listing. And that while that that opportunity did not work out, uh and I tell you more about that in the book, I it it really opened up my eyes to talking to somebody, a broker in this

00:05:13
case, who knew what they were talking about when it came to assisted living. and the conversation that I had while I fumbled my way through it and he was using terms and acronyms that I had no idea what they were. Uh it it really opened up my eyes to this is this is a better way to do this compared to getting on Zillow or Redfin and looking at houses that I think might be a good fit and then finding some random realtor to take me to that house and walk through it and and try to talk to them through like all the renovations and

00:05:43
things like that. I'm not saying that that's bad. I think it's a a really great way for you to get into assisted living. But for me, brand new to this, oh man, it was it was hard. It was confusing. I was fumbling my way through it. I didn't have a lot of confidence there as I was trying to to get into this. And when I started looking at existing facilities, my confidence skyrocketed um to a point that I was like, I can do this. I can get in. I could find an assisted living facility.

00:06:10
I can be successful here. and I'm going to find something that's going to fit what I want uh to reach my goals of time of excuse me of time and financial freedom and the impact that I want to have in inside of uh the world. That's why I get in why why I'm in healthcare uh in in the industry, why I have started assisted living facilities. I love the impact that I get to have on people's lives and that's that's also why I coach. Um, I love to have that that impact on people and that is

00:06:41
something that uh the doors opened for me and and gave me a lot more confidence when I started using these tools. So, with that, I want to share with you the top three websites that uh that are really good at helping you find opportunities. I'm not going to go super deep in them. But if one of them sticks out and you want to learn a little bit more about one of them, comment the one that I'm the one that you're most interested in down below and we could probably do some separate videos on

00:07:09
those specifically. Um, so the ones I'll run through them really quick so you know which ones to type as you listen to this. There's Loopnet, there's Bisby by CEL, you just type in biz for that one, and Crexy. C R E Xi. Okay, so let's talk about Loopnet. I'm actually going to loop Loopnet and uh pun intended I guess Loopnet and Crexy into one thing because they are very similar. Um they are they're they function very similarly uh to each other and also they probably are the ones that are most userfriendly when

00:07:42
it comes to looking for things. They're going to be the most similar to Zillow and uh Redfin and you know homes.com or or any of those like typical uh websites that you would go to to find a home for sale. they're going to look and feel the more similar to those than than the other ones. Uh you you get in them, uh you you look at it, you you put in your location. Typically, don't put a specific address here. Uh generally, you want to be like in a a state or or a city. And you have to realize as well,

00:08:11
this is not like a home where there's one on there's there's multiple homes on every single street, right? Um you're looking at businesses, there's not going to be a ton of them. So, you can be at a much more broad um area. Whereas, if you're looking for a home, you probably want to be um shrunk down a little bit. But Loopnet and Crexy are great at doing that. Uh you put in your your information there where you want to to be doing this. Let's say, you know, I live in Utah. Let's put it in Utah. And

00:08:37
then there's a filter panel and you can filter down to all the way to senior living. That's going to include things like um nursing homes and assisted living and memory care and uh home health agencies. season. It's going to have a bunch of things, not always specifically assisted living, but it's a lot better than having no idea where to start. Uh it gives you a much smaller list for you to start looking at. So, that's that's one of the things I would tell you. Make sure you just go and and

00:09:03
filter it down there. You're going to find there's a lot of opportunities there. That's how I got started. That's how I got started finding um opportunities was on LoopNet and uh filtering down to senior living and then finding an opportunity and then reaching out um to to ask about that that opportunity. Loopnet and Crexy, they're both great at it. Um they both have pros and cons and most good brokers when they list are also going to list on those sites. So, you're going to find a lot of

00:09:30
um people there. There's a a decent amount of listings there. It's not 100%. Um, but it's going to give you a lot. That's Lupnet and Craigslist. Again, Lupna, L O O P N T, and Craigslist is cexi. Go check those out. They're both.com. Um, bisbyell this one also.com. Uh, but this one it's it's going to be you can filter down again. It but it looks uh it looks slightly different um from from the other sites. And uh it's uh oftentimes what you're going to find is

00:10:03
you can find businesses for sale. Also, if you are interested in looking at franchise opportunities, you're going to find those more prevalent on Bisby by cell. Okay. If you're interested in learning more about franchises, type in franchise down below. Um I also have some connections with Majestic Homes um that are based down in Arizona. So if you're interested, uh I I've got some connections there can help you out if you're looking at going a franchise route. Now, I have owned a franchise

00:10:30
business before. For me, didn't work out super well. Um, was not an assisted living business, by the way. Uh, but I I have had experience in the franchise world. I understand a lot of how that works. Um, and I think it's a great opportunity if you have a really good franchiseor that you can work with. Okay. Um, but Bisby Sell has a lot of those options, has other businesses that are for sale, can have homes that are for sale as well. But it's a really good opportunity to look for people that

00:10:56
maybe maybe they they want to own the real estate and they want to lease it off to somebody and they're just looking to to sell the business. So, if that's a route that you want to go where you want to lease or rent from somebody, Bisbyell is actually probably one of the better routes that you could go to to find an opportunity where it's already up and licensed as a facility and somebody's looking to to get from get out from under the business for whatever reason. They're old, um they're moving, whatever

00:11:24
it is, they just don't want to do that piece of it anymore. And so, you might be able to find something there that you could do some leasing with. Okay. But the pro tip with with all of these sites is go in and filter down to assisted living, senior care, whatever the the appropriate filter is for for what you're looking for. Uh they'll have one on there. Filter it down and then it takes this big broad all of the commercial properties that are out there down to something that is specific. I'll

00:11:50
also tell you one of my students in my success system program, they are were looking for opportunities. They they wanted to find uh a property and they wanted to convert it. And in my head, I was thinking, you know, you can only do this with a home. But they were thinking outside of the box. And I love the idea that they did uh that they came up with. They got on LoopNet. They started looking for properties, started working with a broker. We'll talk about that here in a second. And they found an old

00:12:17
Wells Fargo building, right? Um I was like, "That's interesting. Um check with zoning. Like, can could you do assisted living there?" Zoning's like, "Yeah, that's totally fine. You could you could do it there." And so now wheels are turning and we're having conversations and uh trying to figure out, okay, well, how much would it cost to to renovate this? But it's got a decent sized parking lot. It's in a pretty good location uh right on a a pretty busy street corner um in a in a

00:12:46
nicer area. Um and and it's actually something worth pursuing. And that all came back to thinking outside the box and using a tool like Loopnet and Craium and Biz by sell to find something that is not traditional real estate that's already kind of zoned commercial. It's actually probably from a zoning perspective going to work pretty well for you. They might even have like fire suppression systems in there already. So this could be a gold mine for you. So if you're watching this and you're like

00:13:14
that's that's what I wanted today, make sure you like the video uh because that is something that is going to help you out as you're trying to figure these things out. Okay, use those commercial sites though. But to make it easier for you, because that's what I'm here for is to make your life easier, uh I would highly suggest that you work with a broker. Um, every listing that you find on one of these sites, Loopnet, Craigslist, Biz, Sell, they're going to have a listing broker.

00:13:42
This is the person that they got on the website, they have put it out there. They could be with a brokerage, they could have a broker's license, and they're just doing it themselves. Regardless, there's going to be a listing broker on the site. And when you do that, and you're like, if you don't have a broker already, and that I know a lot of you don't already have a broker, what I have found to be one of the best strategies to find good brokers is to look on Loopnet, Crexy, Bisby, Sell.

00:14:07
Find a property that you think you're interested in. Reach out to them. Fumble your way through the conversation. Hey, I I saw this this this location, this facility, uh this building. It's for sale. I'm interested in looking at it. Um could could we find a time to go look at it? They'll ask you, "Hey, well, yeah, sure. Do you have a broker? Do you have representation?" You say, "No, I don't unless you do." Um but no, I don't have any I don't have anybody on my team

00:14:31
um that I can work with. Uh and they'll be like, "Yeah, sure. Let's let's go meet." When you go do that, when you go walk the property, you are internally interviewing this person. You're asking them questions. You're seeing how do I work with with this person? Could they help me out? asking them questions, you know, do you work often in the in the healthcare industry? Um, try to figure some of these things out. And if you like that person and they jive with you, then, hey, do you want to be my broker?

00:14:58
This this specific property is not going to like it's not really what I want. It's not what I'm looking for. Could you help me out, though? Because when you work specifically with a broker, they're going to have other relationships, access to extra listings, offmarket properties, uh, those types of opportunities. And when you start building a relationship with somebody that is a broker, if if you're going to be looking in this world, um, getting somebody like this as a broker is going

00:15:24
to help you because they are more familiar with the the commercial rules and regulations that they've already been in the healthcare industry. They may have some insight into the licensing process that they can help you out with or connections, uh, lenders they're going to have relationships with. Like all they do, um, in addition to finding and listing properties is building relationships. so that they can help the people that they're going to be working with close on deals. And so the more

00:15:49
that you can bring one of these people into your world, the better off you're going to be. And if you can find somebody with healthcare experience, healthcare background, it just helps you out that much more when it comes to the licensing process. there just somebody else on your team that you can lean on and and bring in and and help you out and trying to navigate all of those things which is you know I hear from so many of you that licensing I I was just talking to somebody on Facebook earlier

00:16:14
today um licensing that's the thing I can't figure out licensing it's confusing I don't know how to do it brokers can actually help you out with that so um do that um get get mentors to also help you and guide you along the path I'd love to do that again roadmapchallenge.com uh to learn more about how we can do that in our our next roadmap challenge. But find people to help you move things along the path to launching your assisted living business. It's going to make your life easier,

00:16:41
avoid all the headaches, and uh help you reach your goals a lot a lot faster. So, I would also, if you're trying to find a broker, um I would look for brokers that have multiple listings. That means they're pretty active. They they really want to be involved in this. Um, it could mean that you are getting the the uh you might be finding a larger brokerage and you might be getting the person that does the listings and maybe not uh the person that helps you find things, but they will have somebody in

00:17:09
their company in their brokerage that can help you out with that. So, I would really and I would strongly encourage you to go and look for um brokers that have listings on Loopnet, Bisby, Crexy. Uh look for those people. If you can find ones with healthcare experience and you can find ones that have multiple listings, you're going to potentially hit the gold mine. I was uh at one point I was looking for another building uh for for a franchise business that I had and it was here local to me in Utah and

00:17:41
I didn't have connections. My broker is he's much more specific to assisted living in the senior care industry and he's based in Colorado. he wasn't going to be able to help me out very much here in Utah for a non-assisted living um type facility. It was still healthcare, but it um I I just needed a a building. And so, this is how I found him. I went and reached out to three or four different brokers, uh went and walked properties with them, identified one that that worked really well with me,

00:18:08
and then he helped me. The the building he showed me initially wasn't going to be a good fit. It's just weird layout, too expensive. Um, but we worked really well together. So, we built this relationship and then he helped me ultimately find the perfect spot for me. Helped me negotiate um some of the renovations that we needed to do in that in that property and that really helped out a ton as we were getting into it. So, uh I speak from experience. This is one of the best ways to find a broker if

00:18:36
you don't already have one on your team. I would also say as you're doing this to to and while you're doing that, going through that process, you should evaluate them quickly. Um, walk the property, ask questions before, during, and after. See how they will respond to it. Are they quick at responding to you? Are they waiting until, you know, the next morning or late that night to get back to you? How busy are they? How how are they uh reacting to the feedback that you give them about specific

00:19:04
properties? You know, those types of things. You want to see how are they working through all of that. What's their thought process going? Uh what does it look like as they go through their thought process? And if you find somebody that is like, "Yeah, they they work well with you." Then um start thinking about how can I work with this person? How would I feel about working uh with this person? Evaluate them quickly, move on just as quickly. It's just like working with a realtor. Um,

00:19:31
but because this is such a big uh a big opportunity for you in the way that you're going to be running your business, it's something that you should probably be paying a little bit closer attention to than even just like a real estate agent. Um, houses are big, right? They're important. Um, when it comes to businesses, you're working on a property, which is probably going to be more expensive than your home, and helping you get a business set up. This person's super important. So, make sure

00:19:55
you are um leaning in on them and and um trying to figure out ways to to work with them. And the reason why I tell you that you need to find a broker, um they make your life so much easier. So, I'm hoping you you're like taking notes here and you're just like, "Okay, that's how I can find a broker, but why why would I need to why would I need to find it?" Um they again, they can help you find offmarket deals. An offmarket deal is basically it's an opportunity that's out there

00:20:24
that um that uh it's not listed. It's not on Lupnet. It's not on Crexy. It's not on BIS by Saleell. And there's a lot of a lot more of that in this world, this world of commercial real estate than there is in residential real estate. Um people have relationships. I I have connections with brokers um myself who give me offmarket properties all the time, like almost on a weekly basis, it feels like because I've built relationships with them. Not only have I worked with my broker, his name is

00:20:51
Charlie. I talk about him in my book, but um not only do I work with him, but I'm building relationships with a bunch of other brokers because I know that the more I can expand my network of people, the more op opportunities I'm going to have that are coming to me. So, you want to be doing this and and make sure you are uh building good solid relationships that you are a good representative representative of you and the people you're working to invest with. It's going to make your life that much easier

00:21:18
when you work with them. Open up doors to offmarket properties and um and and help you find more opportunities for businesses that are for sale. Okay, that's number one. Number two, they're going to have experience with pricing. They're going to be able to tell you, "Oh, that's that's kind of expensive. Like, that's that's a lot a lot of money per bed, or that's a really good deal." Um they they'll be able to help you out with your underwriting as well. be a

00:21:43
second pair of eyes as you get into that because you need to make sure man underwriting. It's it is such an important piece of of what you're doing. Push pause here and talk about underwriting because um if you don't underwrite correctly and you have these rosecolored glasses on and you think to yourself, I'm you know, yeah, I watched this video from this guy named Brandon. I liked his video because it was awesome, but uh he told me that, you know, 10 bed facilities, that's the way

00:22:10
to do it in existing facilities. and you blindly go in and you buy this existing facility that has 10 beds because you watched a little YouTube video that says that that's that's my criteria for my base criteria for getting started and then all of a sudden you're losing tons tens of thousands of dollars per month. You can't blame me. You didn't spend time underwriting. Go to assisted livinginvesting.net. Grab my free underwriting calculator. It's right there. Uh big blue box right there at

00:22:36
the top of the page. Go grab that. But spend time underwriting to make sure that you understand the expenses that are coming in for for your facility, what that's going to look like for you and um what your potential for income is and what your break even point is going to be. What's your what do you need your capacity to be at? How many residents to get to your break even point. Understand all of those things before you jump into an opportunity. This is part of your foundation that you need to build. We

00:23:03
actually talk about it and do underwriting exercises in the roadap challenge. So, roadmapchallenge.com. Go check it out. Anyways, you you if you have a good broker, they can help you out with having a second pair of eyes on the underwriting. They can say, "Yep, that those expenses check out. Um, your your income looks good." Or, "You're crazy. You can't you can't charge that much for people." Or, "Why are you charging that small amount for for people? You should be doubling that

00:23:29
price." That second pair of eyes of somebody that is in the industry is oh man, it's so valuable. So, make sure that you are using your your uh broker just as a gut check, a double check on all of the things that you're looking at. They'll help you out with that. I already mentioned this connections with lenders. Funding is the thing that you're just like, man, funding, I can't figure it out. That's the thing. I I can't I can't do funding. Uh, nobody's going to work with me. I talked to a

00:23:56
bank. They said that nobody funds assisted living deals. I can't do it. I I throw my hands up in the air. I'm going to walk away. I'm done with it. If that's you, type in me down below because I hear you. A lot of you are like that. I promise you though, it's it's so much easier. Um I in my road mapap challenge, we go through what I call uh the cash compass about and it teaches you the different ways that you can get funding. Um so make sure you go check that out if you're if you're

00:24:21
interested in learning about how you can get funding because there's so many different ways. But a good broker is going to have lenders and and other people to help you through the funding conversation. If I didn't have my broker as I was going through this from the beginning, I would have never gotten funding. I would have also probably ran into the first to know and been like, "Nope, can't do it. This was a dumb idea. There's no way I'm going to get the funding that I need here." Um, but

00:24:49
my broker, he he and I, we chatted on a regular basis, probably daily. Uh, we were working through, he was helping me find different lenders. I was looking for lenders. We were working through it. We were learning so much through the process. And that was super helpful. So, a good broker is going to have those relationships to help you out. And the the the the what is this? The fifth thing that that a broker is going to do for you is they're going to streamline negotiations and your due diligence.

00:25:17
They're going to help you know um who you should be talking to to get the proper inspections on the house and how to have those conversations. Uh they'll they'll they'll when you're trying to negotiate uh with to to get a better deal on it, they'll they'll They'll be your representative and help you negotiate when you run into timeline issues with licensing or funding or things like that. They're going to be the person that breaks the bra bad news to the person you're purchasing the

00:25:41
facility from. They're kind of this this buffer zone for you. They are an incredible resource at doing. That's what they get paid for. And the best thing with being a person is buying an existing facility. Um, when it comes to brokers is you don't have to pay them. They get paid out of the commissions when you buy the facility. That's not money that's coming out of your pocket, though. So, pro tip, use a broker. They they don't cost you anything. They're an incredible

00:26:08
resource. They're going to help you out. Uh, when we were buying our second facility, we had some issues with the um with the listing agent. The the property we purchased was actually listed by a real estate agent who had no experience um working in this world of commercial real estate and um didn't know what she was doing. and our broker had to have some very frank and hard conversations with her and helped us negotiate through the entire process uh which you know these things can take uh several months

00:26:35
to close. This isn't a real estate transaction. This is a business and it's it's very involved and he was able to smooth relationships over and uh help us get to closing. And without him we probably would have walked away from that deal which has been an incredible deal for us by the way. probably uh the best decision we ever made was purchasing our facility in Idaho. So uh and that I attribute largely to our broker who was helping us through the negotiation process there. Uh he helped

00:27:05
us negotiate our first deal, he helped us find our second deal, and then he helped us work with with the sellers. Um he has been an incredible resource and if you find the right type of broker, you're going to have a very similar experience. So, you want to be working looking for somebody that has experience in the in the world of healthcare, somebody that um is in the commercial world. They're going to have so many resources to really help you out along the path. So, we talked about a lot

00:27:32
today. Uh we went through the different websites that you should be using to find to find properties. Uh Loopnet, Bisby, and Crexy. We talked about how to leverage those sites to help you find a broker. Talked about why you need a broker on your team. and then a little bit of how to interact with a broker. So, if you found this information helpful, make sure you like the video, subscribe, and share uh share it with other people so they can see it. And I would love to have you in our our next road map challenge as well. I kind of

00:27:59
teased this at the front and I've talked about it um throughout the video, but the road map challenge, it's a live coaching experience with me. It's week long. We just finished one last week um as of the recording of this video. It was so much fun to be in there. People that are in the VIP experience get an extra hour with me every single day and you just ask me whatever questions you have. It's not a sales pitch. This is me helping you build your personal roadmap uh and get your questions answered. I

00:28:25
would love to have you in our next challenge. Go to roadmapchallenge.com so you can learn more about that. Uh it's it's one of my favorite things to do because I love getting in front and talking with people and coaching you and helping you out as you're trying to launch your assisted living business. Again, that's roadmapchallenge.com. You can also get the assisted living uh my my book, the profitable assisted living um facility at the alibook.com. Would love to have you uh go grab that.

00:28:51
If you can't get into the challenge because of timing or priced or whatever, go grab the book. The alibook.com will help you out. Uh all of it goes through my five-phase process. My five phase process of launching an assisted living business. What I call the focus framework to help you focus and and help you launch the business. Are you curious about assisted living, but you're not sure how to get started at Assisted Living Investing? I'm here to help beginners like you launch their assisted

00:29:16
living business in the next 12 months, creating prosperity, purpose, and peace in your lives. Make sure you like the video, subscribe, ring the bell, uh so you get notified every time we put out content like this. We go live on Tuesdays and put out content on Thursdays. I love helping and coaching people. It's one of my favorite things to do. And I want to remind you that it doesn't take a lot, just a little bit. Just keep going step by step by step. And I promise you, if you do that and

00:29:36
you are consistent and persistent, you are going to be successful. Thanks for watching and have a great day.