Starting an Assisted Living Business With No Money: What’s Actually Realistic

Transcript

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Hey friend, it's Brandon Gustafson with Assisted Living Investing. Have you ever been Well, let me ask you this. Are you interested in assisted living, but you keep thinking about it and you keep thinking to yourself, I can't do this. Um, this this doesn't make sense financially for me and there's just no way for me to get started. If that's you and uh you you feel me on that comment, this video, starting an assisted living business with no money, what's actually possible is uh the video for you. This

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is the video where I'm going to help you out and and help you make some real progress to learning exactly what this looks like, how you can get started with no money down, what that looks like, how how how to really navigate that process and um help you hopefully understand where you can get started right now, even if you don't have the money. And that's something that I really want to to hone in on this. Um my name, by the way, it's Brandon Gustafson. I help uh healthcare workers start assisted start

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their own assisted living business so they're not stuck trying to figure things out and know exactly what they should be doing next. And I'm really excited to get into this video with you because what I see in a lot of comments with people that are watching my videos is there's this this belief that I don't have money and so I can't get started. I I don't have any money, so I'm not even going to try to get started because uh there's no way for me to to make progress to actually get started. And

00:01:31
until I get the money and I'm going to try to save up for the next 10 years so I have enough for a down payment and then I'll get started. I want to I I really want to shatter that belief for you and help you see that it really is possible for you to get started today working on your assisted living business so that you can then move into a spot where you are you're you're actually making progress towards launching your assisted living business. All right, so if that if you think it's going to be

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helpful, uh make sure you stick around, like the video, subscribe, ring the bell so you get notified every time we put out content like this because we go live on Tuesdays and put out content on Thursdays. all designed to help people like you who are feeling stuck and overwhelmed and not sure how to get started make some real progress. So, let's get into it. Um, the the first thing I want to talk to you about is what starting with no money. When I say that, what does that really mean? Because I I think you probably have

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heard me say that. You've probably heard other people when you like start looking at real estate, uh, people will say, you know, just start with no money, you can get started. So, what does that really mean? And um for me when I say that what I'm telling you to do is you need to focus on building the things that you can control right now. Okay. So yes it it could be true. I don't know your financial situation. Um you may have no money. You may have horrible credit. You may be bankrupt. Uh one of my students

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um that's something that shar she shared with me is um she's not bankrupt but um they went through a bad financial situation and um they have horrible credit right now and um and so getting the funding for her is really hard. So, we were talking through some strategies on how to do that and and what I shared with her is the thing that you can control right now and the thing that's really going to be a leverage point for you so that you don't have to wait until you improve your credit and you save up

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tens tens to hundreds of thousands of dollars for a down payment is you can build your foundation. you can actually start working on the things that are going to be required when you get to the point where you're seeking funding, whether that's with a lender or with a partner or uh some other type of program out there. It could be a grant. It could be anything along those lines. And I I have uh tools and free resources for you down in the video description on YouTube. So, make sure you go grab those

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that can help you along that the way there. But, um so what I told her is is you you you can work on these foundational things. Those foundational things that you should be working on, by the way, are your business plan. It's your market research, understanding how to do market research, what what that looks like, how many people there are in the area to to just validate that, yeah, assisted living is going to work here. And then probably what I think is the most important, and honestly, I think

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it's the most fun is underwriting, which is understanding the numbers and seeing if this is going to be profitable for you or not. Because what a lot of people think is, you know, assisted living is very expensive and um why why would somebody pay that? And it's really even hard. I know for a lot of you that watch my my channel, you're healthcare workers and it's hard for you to to think um how could I charge thousands of dollars for uh people to come in and and receive these services. I want I want to make

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this low enough that anybody can access it, right? Because you have the the heart of a caregiver. And that's what I love about people like you is is you do that. But I also want you to understand that if you're going to save up tens to hundreds of thousands of dollars just to do a down payment, you better be getting a return on your investment. And that's where you have to understand the numbers. And I know for some of you, you're just like, I don't I I I can't do numbers. It confuses me. If you need

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help with that, by the way, just type in calculator. We'll get you access to my underwriting calculator. Uh we'll send you a link um so you can go and grab that. But uh what uh what what you're going to find here is when you build those things, those three foundational things, they're just like a three-legged stool, right? When you have them, it gives you this really firm foundation that you can build on and you can sit on and and then it allows you to to make progress. Business plan, market research, and your

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underwriting. Okay? So, you need to have those things. I actually call them uh the three M's. Um, and so if you want to learn more about that and and how they actually work and how the things that you should be doing as you're progressing there, just type in roadmap down below and I'll get you a link to our upcoming roadmap challenge. Now, you can do those things right there. Those three things, your business plan, your underwriting, and your market research. You can do all of those for free. You

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don't need to have money to get started on that. Now, there are programs like what I teach. Uh, if you're interested in this, type in foundation. And I'll give you a link to the foundation builder program, but uh there are programs out there that can help accelerate that for you for sure. Like there there's there's a bunch of things out there that can help you move faster, but the reality is you could do a lot of this stuff on your own um and and really make some good progress. There are YouTube videos,

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there's AI, there's a ton of tools out there that can help you make progress and get things moving along on your pathway to starting to build your foundation. That's what you should be spending your time on right now. So, you can get started building your your business plan, your your business right now for free by focusing on the business plan, focusing on understanding the numbers and and the different levers and everything that that go into the the numbers there and how those work and and

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doing the market research to make sure you know exactly what you're getting into. And when you do that, it's going to open up so many doors for you. You will be uh amazed um at what actually happens when you do this because when you start making progress, when you start putting those types of things uh out into the world, you are going to have new opportunities come up to you that um you you had no idea were possible. You will have people start reaching out to you. It's going to open

00:07:22
up your mind to having conversations with people. And um you're going to find opportunities. You're going to find lenders. You're going to find partners. Um it's it's actually really amazing. The the universe, um God, who whatever you believe in loves when you start taking action and start being intentional with your actions. And so when you start doing those things and start working on it and take it seriously and like buckle down and and start really working on it, you're going

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to be amazed what actually comes to you, the opportunities that are going to come up to you. Um, so for example, um, this is this is a little bit of of an aside, but I, uh, I am working on really refining our operations in our our facility in Idaho right now, um, and stabilizing our NOI. I'm putting a lot of effort into getting that ready to go. And in the process of doing that, because of relationships that I've built in the past, I am now getting opportunities for more portfolios to level me up to where I want to be with,

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you know, three to 10 facilities in these portfolios and they're millions, tens of millions of dollars um to to buy these portfolios. But I know that if I want to be able to purchase them, which I do, um I need to have better systems and processes and stabilized NOI so that I can um level up and um and find partners. So, I'm doing that and in the process of doing that now, I'm getting tons of opportunities coming my way. The same thing is going to happen to you when you start working on your

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foundation. You're going to have just people that come out of the woodwork and they want to work with you and you have built the foundation, you're going to be able to move forward. Okay? So, when I say you can get started with no money, this is what I mean. You can actually start doing things today. You don't have to wait. Like, I give you permission. If that's what you're waiting for, there you go. Start working on it. You can do this. Okay. Now, I do want to be real with you also about just what um the

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minimal realistic capital ranges are for getting started because I know that's another question that a lot of people have uh when it comes to funding because there's also this nebulous, you know, it's a million-doll property, I need a million dollars and and that is not the case. There are so many ways for you to get funding, by the way, and I'll talk about that here in just a second. So, make sure you stick around. But when it comes to the actual amount of money that you need as you're trying to get

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started, there's four paths that you can go down to get started in assisted living, at least from my perspective. One is you can rent and rehab a facility, a location, a property. And by doing that, what's really cool about this is you can actually get in for $0 down. Um, this is a friend of mine, Serge Leescue. You may have seen him on his YouTube channel. This is how he got started. Um he moved I think from Missouri um to Arizona, had nothing to his name, not really any friends or family there and knew he wanted to get

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started and and was able to find somewhere where he could rent the place and turned it into assisted living or it may have been assisted living and previously licensed. I can't remember the exact um stuff of of his story, but he was able to take that and shift it into an assisted living functioning business and that really leveraged him up. Um, and it it was it's a really inspiring story. So, if you haven't watched his stuff, make sure you go watch it. But you can get in for for zero dollars. Like, you really could if

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you learn how to um leverage everything and you built the foundation. It's going to make it so much easier. Um, you will probably want to have some money. I would say up to $100,000. Probably not quite that much, but that's going to be for maybe improvements you need to make on the house. um working capital to like pay your payroll um in the beginning. Uh some of those types of things. So, you probably want to have some money, but there are also loan programs out there that can help you get those. So, you

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could just do a smaller down payment like to get $100,000. You might just need to have 10 to 15 so you can do a down payment to get the loan so you can have the working capital and then you can just pay that back. Like there are ways to do that on a a shoestring budget um comparative to other options. So, that's that's a great one. uh zero to 100,000, you should be able to get something if you figure out a way to rent and rehab a home and turn it into assisted living. I actually get messages

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from landlords all the time. So, if you're a landlord watching this, type in landlord down below and then the people that are like, "Oh, I need some help." Meet each other in the comments. I'm I'm not endorsing any of these things. I don't know any of y'all. Um but, um that is a great way for people like y'all to to get um in contact. And we do I see this on the Facebook group as well. um it's somewhere where um landlords are starting to see the value in this type

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of business uh especially from their perspective and so they they're interested in in really uh moving forward. So there are opportunities out there. All right, the second option, the second path that you have is excuse me buying a home and then converting it into assisted living. Now this one's going to take a little bit more. Um, your down payment here is going to typically be 25 to 30% of of whatever the loan amount is. So, if it's a million-doll home, you're looking at $250 to $300,000 down. And the reason

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why your down payment is going to be higher is because this is considered an investment property. Right? Now, if you were going to live in it for there there's rules and I can't remember specifically what they are. It's like 2 or 3 years. You have to live in it and then convert it. Then then you're you're fine. you can you can actually do a lower down payment, but you have to actually live there. Um, so this can elongate your your pathway to getting there. Um, but it's something that you

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may want to consider. Go talk go talk to a lawyer, go talk to an attorney to figure out specifics there. This is this is not legal advice, but um, you could potentially do that and get in for a lower down payment, but if you're just going to buy a home, a second home, and convert it into assisted living, you're probably looking at 25 to 30% down. So, million-doll home, $250 to $300,000 is your investment. Now, if you're going to buy an existing facility, which I believe is the best way to get into

00:13:22
assisted living, I think it's great. Uh, if you can find these opportunities, typically, and you can use an SBA loan for this, typically your down payment is going to be between 15 and 20%. Um, mine, uh, this is how I bought my facilities. We were 17 to 18% is is about what our down payment ended up being. So, going back, just normalize this all. It's a million-dollar home that a billion-doll business that you're going to buy. 15 to 20% down is $150 to $200,000 as a down payment. Okay? So,

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you can see it's it's actually slightly less than what you could get uh when you're buying and converting. Um it also is going to open up a lot more loan opportunities, funding opportunities for you when you buy an existing business. There's just more options out there for you. And then the fourth path that you could go down is building something from the ground up. Now, loans here are construction loans. They can vary. Uh typically what I see is uh something around the range of 25 to 25 to 30%

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again, but typically you're also going to be um probably building something that's it's that's a little bit nicer. Um I've talked to people who are doing these types of projects, typically they're between $2 and $5 million. So um if you're going to build something from the ground up, you got to buy the land, you got to do all the construction, so it is a little bit more expensive, but then I mean you have something that's perfectly custom. And some people this is exactly what they want. For some of

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you it's eventually what you want, right? And so you're willing to work through that and uh and and take some time to to move things excuse me to move things along. I'm going to take a quick drink of water. Uh coughing a little bit today. So in that scenario, if you've got a $2 million property you're going to build from the ground up and you're looking at 25 to 30% down, you're probably looking at $500 to $600,000 as a down payment. So, it kind of gives you an idea. Now,

00:15:09
do you need all of that money by yourself? No. Okay. So, what I would say there, here's three methods that people can actually get funded for their opportunity. So, I want to kind of uh call these out for you. And in my in my roadmap challenge, if you're interested in this, just type in roadmap. But, we go through what I call the cash compass. And this is uh the process that uh that you can go through to really kind of help you out um as you're trying to figure out um the funding process uh and

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and the different options that are out there. So I go a lot deeper into it in in that challenge uh along with a bunch of other things just like if you're trying to figure out if if assisted living is a right fit for you then uh this is a great thing for you to to look at. And if you're just like trying to figure out some of the basics of how to get started again this is this is a great one. uh just type in roadmap. I'll get you the the link to it and then uh we have one coming up here as of the

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recording of this in about two weeks. Um so would love to have you there. If not, we will do them again. Um just might be a few months. So uh don't miss out on it, but it's a great way to get started. Anyways, three uh ways for you to get funded, actually get funded are number one, partnering. And I know a lot of you hear that word and you're like, "Nope, not me. I'm not going to partner with it. I'm not going to partner with anybody. I don't want to give up any of the equity. Or you think I don't know

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anybody. Like I don't know anybody that uh that I could partner with. Like it's impossible. There's nobody in my network. I guarantee you you have somebody by the way. You will be surprised uh when you start opening your mouth and start building that foundation first what types of um partnership opportunities come to you. But this is how I got started. I didn't have any money. like I had a few thousand dollars to my name. That was that was about it, right? I didn't I I just didn't have the money. And but I

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knew that my dad did through uh HELOC, a home equity line of credit. So I went and uh presented to him. I had built a very very basic business plan. Had an idea of what I wanted to do and presented to him and he said, "Yeah, let's let's do this. Let's partner." And that has turned into a great opportunity for us. um is is just opening my mouth and asking, "Hey, would you like to partner?" And yeah, it was my dad. Um so it's a little bit different, but also I will say um working with family is not

00:17:28
always glamorous. Um I have owned a business with my brother. I've own I own businesses with my dad right now. And there's definitely good and bad about those things. So um so yeah, you just have to be aware of that. But you will be surprised how many people you have in your network that are willing to partner with you and work with you. you just have to kind of open your mouth. So, that's one avenue um that could help you get there. The second one we've talked about already is leasing. So, this one

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is um you you don't need the money to get started to you don't need funding to get started with it, right? You just need to find somewhere where you can get in and and do this. And I see there's a comment here. Um any any landlords in Atlanta, you need a rental home to get started. I don't have any personal connections there, but I love that you're putting yourself out there and seeing cuz having the conversation is something that's going to um to open up doors. So, if anybody in Atlanta uh is

00:18:24
has a home that they're looking to to rent, um just put it in the comments. Y'all can have conversations, try to connect. Um just be safe. It's the internet, right? Um, but that that's something that I think is is definitely worth it um to to look at leasing uh from places because it can be very profitable and very successful for for both of you, which is awesome. And the third one is creative financing, getting creative with the way that you do this. So, there's a method and and some of

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y'all may know what this is, but um probably not all of you. There's a a process called seller financing. Okay? So seller financing is basically um you the the owner they own the building um right and they they want to sell it for whatever reason. Um they're they're an older person. They're just looking to retire. They're looking to get out of it. This can happen with uh existing facilities. It could happen with just real estate. But basically what happens is they have it and they're ready to to

00:19:21
move on from the property for whatever reason. Um and they are actually willing to become the bank to you to do this. So you would give them a down payment of whatever number you you get to negotiate this 5 10% you know a smaller down payment amount and then you assume the payments on the on the on the lease on on the mortgage that they have. So you just take over those payments basically. Um so um let's see Pace Morby um teaches this. Um so if you go watch him on YouTube he has a process called subject

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two. Um, so he'll teach you a little it's it's a little bit different from seller financing, but uh there there's some similarities there. Okay, but basically what happens is you're going to take over the the payments. You're going to start paying the landlord to to do this and uh maybe they they own this as well. Maybe they just own it outright. So they don't have to pay off a mortgage anymore, but they're just going to you're basically paying a lease payment to them. But it's more of a

00:20:16
lease to own type of an option. So this is not um we're going to lease it for forever. It's uh we're going to lease this for 3 to 5 years, maybe 1 to 5 years, somewhere in that range. And um then at some point you're going to have a balloon payment once maybe the business is stabilized and then you can get an SBA loan or um you you have enough income coming in that you can then go get your own or it's helped you fix your credit. Like there's so many different scenarios, right? And so

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you're able to take that and and work under that situation and then um you can pay them off and now you own the building. So, this is seller financing or subject two method. I've kind of blended those a little bit. I'm sure my some of my real estate people are like, "You're saying it all wrong." But, um, the principle applies there. This is not meant to be like a deep dive in how to do those things. It's just the the idea of doing it. You can get very creative in the way that you handle real estate

00:21:07
uh, and the purchasing of real estate. So, like start doing some gathering some knowledge around that process and start um, exploring those types of opportunities because they're out there. Again, we go through the cash compass and the roadmap challenge. So, if you're interested in learning more about that, a little bit more of the specifics on how those things work and the different programs that are out there to help you out from a funding perspective. Just type in roadmap and we'll get you the

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link and then you can join and um we we talk more about the the cash compass there that can help you out um as as you're trying to get started. Now, the thing that the thing that I really want you to understand from all of this, and hopefully this has kind of pulled through a little bit because we talked about it early in the video, um, but I I have kind of alluded to it throughout is the thing that you have to have before you get the funding. Like, you will have to have this whether you're working with

00:21:59
a partner or you're working with a lender or whatever process you decide to do is you have to have a foundation. Okay? So again, if you need some help with this, type in foundation. I can get you a link over to the foundation builder program. But this foundation, which is your business plan, uh and that's going to help you find the property. By the way, uh it's going to help you um cities, municipalities, they're going to want to see your your business plan. It's it's kind of weird,

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but they do. Like I I've I've experienced this. A bunch of my students have experienced this. Not every single municipality will ask for it, but I would say like 70% of the time they do. They want to see the business plan. So, it's going to help you find the right property and make sure that you can get it zoned properly for assisted living. It's going to help you get the funding because it's a required process, a required part of the application to get funding with a lender. It's going to

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help you get licensed. Every now and then, a state will want to see that, but if not, you're going to at least have thought through the process of how you're going to do a lot of the things. And your business plan can answer questions that come up during the licensing process. And what's also really cool is if you write a solid business plan, you spend a lot of time with it, it's going to help you run your business efficiently because you will have thought through the operations and

00:23:12
how that works and how many staff you need and the type of staff you want to have and the types of activities and the type of food and all of the things that you're going to do when you run the business. You get so caught up in in doing those and just like planning and trying to get the the facility um just by itself that you forget that one day you're going to have the business. you have to run it and your business plan actually is going to give you something solid and a base to to step up on and

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run an efficient business. So, it's it's the business plan is is so key. It's so helpful. Every phase along the path of launching your assisted living business, it's going to be there to help you out. The the market research that you do is going to help you find the property that that you want to have. Make sure that you feel comfortable, that you have enough residents there, that the residents are going to to be in the the facility, that you're going to generate enough income, that there's enough

00:24:04
volume of people there, you know, supply and demand. I actually talked about this in uh coaching call this morning uh with my foundation builder group uh where we're talking about um the the market funnel uh the idea there's a funnel with doing your market research and how to handle that and then the supply and demand uh of of how it works and the 5% framework. Uh, so if that's something you're interested in, again, type in foundation, we'll get you a link so you can go join the foundation builder

00:24:28
program. It's it's so much fun. Um, I love I love teaching people and the questions in there are just amazing. So, um, but your market research is going to help you out in finding the right property. It's also going to help you out in getting funding because it it levels you up with your business plan. But more than that, like you don't have to provide all of the market research that you do to a lender, but when you have that and they start asking you questions about how many residents are

00:24:55
available, how many other businesses are there, like what's the competition look like, you will have all the answers there because you did your market research and it's going to make the lending process go so much more smoothly for you. Okay? And then your underwriting is also going to help you with your funding. underwriting is is the thing that uh most lenders, that's what they really want to see is that you're going to be able to get enough income coming in from the business and

00:25:22
that that's going to level you up and and help you uh be able to make their payment. Like that's what they care about and so they need to see that. So you need to understand the numbers. It's going to help you get the funding. Now, if you need some help with this, just type in calculator. We'll get you the the link to the the underwriting calculator. Um that's it's a free resource. We'd love to give it over to you. Um, but that is going to help you there. And then once you're running the

00:25:44
business, it's going to help you just confirm, yeah, we're we're doing this the right way. Um, all the numbers that I had put out there, they were correct and we're actually generating that income now. It's going to help you out a ton. Okay. So, those are the types of things that you should be uh looking at as you're trying to to get into it. Um, and and see exactly how that works. Okay. When you have your foundation, that's what you need to work on before you get funding. When you have your

00:26:11
foundation, your your business plan, your market research, your underwriting, it makes everything go just so much more smoothly. So, what I guess the the next question that I think a lot of people are going to have is like, how long is it going to take you to build the foundation, right? Um, and in my experience, you could do this very quickly. It depends on how how quickly you want to do it and how committed you are to it. Um, you could build your business plan, do your underwriting, and do your market research in a weekend if

00:26:39
you really put your mind to it. Um, a week, week and a half, I think, is very realistic, but um, you you just want to take the the amount of time that you need. Um, if it's going to take you a month or two or you don't have experience with these and and you're you're just kind of struggling with how to do it, um, it might take you a little bit longer. In my program, the foundation builder program, we uh, take you through. It's a 10-week uh process uh to help you out. Uh we do we do a few

00:27:07
calls uh throughout the process and then there's curriculum that's going to help you out as you're trying to build the foundation. So it's a 10-week process and really again it it goes from how committed are you to getting started because if you're just a ah someday I'm going to do this like it may be years before you get into it. one a person that just joined my my program, my one of my coaching programs. Um she shared with me that she has been looking at this uh looking at getting started I

00:27:33
think for 20 21 years. Like I was just blown away that somebody would be looking at it for that long and not um moving forward. And that's something that I I think is like it was always a someday I'm going to do this in the back of her mind. It was someday someday I'm going to do it. Someday I'm going to do it. And then eventually one day she it flipped for her and it was I'm ready to do it now. And now that she's ready and she's committed, I have every confidence that over the next weeks and and and few

00:28:05
months that she's going to just kill it. And that's that's what it's going to be like for you as well. If you're just ah someday it's a dream of mine. um it it may be years before you actually get started, but if you're ready and you're ready to jump in, you can actually build your foundation and start making progress towards launching your assisted living business in the next few weeks, in the next couple of months. And you, I promise you, you will be so amazed by

00:28:31
what happens when you start taking that action and and what happens when you start doing those things. just the the the opportunities that are going to come your way, you'll just be like, "How?" Like, I had been thinking about this for years. Why all of a sudden um is this is my nephew, my my uncle, this other person that that I had no idea had hundreds of thousands of dollars. Why are they reaching out to me now to see if uh if if we could do something together? And it's because you are now

00:29:00
taking action. And the universe loves action. when we start doing things it like it really everything starts working towards us and helping us achieve our goals. So don't just like make a goal and think about it and be like yeah this would be really cool someday I'm going to get to it like actually start doing stuff on it whether you're in my programs or not like um actually start doing stuff that's what's going to help you actually make progress and help you get where you want to go. If you're

00:29:25
interested in learning more just type in foundation I'll get you the link to the foundation builder program. Um and yeah so that that's what I had here. I did have a I've got a few questions in here. Victor, uh you said uh how many beds would I say uh you should have to be confident to at least break even. Um and where it depends I I it really does depend. We actually go through this in the roadap challenge. So if you go to roadmapchallenge.com, we've got one of those coming up here in a couple weeks

00:29:51
and I take you through an underwriting exercise so you can actually like put in the numbers and see what it looks like for you and your specific situation. There really are two levers uh when it comes to revenue. It's number of residents and the amount of money that you're going to to be charging them. So, you can pull those levers and and adjust it. For me personally, I do not look at anything less than 10 beds. Like, it's just there there's too too much opportunity for me to lose money in an

00:30:21
opportunity that has less than 10 beds. That is not the case for everybody. Um, I have coached people that have looked at doing this because typically in most states there's a threshold of four to six that is like an unlicensed care home. And so it's a lot lower barrier to entry to get into. And so if you um if you have an understanding of of what your occupancy rate's going to be and you're able to charge high enough rents that you're okay um operating at at a at a low occupancy and still generating

00:30:51
income, then I think it's fine. But you just you have to understand those numbers and what they look like. So that's why it depends um it depends on the market, depends on your risk tolerance, and depends on how much you're going to like how many beds and how how much you're going to charge. Um I personally don't look at anything less than 10. Um like it's that's not what I want. Some people it's fine. Okay. Um and then yes, I do have a book. Uh so if you go to thebook.com,

00:31:19
we'll put that in here. the alibook.com. You can go grab that. Um, it looks like this. You can get it on Amazon as well. U, it's called the profitable assisted living facility. So, you can go grab that. Uh, but it has like my my entire brain. There's a companion workbook you can get as well. You can go along. There's exercises in the book and the workbook just kind of spells those out and and lets you do that. So, you can get both of those. Um, so go grab that. Um, and then I've got another question

00:31:45
here. What do I think about working with a franchise? That's a great question. Um, I actually, um, if you're interested in in working with a franchise, just type in franchise. I I have some connections there with, um, uh, oh my gosh, I can see the guy's name and I I think I know the name of the franchise, but I don't want to say it because I might be wrong. Um, but I have some connections with a franchise uh, based business down in Arizona that I'm happy to make connections with for you. But um

00:32:16
personally I uh go so I have I've owned a franchise business. It was not assisted living. Um it was it was a functional medicine business. Okay. And uh so I' I've worked in the franchise world before. Do I what do I think about it? Um there's there's good and bad about it, right? Um, if you have vetted the franchise and not just the the the franchise, like the the people that run the franchise, but the other franchiseors, like the other people that are running these businesses and you have

00:32:50
conversations and any good franchise will let you do this before you hop into them. Um, and I would not ask to just speak to their top performers. I would ask to to speak to to new people. I would ask to to speak with people that have been doing it for a few years. Um, you want top performers, you want mid performers. Um, you may want to try to talk to low performers. They'll tell you a bunch of different things. Um, talk to just vet them, uh, as as much as you possibly can. And, uh, make sure you're

00:33:21
comfortable with the systems and processes that they have in place. The franchise business that I had, uh, I, it was rosecolored glasses is a brand new type of franchise. Um there weren't a lot of other places uh other franchises that were out there and I didn't get I didn't do as good a due diligence. I was probably a little bit rosecolored in my glasses and trusted the wrong people um when I was looking at my underwriting honestly. And um we were able to help a lot of people but ultimately we were losing tens of

00:33:53
thousands of dollars per month. And I've told this story before on YouTube, but um ultimately what that led to is I had to sell the business or like not sell the business, just like shut the business down. Um and had to sell my home cuz I I I was not able to I have too many assets to my name. So I couldn't um do um bankruptcy. It just didn't make sense. So, I had to sell my home, move in with my parents, and as a guy in my mid-30s with two kids and having been married for, you know, 15

00:34:23
years or whatever at the time, that was like hard to do. Um, it was very humbling. And my brother, who is my business partner, had to file for bankruptcy. Uh, and I tell you that not to scare you away from from working with a franchise because I think the right franchise, um, you can be very successful. Um, there's another franchise model that I was looking at at the time that I chose the one that I did and I know a bunch of the franchises that work there and they have had a ton of uh of success. And so, you know, had

00:34:54
I chose that one, I probably would have been fine. But I chose a different path and and it didn't work out for me. So, just make sure uh this is like a long story, right? But I'm hoping what what what I'm hoping you get from this is if you're going to go the franchise route, make sure that you are doing your due diligence to make sure that it's actually going to work. Pray about it, ponder, read, do your due diligence. Uh whatever works for you, right? That's that's what I would do. Um and if you

00:35:20
feel good about it, then move forward. What you're doing when you buy into a franchise though is you are buying theoretically a system that works that will uh accelerate your pathway to profitability. There are no guarantees and and so you have to just be aware of that you can do those things by yourself. Like in my success system program I teach people the entire process. I give you my policies and procedures. I teach you all the things. I'm not going to run the business. I'm not going to be there to handhold uh you

00:35:54
uh every step of the way. Um but I'm giving you all of the tools that you need to be successful and then you don't have to pay me uh like I'm a lot less than a franchise fee and I you don't have to pay me royalties every month for the first, you know, 5 to 10 years or whatever it is. Um so just pay attention to those things because um I think franchise models are great. Um but you you've got to make sure that you're comfortable with them. Okay? If you're interested in the success system,

00:36:21
by the way, just type in success down below. I'll get you a link to that one and you can see if if that one's a a good fit for you. Okay, so hopefully that helps answer your question there on on uh on franchises. Uh Victor, uh you commented again. Uh thanks for time Q&A. Uh yeah, not a problem. I I love doing this. This is what we do in in my coaching programs as well. We go really deep here. Um so you stop what you're doing every time you get alert for the channel. Awesome. Love it. That's my goal. All right. Uh,

00:36:50
and yeah, uh, happy to happy to help you out. Uh, foundation. Yeah, let me get this link over to you here. Um, and I'll put that in in there for you. So, it's assisted livinginvesting.net/foundation. Um, that will take you to the foundation builder program. Uh, and again, this is this is a program where um, it's a 10-week program. Uh, we do bi-weekly calls. Uh, there's curriculum there and it's helping you build the foundation. Um, today we talked about market research. Next time we're going to talk

00:37:20
about underwriting and how to simply underwrite and would love to have you in the program. Uh, because in there we have a community you can ask questions and and get answers to them. Um, even outside of YouTube. So yeah. Um, well with that uh just want to remind you all uh that we I mean we've talked about a lot today. Um and uh specifically just wanted to help you understand that you can get started on this path uh without um without money like you you don't need it to get started. There are actions you

00:37:54
can take today using just free tools to build your business plan to do your underwriting to do your market research. Um there there are websites out there that give you all this stuff for free. There's nonprofits that will help you out in in doing these things. um use those resources, get into the foundation builder program. I would love to help you out uh cuz what I do is very specific to assisted living and I know it works for it because I've I've done it myself. I've helped dozens of other

00:38:20
students do the same thing and so I know it's going to help you out. But regardless, you can build your foundation today without any money. And that is what's going to snowball you into the next part of the process of getting funding to finding the right property to figuring to figuring out licensing. And when you do those things and start taking action, that's what's going to help you really level up. Okay. So, uh, with that, I just want to you are you interested in in assisted

00:38:49
living, but you're just not sure how to get started. I help healthcare workers and and any other beginners start their own assisted living business. so that so that they are not stuck trying to figure everything out and they know exactly what they should be doing next. And I know that if you start taking action, start taking the right action, start moving you and you keep going step by step, you're going to be successful. So, thanks for watching and have a great day. I'll see you next time