Explore the Four Paths to Kickstart Your Assisted Living Investment Journey

Transcript

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for our live today. Today we're going to be talking about the four different paths that you have that you can use to get into assisted living. Uh so really excited to get into this. This is actually something that I cover in my road map challenge in depth. Uh we have a quiz that we go through that I help you out with it. Uh but I wanted to ident you know help you understand these different paths that are there and and are there other ones? Probably. Um, but these ones I think are the the biggest

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ones that that you can use to get into assisted living. So, if you are interested in doing this, you're interested in assisted living, you're trying to figure out how to get started, make sure you stick around for today's video. Hey, I'm Brandon Gustafson, by the way. I help first-time assisted living entrepreneurs launch launch profitable, purpose-driven businesses, creating prosperity, purpose, and peace in their lives. super, excuse me, super excited to have you here with me on the channel

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today as we dive into this topic and really give you some guidance and help you make progress to to reach your assisted living goals. Um, I mentioned this uh briefly, but I'll talk to talk to you a little bit more about the roadmap challenge um here at the end of the video. So, if you're interested in joining me in the next one, we have one coming up in a few weeks. Would love to have you there, but stick around or go to roadmapchallenge.com to learn more. And if you are trying to figure out what

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you need help with, go to aliquiz.com. I have a 30 second quiz. Uh you can fill that out. Gives you some guidance on which of my programs are a good fit for you as you're trying to just figure out how to get started. So go check that out. Again, aliquiz.com. All right, let's get into our topic here for today. We are talking about exploring the four paths that that are available to you to kickstart your assisted living investment journey. Um, I really believe that there are four paths uh that are the most clear-cut and

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we're going to talk about each of those um here as we get into this. And there's a few things that you should be doing and you should be aware of regardless of the path that you're going down. Uh, so if you're going to buy a home and convert it or buy an existing facility or rent something or buy build something from the ground up, um, or or any of those options and this doesn't for those of you I saw some comments as on our like our preview post for this like, "Oh, mine's different because I own the

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home already." Um, and you know, I I would say you fall into the buy and convert. You're just you don't have to buy it anymore. You're just going to convert it into assisted living. or if you're going to rent it out, maybe you're on the other side of [laughter] of of that of this rent one that we're going to be talking about where you're renting it out to somebody rather than renting it from somebody. Uh but the ideas here, I think, are going to be applicable. These are the ways that you

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can get into assisted living. All right. So, uh the things that you're going to have to do though, regardless of which of these paths you're going to go through as you're trying to to get into this and try to figure all of this out, is you're going to be dealing with zoning. Uh, so you really need to hone in on figuring out zoning. Talk to your your local municipalities planning department. This could be a city, could be a county, kind of depends on where you're at and who handles those things.

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But the the city planner or equivalent, uh, in your municipality is going to give you a ton of incredible direction on what you should be doing, uh, what you can do in a home, uh, if there are any special permits that need to to be in place for you to do this. um how you can obtain those special permits. I'm actually looking at this with one of my students right now uh where she's working on a home in Utah and we're working through uh a few things there with the city uh to understand exactly

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what type of facility is allowed there. Could it does it have can it be elderly care? Does it have to be something else? In her case, it needs to be something that it works with disabled uh adults. And so that's something that we have to make sure that her business plan is reflective of and excuse me make some adjustments there uh to to make this work. So you just need to understand all of this and this is going to happen as you are talking through the process with your local city planner or the

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equivalent in your state. The second person that you're going to be doing that you need to be having conversations with regardless of the path that you choose is going to be the fire department. So you are going to need to have conversations with the fire department. They are the ones that are are there and they're kind of giving you some extra guidance as as you're um you know about what types of things you need to have in the home. Does it need to be ADA compliant? Does it need a sprinkler

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system? Does are are uh fires you know fire extinguishers are they just enough? Uh what what do you really need? Um that's they will be able to tell you that and they give you what is effectively a punch list of things that that you need to do on the home to get it ready to go. Okay. So those two, regardless of the path that you're going to go down, you're going to need to have conversations with them and make sure that you are working through um through all of those conversations in a way that

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is going to allow you to uh reach your goals. There's varying levels of of how much involvement they're going to have through the process, but those are two key people that you need to be going and chatting with. I actually talk about this a lot in my book, uh the profitable assisted living facility. Throw it up right there. Okay, let it focus. Um, you can get that at the alibook.com. We'll have that linked below for you on YouTube, but I talk about that in there. There's sections in every single chapter

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about who you should be talking to. So, go and get that. It will teach you and walk you through um how to have these conversations with people around zoning. There's an entire chapter on zoning and an entire chapter on fire department. Um, so make sure you go and and read that book because it's going to help you out a ton uh more than I can in in this this short video for you. All right. Excuse me. Um, apparently I've got a little chess thing going on right now. Um, the other thing I want to point out

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to you is to figure out which of these paths as we get into it, uh, that is going to be best for you. Go take the roadmap challenge. Join me there, roadmap challenge.com. Um, I have a quiz that I have you take inside of the challenge. We we carve out some time to do that and it's going to help you identify which of these paths might be best for you. you may uh you may have an idea of where you want to go today. Um I do I've had students tell me that man the quiz was really helpful in just

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getting me uh just uh you know understanding exactly the path that might be best fit for me. And also I will say that quiz isn't perfect but it does give you at least uh it lets you sit back and have a different perspective on where you're at and how you would like to get started. So, if you're interested in learning more about that, type in quiz down below. We'll get you the link to the roadmap challenge and uh then you can go sign up and would love to have you on there. Uh so, with

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that, let's start talking about uh these these four paths. The first path that I've got for you is what I call the rent and rehab path. All right, rent and rehab means you are going to find a home that you can rent. And for those of you that are my landlords, type in landlord down below, uh cuz I think this is important for you to understand as well. um you're just going to be on the flip side of what I'm what I'm talking about here. All right. But as a as an operator, I'm going to find a home that

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I can rent, that I can go uh do a long-term lease on, and I I want to start creating a relationship with that owner. Um I it's it's fine if you want to just like go out of the blue and and just be like, "Hey, I see you have a cool home. I'd like to rent it and turn it into assisted living." That might work for sure, but I think you're going to be better served if you spend some time and develop relationship with people and and have conversations. And maybe it doesn't work today, but maybe

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it will in 3 months from now or or a year from now. But the more you can develop relationships with people and demonstrate what you want to do, the more successful you're going to be when it comes to um identifying a home that you can rent and turn into assisted living. Uh, I would also say that uh there are a few websites that you can go to where you could look at this. Um, I I I talk about it in the book and I can't remember all of the the ones that are on there. Uh, but a lot of like the the

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bigger like homes.com I believe has a section where you can go to homes that are are that you can rent or apartments.com. There's a few out there where you can go and find properties that people are renting and then you can reach out to them. So, if you're struggling trying to find homes that might be a good fit for this in your area, go use one of those databases. They're out there. You can use them. You can filter it down. It's going to have a property manager or the owner listed.

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You can reach out and you can present the idea to them. I would highly suggest though if you're going to go that route that you spend some time like really thinking about this, building your business plan, understanding the numbers before you jump in and start having a conversation, be like, "Yeah, we'll figure it out together." You want to make sure that you understand what you're getting into. uh when you do that because you you need to give this person that you're going to rent from

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confidence that you know what you're doing. And so the more that you spend time building your foundation, you know, doing your business plan, understanding the numbers, doing the market research, when you do those things and you build that foundation, the conversation to rent with somebody becomes much more much easier. And it it it makes it so much easier for you to convince them that this is a good opportunity for them cuz they do not want to have somebody randomly come into their home, make some

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renovations on it, and then have it fail 6 months into it, and then leave. And now they're stuck with this house that just has, you know, a fire sprinkling system in it that they don't really want. And they they get stuck holding a bag stuck holding a bag. They don't want that. And so the more that you can come to them prepared with this business opportunity, the better off you're going to be. Um, through that process, and this is why I talked about talking to the fire department early on, you're

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going to want to determine what, if any, renovations are going to be needed on the home. And then this is something else that you want to negotiate. Depending on your financial situation and and the owner and and where things are at, um you may be able to negotiate who is doing which of those types of renovations, um what that's going to look like. Is it going to maybe you build it if you have to pay for it? Is there a way for you to build it into the rent and so you increase your rent by a

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certain amount of money per month so that they can pay for those those renovations upfront? Like there, this is the cool thing about going the the route of renting is there are just so many options that are out there and it's all up to negotiation. There's no you have to do it this way kind of a thing. You get to build this um and and make it work the way that's going to work best for you. So, highly suggest that you do that. And the other cool thing, and I think this is beneficial for both um

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landlords and for those that are renting, is you can do this with a long-term lease. So from a landlord perspective, having somebody come in and sign a 3 to five year lease with options to renew it on 3 to 5year terms is so much more appealing than somebody that is just month-to-month or that is just going to do this on a annual basis. You have somebody that is probably going to pay you higher than market rent. Um, and for those of you that are operators, you probably should expect this. Um, you're

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you're not going to find a home that's 2500 and be like, "Cool, I can just I can rent this for 2500." uh per month you might have to pay 3,32 3500 a little bit extra. Now it just it comes out in the wash. You you actually come out ahead when you do this because of how much money you can make in this business. But it's something that you want to do. And so this is where you can really create this incredible relationship with lenders or with with uh with landlords and as operators.

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You're signing long-term leases. you're paying slightly higher than market rent and you have this really good relationship where you as an operator can get into this for very little money down and the landlord has the security of of this long-term tenant that's not going to be super hard on the home. These are it's like a win-win situation. Uh you just have to get into it and and figure out and there's some negotiating. And this is why for you as a as an operator, you should be be spending a

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lot of time building out your um the base of what you're doing, your foundation, because it's going to make those conversations go a lot more smoothly for you. It will expedite the process to getting to the finish line and helping you get that way. I know there's a lot of you out there that that are interested in do in this kind of option. If that's you, type in rent down below. Uh cuz I'm I'm interested in how many of you are are thinking this is the route that you want to go. uh because

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for some people you're strapped for cash. You're trying to figure out how to get into this. Um and this is this is a potential way to do it. Uh and so I just want you to just like raise your hand. Yeah, if it's you that that's fine. It's totally fine. Uh I just you know there there's a few things you should be doing up front. Work on your foundation first. You'll be a lot more successful that way. Okay. Second option that I have for you is buying and renovating a home. So

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this is where you buy or maybe you already own a home. I I know I talked to a lot of people that already own multiple properties. You're like, I think I've got this perfect one. Um, excuse me that uh this is going to be great for assisted living and you know, I'm ready to go and I'm going to tell you to also pump the brakes and spend some time and build your foundation. U maybe you don't need to worry too much about the business plan cuz it's it's more on you at this point. I I think you

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should work on it because it helps you solidify these things in your mind. But the most important thing for you to do on phase one is is going to be your underwriting. I was actually just talking to one of my clients in in my success system program about this last night. Uh and and she's like, I'm I'm scattered. I'm trying to figure out how to do this with the house. Do this renovation piece. We need to find funding so we can do the renovation. How what do we need to do with XYZ? She just

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was going off and I'm I'm lost. What What should I be focused on? And so I I did a quick video for her and I said the thing that you need to be focused on right now is we need to determine 100% that this is going to work for you financially. So we need to determine how many of the rooms in the home can be used for assisted living and of those rooms how many of them can have multiple residents. So what's our maximum amount of residents we can have in this home without causing any other issues? And

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then once we figure that out then let's go back to our underwriting. Let's determine what our our total potential for income is and then let's work our way back and look at the expenses and then let's see if it's going to be profitable first. Like let's let's not get too far ahead of ourselves. Let's not get over our skis. Uh let's make sure that we are comfortable with all of this before we get started. So again, foundation first. You have got to do these things. It is so important for you

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to do them. Now, once you do this, now if you're if you're getting into this, maybe you have the home existing or maybe you're going to buy one, but you need to find a single family home. I suggest getting as big a home as you can possibly get. Um, and the more rooms, the better. We did a video on this a few weeks ago where I was talking about, you know, house size and square footage and things like that. And I really don't think your square footage manage matters all that much. I honestly don't. Um, you

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might be talking to other people and they're like, "Well, you have to have a certain amount of square footage in the home for it to work and yada yada yada." I don't think that that's the case. I think you need to have rooms that have that are big bedrooms. You need to have a lot of rooms. That's where you're going to be able to bring in more residents. It's going to result in more income for your business. That's the thing that you should focus on. So, I don't care if it's a 4,000 ft home if it

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only has two bedrooms. I It's not going to work for assisted living. You're going to have to do so many renovations in it. But if it's a 2500 foot home and it's got six or seven bedrooms, like yeah, this is probably a pretty good option for you. Uh my home in Idaho, uh it's I think it's 3200 square ft. Um maybe uh it's between 2900 and 3200 ft², but it has 10 bedrooms in it. It was built purposefully for assisted living. It's perfect for it. And and so you want to find properties that are like that.

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Big properties. I recommend single level stairs. you can do them. My my home in Colorado before we sold it had was four stories. Um, ton of stairs. It was built in the 1890s. Like not just stairs, but steep stairs and we were able to do assisted living there. But what you do have to realize is it does limit your ability in bringing in new residents because if you're going to bring in a new resident, they have to be able to do those stairs. So stairs are fine. just recognize that um you know you might you might run into

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some issues uh when it comes to stairs. All right? So find a single family home, large ranch style, very few stairs, that's what I would recommend to you. So if you've got that already in your portfolio, you're you're a person, you're a real estate investor, you're like, I got the perfect house, go back and do your foundation, run your numbers, go to assistedlivinginvesting.net. Right there at top of the page, there's get my free underwriting calculator. You can use that and help you figure out if this is

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going to work for you or not. Okay. Then you're going to need to be talking to the fire department uh with zoning and you need to figure out again what types of renovations are you going to need to do on your home, right? So, you got to figure those things out cuz that's going to determine how much extra money you might need to put in to renovate this home and get it ready for assisted living. Then once you do all of and then run your numbers again, make sure they work. And then once you do

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that, once you've completed your renovations, that's when you start going through the process of getting licensed. This is something uh one of my students um in California. We just did a video on this a few weeks ago. Uh this is something that she was talking about. She had finally gotten through everything that the fire department had told her. She finished the renovations. She's now submitted her her application to obtain her facility license. And so this is something that is is big, right?

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But that's the process you've got to go to go through. You got to find the house, make sure the numbers work. Then you got to talk to the zoning and the fire department. Um, and do the renovations again, check the numbers, make sure they work, and then you're going to get licensed, and then you can start bringing people in. This is the process of going into it. It's going to be a little bit more expensive than it is to uh buy or rent a home and and rehab it and and get it into the world

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of assisted living, but uh then you own the real estate. So, this is the big benefit of doing that. I will say this option and the next option I'm going to talk about which is buying an existing facility when it comes to price and the amount of money down um it's actually going to be pretty similar. This is why I love the idea of buying an existing facility which is my third option for you. You find a facility that is for sale. You can use tools like LoopNet or Crexy or Bisbyell or what I highly

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recommend you do and I talk about this in the book is you find a broker. My broker was a guy named Charlie. Uh, and he was incredible. He he was like the the uh just he he helped us out so much in finding uh finding properties, in finding lenders, and navigating the licensing process, in having conversations with zoning. He had done this several times. he knew what he was getting into and he became an advocate for us in helping us negotiate prices uh for facilities that we're looking on buying and uh just helped us out through

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the process and made it a much more smooth experience. So, what I would suggest you do is find a facility online, find something for sale, whether that's using a broker or doing it yourself and getting on these sites like Loopnet and Crexy and Bisbyell. And you might find that you can't find a facility for sale right now. That's totally fine. This is where a broker can also help you cuz they have offmarket properties. Um, after being in this industry for a few years now, I have brokers that are starting to reach out

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to me and build relationships with me for when I'm ready to expand my portfolio because they want people that want to do this. And so, the more you get into this world, the more opportunities are going to come up to you. But you have got to get in, you got to put in the work, and you have to demonstrate that you know what you're doing, that you can be successful. And that is going to lead to a ton of opportunities down the line. Once you do this, if you found a property that is for sale, then you need to confirm that

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it is a licensed facility. Sometimes you're going to see these properties that are for sale that were formerly licensed. And that is uh that is going to be a lot more equivalent to buying and renovating a home because there's no current license on it. The licensing process starts at the very beginning. Whereas, if I buy an existing facility, I'm going through what is called a cow process, a change of ownership process. And it it's basically transferring the license from one entity over to another

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entity. That's a simplified version of it. And it just it's a little less expensive. It goes a little bit faster. Uh this is a little bit easier when you do that. Now, if you're buying a home that used to be assisted living, I'm not going to be mad at you because then it's probably going to have most of the renovations done. You might have to do a little bit to get it up to current standards, but um the the pathway there is is reduced compared to buying just a normal single family home and getting

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into this. Regardless though, you should be checking on licensing, making sure it is active and and if there are any um surveys or anything like that that have happened on the facility and what the reputation is there from from that standpoint. And then also look if they have it. Um look on things like Google and stuff like that to see if there's a website and any kind of a following uh any kind of reviews or or anything like that. You want to be paying attention to those things. Then once you have found that home,

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you've verified that it's licensed. Now you're negotiating. You're talking back and forth. This is where a broker is absolutely key. You're working through that and then you come to a price that that you're uh looking forward looking into and you can get up and running really quick. I actually have a tool for you if you go to assisted livinginvesting.net/profitpath. So if you're interested in getting that link, type in profit down below and we'll make sure we get it over to you.

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But you can go get it by going to assisted livinginvesting.net/profitpath. This will take you through a quick exercise that lets you see how quickly you can be pro come how quickly you can become profitable when you buy a a home and you renovate it versus buying an existing facility. and it's going to help you just visualize what that actually looks like and and see if it's which of these paths is going to work for you. What you're going to find is buying an existing facility, you can go

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faster, but what you're also going to see is you can be profitable in either instance. Okay? So, it doesn't the it's just how quickly you're going to become profitable is is what you're what you're paying for. It's probably a little bit more expensive uh when you buy an existing facility compared to buying a home and renovating it, but um the down payment there is uh a small enough amount that you should be able to find somebody to help you out with that or make it work through negotiating or

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adding in extra collateral or or other things like that. Um there's probably a way for you to get into this. All right, so that was the third option, buying buying an existing facility. Number four is building from the ground up. This one is something that I have not done yet, but I am very interested in doing. I've actually have somebody in that I've coached previously and this is what they are looking to do in building something from the ground up. I think this is such an exciting thing. Now, it will take you

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more time. Um, so what the process that you're going to go through when you are building something from the ground up is you need to one identify the land cost. the land and the cost of the project. So, go back, excuse me, do your foundation, figure out how much is this going to cost me to get into it. Does it make sense financially for me to do it? Uh, can I find the land? How long is it going to take us to to actually complete the project? Which is a big thing that you got to do. Plan for that timeline uh

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to complete the project. How long is it going to going back to the profit path tool that we talked about? U I don't have a thing built in there for you that's going to show you uh the timeline there, but this could take you 12 to 24 months to get something built from the ground up because of all the permits that you have to go through and everything. Um I while I have not gone through the process of building from the ground up, I have done extensive renovations on one of my facilities. So,

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I got very familiar with the process uh and what you need to do and who you need to talk to and and the different types of plans and everything there. So, this is something for you those of you that are looking at doing this and you're looking for a coach. I while I haven't built from the ground up do have experience in this world of just like doing a bunch of renovations on a house like it was a million-dollar project and I project managed it myself. So, I know what I'm talking about. I know what I'm

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doing with it. Uh and can definitely help you out as as you're trying to get into that. Okay. So if you're that but those are things that you want to be really looking at and you the other cool thing about building from the ground up and this is why people will want to do it and why I eventually want to do this myself one day is you get something that is perfectly custom to what you want and what you need and that is something that is so so valuable. So you are paying for it. it is more expensive and it's going

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to take longer than any of the other options. But if you're okay with that, I think this is an incredible option and I think it can pay for itself because this is where, you know, we're talking last week we talked about $8,000 rates and 10,000. I had uh somebody that was looking at my programs uh a few months ago who is thinking to do $15,000 rates uh monthly rates for for their facility. And a lot of that comes back to just where you're at, where you're located uh geographically and and can the market

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hold that. but also making sure you have a property that uh is going to cater to that clientele. I could not charge $15,000 rates in my facility in Idaho. Like there's there's no way the people are they're they're not going to uh they're not going to pay for it just based off of geographic location of where our facility is. But if I went over uh to a different area, um I'm trying to think of a specific area, but I can't think of one off the top of my head. But if I went over to another area

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that the demographic was a little bit better, I I think there are people even in Idaho that would pay that amount of money for that type of service. And so you just need to really spend some time doing your market research, understanding your market, what they can and can't pay for, and if they would be willing to pay a premium for something that is incredible, customuilt, and uh they're going to have a wonderful experience there as they live out their golden years as they get into um to a

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point where they will eventually pass away. Um I think building from the ground up is super exciting. Again, I would love to do it one day. Uh, it's something that's on my bucket list and we'll eventually get there. Uh, but that's I think it's a great option for you. All right, I mentioned this at the start of the video. Um, these are the four paths that I see for you to get into assisted living. Which of those four res resonates with you? Type it down below. Is it renting? Is it buying

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and renovating? Is it buying an existing? Or is it um building from the ground up? So, type in rent. If rent uh if it's buying and renovating, type in renovate. If it's buying an existing, type in existing. And if it is uh building from the ground up, type in build down below. Uh tell me which of those things are you most interested in getting into. And like I mentioned, in the road map challenge, we actually talk about this. And I have a quiz for you uh that kind of helps you identify which of

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these options might be the best for you. It's a four four question quiz. It's it's pretty quick. It's it's part it's one of the modules that we go into uh for the road map challenge, but I would love to see you in that challenge. It is designed specifically to helping you build build a road mapap so you know exactly what you should be doing so you can move forward with clarity and confidence and know if assisted living is going to be right for you. So I'd love to see you in there

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roadmapchallenge.com. Go check it out. Uh our next one is coming up here in a couple of weeks and I do them regularly throughout the year. Uh but you know I they're they're a live coaching experience. It's something that we're we're in there. If you get a VIP ticket, you can ask me whatever questions you have and we can really make some uh progress towards helping you move forward with clarity and confidence to launching your assisted living business. And then I want to remind you as well,

00:28:08 - 00:29:00
get the the book. If if the challenge just doesn't fit for you, it's too expensive, you can't make it live for whatever reason, go grab the book. Uh the book.com uh has everything in my brain put into a book and will help you out a ton. There's so much information in there. Now, I did see I I had a couple comments here, so I'm going to look through those really quick here. Uh, and then see if I've got anything that I can answer for people. Victor, uh, hey, Coach Brandon, I have a weird

00:28:34 - 00:29:36
random question. Usually, people gatekeep things like this because they don't they don't want their space oversaturated. Uh, what uh what went into your decision to spread the wealth? I love it, man. Um, and become an educator in the space. Thank you, Victor. I appreciate the the question there. I truly believe that um this is like a strongly held belief of mine. Uh that if I give to people, I I'm not going to hold back. This is comes from one of my coaches. Actually, I learned this from him. His name is Graham

00:29:04 - 00:30:05
Cochran. Uh he teaches people how to coach. Um and so I've been working with him uh really in depth since July, but uh I've been following him for years. And one of his core principles that really resonates with me is that it's so important for us to give abundantly to people. Um I honestly if you followed all of the things that I teach and I have had people that do this. If you follow all of the things that I teach you to do on YouTube, you can be successful. You can you can launch your

00:29:35 - 00:30:32
assisted living business. I teach you how to do all of the things. Uh I want you to be successful. I I love coaching and teaching and whether that's here for free on YouTube or other social media platforms or wherever it is. Um I I I love doing it. It gives like it gives me really good energy. It's it's so it's just so much fun for me to do all of that. Um and I believe that that I can do that. And the other thing is that I truly believe that when I do that for people like you that it builds trust

00:30:03 - 00:30:59
that you're that you are like, man, if if he's doing this for his free stuff, then what must the paid stuff look like, right? Um, and that's that's another thing for me is I I believe that my paid stuff, it it it really uh condenses everything that I teach about in on YouTube and and everything and all my videos that you could use for free and and launch your assisted living business and be successful. Um, but it can allow you to take all of those things, condense it down, and accelerate your

00:30:31 - 00:31:15
path to reaching your goals. So, if you've been watching my videos for years and you're like, "Man, I could do this." Or you've got the calculator and you kind of dabbled in it and uh played around with it, you're like, "Yeah, this has some really good potential." And things like that, and then you just sat on it. That's what most people do. Um, there are very few people that will commit to working with me, to helping them launch their their own businesses.

00:30:53 - 00:31:50
And that for me is something that I love doing. I love coaching. Um, so yeah, I I my background is in uh is in teaching. I I taught at the University of Utah. Uh I got to a point I was an adjunct professor and you get paid nothing to do that and like not even enough to get to pay for gas to get up to the university to teach. And uh I just I couldn't justify it anymore. And when I started doing this business uh when I started uh my own facilities, I I got in I was like I could I could teach people how to do

00:31:22 - 00:32:19
this. So that's when I started YouTube. And I I figured if you watch some of my earlier videos, I I tell you basically I'm not going to hold back. Now, I didn't have any intent at that point in coaching. So, you might see something in one of those videos where I talk about I'll I'll never uh you know, this is all going to be free information or whatever. I have learned that um for people to really be successful and to achieve their goals that uh it's going to help you out if you pay for for that

00:31:49 - 00:32:32
service. It's been the same for me. So, that's my philosophy on it. I hope that answers your question, but I appreciate it. Um, and yeah, that that's just my thought is I'm going to give you all the information that you need so you can launch your assisted living business successfully. Whether you're in a coaching program with me and we get to work directly with each other and you know, you're in the roadmap challenge or whatever and and I get to see you and we're working together or you're just

00:32:11 - 00:33:13
here watching me on YouTube. Uh, whichever of those options, um, I'm I'm going to be here and I'm going to be helping you out. So, hopefully that helps you. Um let's see uh other and Victor you just chatted in your dream is to start with 10 beds uh and since private rooms are easier to market you prefer 10bedroom single level home uh which has has been impossible to find. Buying an existing business is is for the rich. Yeah. I mean that's a it's an interesting thought there Victor. It's

00:32:41 - 00:33:36
um I I would disagree with you. So I bought my facilities. They were existing facilities. Um they were each 16 beds. took a while for us to find that. And you do have to uh potentially go out of state like I like I did, but by no means am I one of the rich people. Um I got into this I had no money when I was getting into this and trying to figure it out. I really didn't. I partnered with my dad. Uh built a business plan, went to him. I knew he had some money, but he's not like a millionaire either.

00:33:09 - 00:34:07
Um and and we were able to work through that and figure out the funding process and and and work through it. Um, so I would say either adjust your expectations or be patient. Uh, go find uh go find a broker that can help you out through the process. Make sure you have a really solid foundation that you're building off of. Uh, whether that's your business plan, your underwriting, your market research. Make sure you understand those things so you can really move forward with confidence. And the other thing that we talk about

00:33:38 - 00:34:37
in the challenge is there's so many different funding options for you out there. uh you know, one of the strategies I've seen, one of my one of my friends in this space, his name is Brandon. So, he's an awesome guy. Um but, uh anyways, he he he starts off with hard money um and and gets those those projects going uh and then stabilizes them and he just refinances as many times as he needs to uh with hard money until he gets to a point where he can refinance it into like an SBA or a HUD loan. And um those are

00:34:08 - 00:35:01
really good options. So, we talk about that in the road map challenge as well. some of the funding strategies that are out there for you and and really like I I teach my cash compass there in the challenge. It really helps solidify some of these ideas for you. So, give it a look. Um other comment here, uh you're looking to getting started in independent senior home. Uh so, you're in Palm Springs in California. You're trying to figure out numbers. Um you want to include mills, transportation,

00:34:34 - 00:35:24
but not sure how much to charge. Yeah, so this is a great question. I would go grab my underwriting calculator. I think it'll help you out. Again, assisted livinginvesting.net. It's just right there at the top of the of the the page. Um, and you you're it's going to be slightly different because you're doing independent. When you do independent, you do have to be be a little bit careful in the types of services that you offer. So, you cannot provide any level of care like like real care, you

00:34:59 - 00:35:54
cannot provide that. Uh, it can they can shut you down. Uh, so, but doing things like you're talking about here, mills and transportation, those are going to be totally fine. maybe some light housekeeping, but if a if a resident ever gets to a point where they fall um or something like that, you are you're not able to go and assist them. You would need to call emergency dispatch to come and help out or if they have somebody coming in hospice or home health or something like that, they are

00:35:26 - 00:36:22
the ones that need to do it. You don't want to get yourself in a bad it's just this weird situation. So you have to be very very careful with that or you can result in fines or or or things like that is is something you want to avoid. So make sure you're careful with that. As for like the amount of money that you should be charging, um that's it's hard for me to say cuz I don't work in an independent living area right now. Uh it's something that we'll we plan on branching out at some point and having

00:35:54 - 00:36:50
kind of this big long continuum of care. Um so check in in a couple years. I might have some more information for you there. But what I would say is I would look at other uh other independent living communities and see if you can find that information on their websites. Do some mystery shopping type activities uh and see if you can figure out what rates people are paying for those services and um and then base it off of that is what I would say. So, if you've got uh let's just use round numbers. Um

00:36:22 - 00:37:18
you've got 10 uh 10 beds that you could do this with and you're charging people $2,000, $1,500 a month somewhere in there. You're going to make between 15 and $20,000 um in in your gross income that's coming into you. Um your expenses will be reduced because your staffing model is not going to be as much as it is in assisted living, but you do want to make sure that you have a good handle on what uh the rest of my wife expenses are going to be. You might have somebody that that does the property manager,

00:36:50 - 00:37:37
somebody that that is a wages piece for you, but you're going to need to have insurance. You're going to need to have food. You're going to need you'll have energy, your utilities, and you'll have some kind of debt service. So, the the principles there are going to remain the same. It's just going to be at a different scale. Um, your expenses will be reduced, but so will your income. So, uh, that's how I would suggest you go about doing that. uh as you're trying to

00:37:14 - 00:38:10
find figure that out, go get the calculator, assisted livinginvesting.net uh right there at the top of the top of the page. We'll help you out a ton uh as you're trying to figure all of that out. And then um yeah, go through the wife expenses uh and do some research to figure out what type of uh rates you could be charging people. So hopefully that helps you out. All right, I am losing my voice. So I want to appreciate everybody that has been here uh live on the chat. Uh it's always good to see

00:37:41 - 00:38:30
people in here and and helping you kind of make some uh give you a little bit of guidance. Again, I would love to see you in the roadap challenge. Go check it out. roadmapchallenge.com. Go check out the book, the alibook.com as well. And uh you know, are you curious about assisted living, but you're not sure how to get started? At assisted living investing, I help first-time assisted living entrepreneurs launch profitable purpose-driven businesses, creating prosperity, purpose, and peace in their lives. I

00:38:06 - 00:38:55
love doing it. Honestly, like I was just chatting about it is one of my favorite things to do. I would love the opportunity to coach you. If you're not sure which of my programs is best for you, go take the quiz at aliquiz.com. Would love to see you in one in in inside of one of my programs. And remember, 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 and you are consistent and persistent, you are going to be successful. Thanks

00:38:29 - 00:38:33
for watching and have a great day.