How to Start an Assisted Living Business from Scratch

Transcript

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All right, welcome in today to assisted living investing. Today we're going to be talking about how to start an assisted living business, even if you have no idea how to get started. So, if that's something that you have been struggling with, trying to figure out um we're here for you today. make sure you you have the resources that you need to help you really make some progress and launch your assisted living business in a way that uh you're excited for. Uh hey friend, I'm Brandon Gustafson with

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Assisted Living Investing. I help first time uh first-time assisted living entrepreneurs launch profitable, purpose-driven businesses, creating prosperity, purpose, and peace in their lives. Super excited to have you here with me on the channel today to be talking about this really important topic cuz I I hear you. This is something I was actually I got a question on YouTube. Uh somebody commented this past week about like I I don't know how to get started. I I'm struggling with it. Like I I I just have

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no idea where to begin. And I hear that from people like you all the time that you you want to get into assisted living. You want to have an impact on people's lives, but you just what's the first step I need to do? I'm so confused. There's so many things in the air. what the licensing piece of it. I've got to buy a house. I've got to do a conversion on it. What's that going to look like? What is the zoning? Um go there's funding. I have to figure out funding. Like I don't understand what I

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have to do with all of these things. It's really confusing and it it's hard and I I I just don't know where to begin. So if that's you, um like the video um but type in me down below. Um raise your hand, type in me. Uh cuz you don't know where to begin. And that's what we're going to talk about in today's video. Before we re get really deep into it though, I do want to remind you, we have our roadmap challenge, our next one coming up very soon. So, make sure you get over to

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roadmapchallenge.com. We actually focus in that challenge. It's a live coaching experience, group coaching. I'm I'm there working with you live all week long to help you uh launch your assisted living business. It is not a course at all. It's a it's a time for us to get in there. There's VIP sessions. You can get in there with me for an extra hour every single day to ask me whatever questions that you have to launch your assisted living business. Super affordable. Go check it out.

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roadmapchallenge.com. Um our next one, again, it's coming up soon. Would love to see you in there. Go check it out and hopefully I'll see you in the next one. If you need some help with underwriting or other resources, get over to assisted livinginvesting.net. Our website has a bunch of free resources that can really help catapult you into the next phase of your business. And there's a quiz on there as well that you can take uh to see which of my coaching programs are going to be best for you. So 30 second

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quiz, go take that again assisted livinginvesting.net. Would love to see what I can do to help you out. Now with that, let's hop into our our topic for today. Again, it's how to start an assisted living business even when you have no idea where to begin. Um and like I mentioned, I hear this from people like you all the time. You want to do assisted living, you just don't know how to get started. And so we're going to hop into that. Um, the first thing that I really think you need to know as you

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are doing this, the first thing that you should always do when you're looking for a new venture and the thing that you should just pause and take some time to really figure out for yourself is where where you're going. Um, you you can't build um something that you haven't defined. Um it it's something that the more that you you take some time, you pause and you really think about where where you want to go, uh that's going to help you get to where you want to go. It I mean, if you're going on a trip,

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right? Uh if you're going on a on a trip, we went recently to the Oregon coast and we started planning that trip months in advance. We had to figure out where what are the sites that we want to go see? Um where are we going to stay? What route are we going to drive? because we drove um from from Utah up to up to the Oregon coast. Um what dates are going to work? When is school starting? You know, that's we had to play put that all into perspective. And we had to plan those things before we

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went because I mean, as as a person that's married that has kids, uh you can't just pick up and leave and go on a weekl long vacation and just cross your fingers that everything's going to work well, right? you need to take some time and plan, especially if you're going with other people if you're bringing people uh along on the journey with you. So, pause, take some time, think about what what do I want to do? Uh how many residents do I want to serve? What type of resident do I want to serve? What uh

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how big is is my home? Which location is it going to be in? Um start visualizing those things. This is all stuff that we actually talk about in the road map challenge for you uh as well. So, and we go deep into it. Um, so make sure again if you're interested, roadmapchallenge.com. We'd love to see you over there, but take some time to plan it out. I hope that makes sense to you. If it does, type in sense in the comments uh down below on on YouTube. Uh, because that's something that I

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think is is so important for you to to understand is to to take some time to pause and to make a plan for where you want to go. Really outline your future. Outline what this is going to look like. What's what's your timeline? Do you want to do this in the next 2 or 3 months? Do you want it something that happens in the next 12 months? Is this something that you want just eventually, you know, it's on your 10-year roadmap, but you don't really care where it's at? But if it's something that you want to do in

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the next 12 months, then working in our roadmap challenge is the thing that's really going to help you accelerate that. Uh, so I cannot encourage you enough to to get in there because it's going to help you out a ton. Um, but you when you take some time and you pause and you do that, you also should be um taking some time to to look at it and and think about, you know, what what does success look like for me as I'm doing this? Uh, if I'm going to if I'm going to do an assisted living facility,

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what does like what what is success for me as I'm going through that process? Is it have it being profitable? Is it is it having an impact in the community? Is it creating a legacy for my family? Uh, and being able to pass this business down to my family members. What is the thing that uh for you it's like that's that's the thing that I really need and want to do. And when you define that, it really helps uh put things in perspective. Gives you a new lens to to look at things through as you're trying to to

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get things started and launch your assisted living business. So, make sure you take some time again like make your plan and then think okay that's that's a good plan now for that to be successful for me to feel uh satisfied with the actions that I'm taking and what I'm trying to do here uh what does that look like and what are those things so that I can really push this forward and and have some success there. So, um you you've got to start out by creating a vision for yourself and defining what

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that looks like looks like. Uh regardless of how you choose to work with me, whether it's watching this video, um and doing what I'm telling you to do here, uh or if it's getting in the road map challenge or if you're in my success system, um any of those things, I start off by doing a vision exercise because it is that important. It's something that I personally do on a regular basis. I reflect on where I'm at. I reflect on where I want to go, my goals. I I do it at least weekly and

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then I do deep dives on a quarterly basis. And I go really deep annually. Um and it is so important for you to think about those things because if not, you're you're going to um you're not going to be on the right path that's going to allow you to be successful uh in in reaching your goals and launching your assisted living business. Okay. So, please that is the the very first thing and that doesn't cost you any money to take some time to plan it out to think about what success looks like and and

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then you can start having conversations, start really diving into a lot of things. So, make sure you do those things. Beyond that, I would encourage you to to follow a a proven framework. Um, find something that that you know works from uh from listening to people on YouTube and podcasts and uh what other people are doing. Take a look at it and say what are they doing? What did they do that allowed them to get to the point where they now have launched their own assisted living business. They're

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successful. They're profitable. Things are working well for them. What was the process they followed and can I now replicate that for myself? That is what I have created my focus framework for. So my focus framework, it's my five-phase process. I've been talking about for years on this channel. I've just kind of formalized it and made it a little bit easier for you to understand and follow. But the focus framework, it's an acronym and I'm going to take you through it right here in

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this video uh so that you understand what it is uh in this video in this podcast so that you understand what it is and and you can take that system, that framework that has worked for me multiple times and has worked for the dozens of people that I have coached uh as as they're working to get hundreds of people to to move forward in launching their assisted living business. This is the five-phase process. the five-phase framework that you can follow so you can launch your own assisted living

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business. So F in focus stands for foundation first. This is you have to build your foundation. And I teach uh uh something that's called the base pyramid. Um and in there there there's basically um there's uh four things that you need to do. You need to have a business plan. You need to have your underwriting. You need to do your market research. And you need to have an entity set up. The order that you do those things in doesn't necessarily matter. Um though in in my Launchpad um bundle, you

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can check that out at assistedlivinginvesting.net/launchpad, uh I I have a course in there that teaches you exactly how you can build that pyramid to build the foundation that you need so that you can then move so much more quickly. It's so important for you to have this. Um there's there's an idiom that the the Navy Seals have and they say slow is smooth and smooth is fast. And basically what that means is when you take your time and you build a foundation, we're going to bring this

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back to to the focus framework. Take your time, you build a foundation, you have a business plan, you do your underwriting, uh you you've done the market research, you you have every confidence that you are doing everything correctly, then the next thing that you've gone slow. Um, but that it makes it so much more smooth, right? Um, and when it's smooth, the conversations with uh trying to find the right house and talking through zoning issues and getting your certificate of occupancy

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and finding a lender and getting lenders to approve uh your work and getting your finding who is going to help you get the license, um, which which state agency is going to do that and uh what the process is going to look like and what the application looks like. all of those things. Once you've created the foundation, it makes it so much easier. And when it's smooth and it's easy, then you can go fast. You have to walk before you run. If you're going to do this, um I was I was chatting with uh my group in

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my success system this past week. And um as I was just kind of thinking through it, I had an analogy that for me makes a ton of sense that I wanted to share with you. So, um, when you think about it, I don't know how many of you have gone snow sledding, snow tubing, um, specifically, not like snowboarding, uh, and skiing, though I I think it applies there, but if you have, type in snow down below. Um, and basically what that means, uh, the experience is when I was younger, I used to go sledding and

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tubing all the time. Uh, we live in Utah, ton of amazing, um, mountain snow here and things like that. you know, one of the best places in the world to go snow skiing and snowboarding. And uh when you are going down a hill for the first time, if you're the first person that's going down in the sled uh or on a snowboard, you you know that the snow is it's uh it's not really conducive. It's it's you have to go slow. You have to maybe you're scooting yourself around uh on the snow to get a track starting to

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go. And uh it takes you a while to get down to the bottom of the hill when you do that. And um once that first person has done it or you've done it for the first time, once you've made that trail, the next person that goes down, they can go down a lot faster. They're no longer scooting theirelves along the along the path. They're they're going pretty fast. And it's also made that trail even more smooth, right? And then the next person goes down and it's even more smooth and

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you're flying to the point that eventually three, four, five, 10 people later, now you're just zooming down. And the other thing that's really cool about this is um when you have created this trail that now has this smooth um this smooth surface that you're going down, once you get to the bottom, you actually go further. You go faster and you go further. And that is what building your foundation is all about. It allows you to uh when you talk to a lender, yeah, maybe a lender is going to tell you no.

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They statistically probably will, but the process that you go through when you're talking with them becomes that much easier because you've already laid the groundwork. You've created a smooth surface for yourself to really just zoom through and you can go through lenders even if they tell you no very quickly. And so you can you can have conversations with dozens of lenders to the to statistically find the the 10% that's going to say yes to you a lot faster. That means you've got to talk to

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10 lenders, 20 lenders before you get somebody that says yes. And if you've built your foundation, it makes talking to those 10 to 20 lenders go a lot faster because you know what they need. Uh you have all the documents prepared. You have your underwriting calculator. You've got your your business plan created. you have all of these things done already and so um yeah, they might tell you no, but you just move on to the next one and you just you keep going cuz eventually you're going to find somebody

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that tells you yes. It's the same thing with finding a house. You might uh you might look for a property and say, "I really want it in this neighborhood. I want it to look like this. This is what I want." Uh and you've narrowed down your criteria and you're working with a real estate agent or or a broker uh that's going to help you find this home. Um, not every single opportunity you look at is going to be perfect and be the one that that is the opportunity. Maybe you're going to look into it and

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you find the perfect one or you own the perfect one. Maybe maybe that's you. But a lot of people, it's going to take a while. It's going to take some persistence. That's why I always say at the end of my videos, make sure you keep going step by step by step. Because if you do and you're consistent and persistent, you're going to be successful. Why not make that so much easier for yourself and create a process that lets you go fast and and rapidly go through those things and make it so much

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easier for yourself, right? Why don't you do that? It's going to make your life so much easier. That's why you need to build the foundation. It's why I spend so much time here on YouTube talking to you about building a foundation. So, start off like we were just talking about with creating a vision. Create that vision for where you want to go, what success is going to look like for you. do those things. Then create your foundation. And once you have those things in place, this is

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where you start, by the way. This is what this video is about. This is how you start. Create the vision. Create what what success looks like. Start working on the foundation. Do those things. You don't you don't have to spend money on that. And when you do that, if you need money and that's that's the thing that's holding you back, you've built the foundation. You can take that to a partner. You can take that to an investor and say, "This is my vision. I want to do that. I'm going to

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do this. I would love to have you come along the path with me. Do you want to come? If not, cool. That's fine. I'm going to go talk to somebody else because somebody's going to work with you. Somebody's going to help you be successful and that's going to take you where you want to go and and that's how you do that. So, go do those things. Get in the road map challenge. Go come join us because we're going to help you learn the basics of building that. Get the launchpad bundle. It's all about

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building the foundation. Um, do those things. That's what's going to help you get there. Okay. Now, beyond that, the next phase of this, the O in in focus in my f focus framework is optimal property selection. I'm going to go through these ones a little bit faster because these are the things they're they're very important for you. But you're you're here because you want to know how to get started. And I have just shared with you how to get started. I've got a little bit more here

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at the end of the video. So, make sure you stick around um till the end so you can hear those things. But at its core, if you can build a vision, define what success looks like for you, and then you build your foundation, you are going to be 99% further along than anybody else on this path. And that's going to allow you to actually achieve your dreams, get to where you want to get to and and and [laughter] create that impact, that legacy that you want to have for your family, the time and financial freedom that you're

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looking for. That's what's going to get you there. Okay. The rest of it goes a lot faster because you've built the foundation. The rest of it, the O is optimal property selection. This is finding the perfect home. Uh because you've done your market research and you have defined exactly what your home is going to look like. and and the style of home and how many bedrooms it's going to have and what population you're going to serve. You know those things so when you go start looking for properties, it's a

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lot easier for you to define and know what you're looking for and uh navigating the process for zoning and fire approvals and those types of things become yeah there's conversations and you you might have roadblocks and things, but you just move them out of the way and you can move forward with it. So that's O. The C is capital and funding. And I've talked a lot about this um throughout throughout this video. Um, and if you're the person that needs help with funding, type in funding

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down below because I know there's a lot of you out there that that's the thing that for you, you just don't know. You can't you can't you can't figure it out. You're just butting your head against the wall. I can't figure out if I only had somebody that would give me money, then I could do this. And if that's you, type in funding down below cuz I feel you. And I want you to know that you're not alone. There's so many people out there that feel the exact same way. But

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the C in the focus framework is capital and funding. And there are actually multiple paths that you can go through to figure out funding. So if you want to know what those are, um, join us in our roadmap challenge because I talk about it in depth in there. We go through our cash compass. And that was something that as we were going through the challenge this this last time, people were like, "Oh my gosh, that that is so helpful. It opened up so many doors to the the different types of funding that

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are available for you." you. So, make sure you go check that out because it it's a it's just it's so much fun to talk about it and also it it's so much easier than you think it is. There's so many different options. So, um go check us out roadmapchallenge.com. Would love to see you there. But capital and funding is is the C in the focus framework. The U is understanding the rules and regulations. And this is the other one that I hear from people. There's there's three things that people

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like you who are watching this video that you are saying I I don't know how to get started. Number one, that's why that's why we're doing this video, right? Um uh funding, I can't figure it out. That's that's the second one. And the third one is licensing is confusing. And you're you're maybe you're a real estate vest investor. You've done real estate. done uh whatever type of real estate in the past and you're like, "Man, assisted living sounds awesome,

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but this whole healthcare thing and regulations and I like that scares me. I it's not worth it. I don't want to get into it." Um, or you're you're somebody that's in the healthcare industry and you're familiar, you know that there's rules and regulations and that doesn't scare you, but you're trying to figure out the licensing process and you can't figure it out because it's confusing because it's honestly it's government funded, governmentrun stuff and they

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don't have the best websites and different agencies and different states and it's really confusing for you to kind of figure out what's going on and what you should be doing. Um, so if that's you, type in confused down below. If you if you're not sure where to go when it comes to licensing, type in confused in the comments down below because I feel you there as well. It takes time. And the other thing I I was chatting with somebody about this um on I think it was on Facebook um a few

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weeks ago and they're like, I I found the right agency. At least I think I found the right agency. But every time I call them, I'm on hold for an hour, hour and a half, and then I have to leave because I have other responsibilities. I have a life. I've got to do other things and I can never get an answer. And they're just like, "Please help me." And I unfortunately, I can't make the calls for you. I don't have the resources to do that. And having worked in the healthcare industry since 2013, having

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been in assisted living since 2020, uh I have a master's degree in healthcare administration, like I I get it. Um, it's confusing. It's frustrating, but also this is kind of the world of healthcare, and you have to be patient and persistent. And if you do that more than anybody else, you're going to be the one that can persist and and make this happen for yourself. Okay? So, you have to understand the rules and the regulations, get your license. If you want to work with Medicaid, it's

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figuring that process out. Um, and and what that's going to look like. That's that's the U. You got to figure that piece that piece of it out. And then the S in the focus framework is having a strategic launch. And this is after you have done everything that you um that you needed to do to actually get your facility up and running. You uh you you've gone through the process, you've you've got the funding, you've got the license, you go and you close on your business, and then you wake up the next

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morning and and you're just like, "Oh my gosh, I did it. I finally did it. I I now own a facility." you went to dinner the night before your favorite restaurant and it it was so exciting and then you wake up and you're like, "Oh man, that was so cool." And then it hits you, "Oh man, I've got a I got a business to run." And then the first time payroll comes. Oh, I got to I got to do this every other week now or whatever cadence you're going to be paying that on. Um, and then you got to

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buy groceries and you got to have you got to track all the the stuff that you're doing for your residents. Um, and just there's so many things that come into it. And so I want to make sure that you have the tools that you need to actually run a successful and profitable business and not make some of the big costly mistakes that I made. Uh but it's so important and it's really easy to get caught up in the the the FOCU part of this focus framework and think that that's that's all I have to get to.

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That's that's the finish line. When in reality, you're stuck with it once you get to that point and you have a business to run. And people's lives depend on you. Your staff, your staff's family, your residents, their families, your own family. There are so many people that are relying on you as a business owner at this point. And and that's a little bit meant to to scare you because it is so important for you to realize that this is not this isn't a hobby. This is this is life and death

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essentially. you you have so many people that are reliant on you from different perspectives and your ability to run a successful business to make sure that food stays at the facility and people are getting fed and the lights stay on and uh your your staff are getting paid so that they can support their families. Um there's there's so much that goes into this. And so you need to have a process that's going to the tools and the templates that are going to help you have a successful launch and own a

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successful and profitable assisted living business. So that's the focus framework. And if you follow those five steps and you go step by step, you're going to be successful. It's it it the the process of getting into assisted living is is is difficult, but it's not that hard. It it's pretty straightforward when you have a proven process that you can follow. You need to find that process. I would love to be the one that helps you out with that, by the way. Um, and you can learn more

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about that at assisted livinginvesting.net. Go take my quiz to see which program is best for you. But whether it's me helping you out or you find somebody else that does it, find somebody that is going to show you the path that you should be going down. Don't do this alone. It will make your life that much harder, that much stressful. You will burn out. Uh, you will get stuck on something and give up. make sure you have somebody that can guide you um through the process. Um if you're interested in learning more, just

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type in guide and we'll we'll get you a link for for my quiz um down below. Uh so just type in guide if you if you're looking for a guide and we'll make sure you get that and it'll tell you the different options that we have. I've I've got stuff that is $20 up to $100,000. Like I have everything um in the gamut and again would love to have you on the roadmap challenge at roadmapchallenge.com. But the thing that you need to do if you're going to be successful is you have to just take the

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first step. Um, if you want to if you if you don't know how to get started and that's why you're here on this video and you're just like, I don't know what to do. I'm stuck. Just take the first step and move forward. Take some time, pause, create your own vision. Make sure you're doing those things. Uh, because that's what's going to allow you to be successful. You will never feel quote unquote ready. it it's not going to happen. Um, you just have to start. You

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have to get going and you have to start moving because that's what's going to allow you to be successful. And I I honestly think that that's anything in life. You can't just sit there and and think, "Oh man, it would be really cool once that happens, I'll be ready to do it. Um, once once once I have a baby, then then we can start looking at buying a house or um once once I get married, then I can go to school and get a full-time job." Stop waiting on the next thing because once that thing happens,

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other stuff comes up and and your life changes and and there's going to be other barriers in in the way. Just start just start moving. that that is honestly the the most uh important thing I can tell you is stop sitting there and saying oh when I'm ready don't don't don't be that person that 3 years after watching this video you're like oh man if only this would happen I would be ready to start like stop stop being that person start taking action action takers are difference makers um it's the thing

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that that is going to allow you to to really create success for yourself and maybe it doesn't work out, but the lessons you learn along the way are going to change your life in ways that you cannot anticipate um from from anything else that you do. So, stop stop waiting to feel ready and just get started, take action. I would also encourage you to take the right action because that's what's going to help you out. I have a couple resources for you um for that. Uh so if you've been sticking around for for the

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end of the video, I want to just remind you we have our roadmap challenge. Um that is I believe I I've put a bunch of time in planning this thing and creating uh what I believe is the best atmosphere for you to learn the first steps and building a road map to help you get started. Um go check it out, roadmapchallenge.com. In there, it's a 5-day experience. We go through vision building to underwriting, how to how to actually underwrite. Um, like I'm not just giving you a calculator, which you

00:27:58
can get at my website, but I'm actually going to show you how the numbers work and how you can determine if you're going to be profitable. We talk about how to identify which model is going to be the best model for you. Um, so you can really uh start honing in on which one you're going to start working with your broker, your agent on and finding. We go through um how to overcome some of those barriers of funding and licensing in depth um and how to move be excuse me how to move beyond that. Uh I mentioned

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the cash compass. We talk about that in there uh which is helpful. And then we just kind of bring it all together and say this is your road map. Now here's here's the here's the next step. This is how you're going to implement it. It is it is not a sales experience either by the way. It is us coach. It's group coaching. Uh it's a wonderful experience. It's so much fun to have people on there. I I would love absolutely love to have you on there in our next one. Go check it out.

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roadmapchallenge.com. If you can't swing that uh for because the timing doesn't work, you can't commit a full 5 days to the experience. Um that week doesn't work. And if that week doesn't work, it's okay. We're going to do another one um in a couple of months after the start of the year. Um but again, like start now. [laughter] Start start doing things now. But if those things don't work, it's too expensive for you. And I've made it as affordable as I can. uh and

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it's very affordable uh for the amount of coaching that you're getting in that experience. But if if those things don't work, you can check out our book as well, the profitable assisted living facility. Uh you can find details on that at thebook.com. Um so go get one of those resources. That's the thing that you can start one of those paths. Choose one of them and start down a path. it's going to help you be successful, help you achieve your goals, help you achieve your dreams, and

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help you get to to where you want to go and in making success uh as you're trying to uh really trying to move forward in in launching your own business. So, make sure you do those things. Um, I hope you found this video helpful. If you did, make sure you like the video, subscribe, ring the bell. Sorry, I kind of got like really into that for a little bit. I hope you found that uh enjoyable and and hopefully inspirational and and helping you get started because I truly believe you can do this. I truly believe that you you

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have the the ability, the capability to make progress, to make a difference in the lives of people. Um [laughter] and I I talked about it. You you get to assisted living is such an incredible thing because you get to touch the lives of of your your your residents and their families, your staff, their families, your own family. you get to have I I I feel like there's not very many other business opportunities where you can have this enormous impact touching dozens of lives with just a small tiny

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business. Um and not just touching them touching their lives in a way that oh cool yep I I sold you this thing like impacting their lives in such a positive way. you get to do that in assisted living and it's so so cool and that's one of the things that I love being in the healthcare industry for why I got into the industry why I I have purchased my assisted living facilities because the impact and influence that I get to have on people's lives um it it is it's lifechanging for me and for them and I

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know it can do the same thing for you as you get into this. So, are you curious about assisted living, but you're just not sure how to get started at Assisted Living Investing? I help first-time assisted living entrepreneurs launch profitable, purposedriven businesses, creating prosperity, purpose, and peace in their lives. And I would love to help you make the same type of progress. I love helping and coaching people. Make sure you go check out the Roadmap Challenge at roadmapchallenge.com. I

00:31:37
would love to see you on the next one. Um, make sure you go go check it out because I'd love to have you in there and help you along the path. If not, go grab the book, the alibook.com. 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 so much for watching. And I'll see you in the next one. Thanks.