The Truth About Funding Assisted Living Homes (What Most Beginners Get Wrong)

Transcript

00:00:01
living. But, the funding piece of it just keeps coming up and you're just like, "I can't I can't figure out how to do funding." Then, today's video is going to be for you. What we're going to talk about is the truth about funding assisted living homes. What most beginners are getting wrong as they are trying to get started. So, if you're interested in learning about that and figuring out the funding piece and figuring out how to get started, this video is going to help you

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out a ton because that's what we're going to be talking about. Hey friend, my name is Brandon Gustafson. I help healthcare workers start their own assisted living business so they're not stuck trying to figure it out and they know exactly what they should do next. So, if you are looking for some help and some guidance on trying to figure all of this out and you know you want to do assisted living, you're just uh it's confusing, it's overwhelming. I've got so many moving

00:00:49
pieces. We're going to talk about that today. I'm here to help you out. So, let's let's get into it. What I see actually a lot of the time, uh comments on Facebook, comments on YouTube, uh people are saying, "I am trying to figure this out, but I I I I don't have the funding. I don't have the funds. I can't get it I can't get started because I don't have money." And and I I I feel you cuz when I started, I actually didn't have any money either. Um I was kind of trying to

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figure a lot of this out on my own and it was it was really hard. The thing that I have found though is most people think that funding is the first thing that they have to figure out. It is the first problem they need to to solve. And that is is not true. Um there are other ways to do it. Hey Victor, I see you in the chat there. Um good to have you here again. Uh thanks for being on. Uh but, what I see here is so many people think that funding is the first thing that they have to figure out and that is what is getting them

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stuck. So, what I want to tell you today is that funding is not really your first step. It's not the true first step to getting started. The thing that you need to know um is what you're going to actually fund first. Like you actually have to think about the thing that you're going to be funding and and figure all of that out and create a plan for it and validate the idea. And when you do those things first, it makes everything else go so much more easy for you. Uh last week we were teaching the roadmap challenge and

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uh this was something uh something that I teach in there is an idiom that the uh Navy SEALs have. It it says uh slow is smooth and smooth is fast. And what it means is when we take some time, we step back, and we figure out the thing that we are going to work on. And when we go slow up front because we need to figure those things out, once we do that, it makes everything go smoothly. It makes it makes it all go smooth. And then when you go when it's smooth, you can go and slide down it really fast.

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And you can you can actually start going fast. But it's all of that background work, all of the work that you have to do up front that is going to make the process easier. So, what are those things that you need to be doing up front, right? That's that's the next question cuz I'm telling you that's that's what you need to do. The things that you need to focus on first that is going to make funding easier. That's going to make it easier to find a property. That's going to make

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the licensing process go easier. There's three things that you can do. Number one is your business plan. So, your business plan is uh just kind of solidifying all your thoughts, everything that you want to do about uh about this business. It's it's talking through and and writing out uh the population you want to serve, the type of house you want to be in, how many uh residents you want to have, how many staff you want to to have in the home, what population do you want to serve? Is

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it elderly care? Is it memory care? Is it uh are do you want to work with developmental disabilities? Who do you want to serve? Who do you want to help? You need to define that. You need to figure out where am I going to do this? This is one of the the other foundational things, your market research. You need to figure out, you know, what population do I want to serve? Is it elderly adults? Is it like one of my students we were talking about this earlier today and and one of our foundation builder calls was Christian

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Christians, right? It's working with that population or another one of my students wants to work with with women that are like 50 to 60 years old and then helping them age in place. And up to the point that they eventually get into assisted living. And so you get to choose who you want to serve. This is really cool about assisted living and then you can build your house around that and you can work directly with that population who you want to serve. But you have to define it and once you defined it, then you can go and do the

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market research and you can figure out are there enough people here that I can actually do this type of business in this area. And if not, fine. Don't get married to it and move on to a different area. And then the other thing that you have to figure out is your underwriting. I talk about underwriting all the time. If you need some help with that, type in calculator down below, we'll get you a link to the the underwriting calculator for free. It's also going to be in the description on

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YouTube so you can just scroll down and grab that there. But underwriting is understanding the numbers and helping you make some progress and understand if this will actually meet your financial goals. And what I don't want you to do is be like, "Okay, if I want to make $10,000 a month, I have to have a 10-bed facility and we have to be full all the time." The chances of you doing that I would say are pretty slim. You should be saying, "I want to make $10,000 a month with this business."

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And then you should be able to make that consistently at like 80% occupancy. So you should be trying to to shift the way that you do this and get started and that all comes back to doing your underwriting. So the three big things you need to do to to that you go slow with in the beginning and nobody knows you're working on these and the cool thing is you don't need money to get started with this. Is your business plan. Type in BP down below if you need some help with that. I'll get you a free

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resource, my business plan checklist. Um your underwriting. Type in calculator, we'll get you a thing for that. And then your market research. Okay? This is building your foundation. This is the process that you need to to implement so that you can actually move forward with this. If you're interested in learning more about how to build that specifically, this is what I do in my foundation builder program. So just type in foundation get you a link. Would love to have you in there. We just

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had a fun call this morning and went through like the reason why you have to build from that foundation. I kind of drew this out with a house and everything. And then we answered a bunch of questions. So if that's something that you're like, oh I need that in my life, type in foundation and we'll get you in that program. Would love to have you in there. But that is why funding is actually not the right first step. It's because you don't know what you're going to fund. You're you're just grasping at

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straws and you're like, I think I want to do this. I think I want to do that. And then you start you start feeling overwhelmed and stuck because you don't know how you're going to get the funds. You don't know how you're even going to approach a bank because you don't have that foundation built. You don't know how you're going to talk to a partner and say, "Hey, I want to start an assisted living facility, but I need some funds." You don't have the foundation built in a way that you have

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confidence to go and talk to that potential partner. And all of that confidence and and understanding of what the process is going to look like comes back to building your foundation first. That's why it's the the first part of my five phase process of getting started in assisted living, the focus framework. Foundation first, that's the beginning of it. All right? So, let's talk for a second. I want to help illustrate this for you. What banks and investors are actually looking for?

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So, when you are going to talk to a partner or an investor or a bank, what do they actually want to see? And obviously, yes, they want to see those those three things that I gave you, you know, your business plan and your market research and your underwriting. They want to see those things. But But why? Like the specifics that around why they want to do that. Number one, they want to see that this is actually something that's going to make money. Not just because like a a lender they're not going to make money off of

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off of you because you're making extra money. Like they don't they don't take a cut for the more money you make, but they need to make sure that you're going to actually be able to make all your payments. That you're not going to default on your loan. And an investor wants to see that it's making money so that they will get their investment back. You may have to pay some kind of monthly or quarterly dividend to them or maybe they're willing to work with you so they can get a 10 12 15% return on

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the back end and they're okay not getting any money for two or three years until you're able to refinance. It kind of depends on on how you're going to to work through this this through with the investor. But one thing they do want to see is that this will actually make money. Okay. So they need to see that. Um they want to see as well that you have a well thought out plan. That you have like thought about this more than just I watched a YouTube video and I liked the video cuz it was really cool

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and this guy told me that I could start an assisted living business and so I'm going to do it. They need something more than that, right? They need more than a like on a YouTube video. And if you haven't done it yet, like the video. But what they want to see is that you have thought all of this through. That you have a plan for like your mission, your vision, your values. That you have shown that you are are a person that can be trusted in this industry. That you have this really solid management

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biography that talks about you and and why you're you're great at going to be great as an assisted living owner. And they want to see that you thought through the operations and how many staff you're going to need to hire and the population you're going to serve and they want to see you know, hours of operations with the residents and how many residents you're going to have in the building, and the and how you're going to serve them, and the different types of activities. Like,

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they want to see all of these things. And then they need to see how much money are you going to need to get started, how much money do you think you're going to make, um how long is it going to take you to get there, uh and uh and and what are you going to use those funds for? They need this well-thought-out plan. That's exactly what your business plan is. Type in BP, I'll get you the business plan checklist uh down below as well. Because that's exactly what I talk about in there. But you need to take all of that

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information, you need to kind of solidify it into a plan. That's what gives them confidence that, okay, you know, this guy knows exactly what he's talking about. This lady over here, she knows uh where she's going and how she's going to get there. So, you need to spend some time building those things out. And they also want to see that this is going to be sustainable long-term. That this is not some flash-in-the-pan idea that you just had because you watched a YouTube video. This isn't something that you're just

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doing on a whim, but that you have put in that foundational work. And when you do that, you're showing that you're committed and that you're willing to to do the work so that they have confidence in you to help fund your opportunity. That is why you need to do that foundational work. That's what investors and lenders, that's what they're looking for, and that's why I teach you that you need to do that foundation first and build the business plan and do your underwriting,

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understand your numbers, and do your market research, make sure there's enough people there that you're going to be able to serve in assisted living. But why do most beginners um let's see, let's let's talk a little bit now about why most beginners cannot explain their model clearly. And this is something that is uh this is core to like building that business plan and being able to articulate this stuff to a lender, to an investor. And the reason why so many beginners and and maybe you fall into this and into

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this is you're not able to to explain clearly the model that that you want to do. And it's because you haven't like sat down and and thought about what you really want this to look like. Like, not just you know, I I want to do it because I I I've heard about this. I'm a real estate investor. I've heard that you can get really good returns in assisted living. And so it sounds interesting to me. Or I'm I'm a nurse. I'm I'm a health care provider and you know, I I know I can do this better

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than anybody else and there's like there's there's so much mis- mistreatment in the industry and and people aren't aren't treating the residents the right way and I know I can do it better. And so you know, that I'll I'll figure that out. Those are good things. They're a foundation actually for the reason why they're getting into this. But what so many people fail to do is like just sit back and think about it. Just like give yourself space. It doesn't need to be long either. And in

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the road map challenge and if you're interested in that, just type in road map down below. We take some time and do like this little 3-minute meditation, 3-minute journaling exercise. But it's all about sitting down and and cutting out all the other distractions and focusing on the thing that you actually want and then writing those things out. And when you take some time to do that, it's amazing what that can do for your ability to like actually make progress on this and defining what

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it is that you really want. And that could be the amount of residents you want to serve, the type of resident, what you want that house to look like, the style of the home, where you want it located. There's so many things that can go into this. But when it's just this nebulous idea, I want to get into assisted living and it's not a specific thing, you don't have the direction for where you're going to go. And so in order for you to to say these things clearly to a lender, to an investor, to

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a partner, you need to have taken some time to pause and think about it. And then you're going to write that down in your business plan. And and now we have tools like AI, right, that can really help you out in doing this. And you could even riff with AI and just turn on a thing like WhisperFlow or just like the chat feature on a on ChatGPT or Claude or whatever chatbot you're going to use and just talk to it and and see what it comes back. And you'll be amazed at how how it's going to help you build

00:13:51
some of these plans. But until you take the time to really step back and think about those things, you can't articulate where you want to go. And when you can't do that, you're not going to have the confidence to go and talk to a lender or a partner or an investor and say this is where I want to go. And and when you don't have that confidence, you're never going to get the funding that you need. And then you're going to feel stuck and feel overwhelmed and continue to just

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kind of spin in the circle of I really want to do assisted living, but I'm never going to get there. And it's because you're not pausing to think through exactly what you want enough to package that in a way that you can start talking to people about it and have confidence in what you're talking about. And when you when you don't do that, you're you're not putting in the work either because it it's scary to start a business plan. Like you don't know where it's going to go and you could spend

00:14:47
hours on it and maybe you you decide that assisted living's not for you. But if you spend time on it, you're going to know for sure if it's a good thing for you and you're going to have something that has proof that this is going to work because you put in the effort for effort to to build it. And so you need to take some time and you need to pause and think through it and write those things down and and create this is how you create a business plan, by the way. You just put all these

00:15:13
ideas down and then you're going to formulate it and you know, get it in this nice little format and and and have a flow to it and things like that. But it all starts with taking a step back and thinking, "What What do I want this to actually look like?" And that's why most beginners can't explain the model that they want clearly cuz they just don't take the time to do it. And then it creates confusion and overwhelm and thinking about things that you can't control right now and thinking that

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those things are roadblocks when in reality they're not. They're not there as roadblocks, they're there as kind of checkpoints along the way to helping you launch your assisted living business, but they feel like roadblocks right now because you don't know how to make progress and how to get beyond that, all right? So, let's talk a little bit here about that role of business planning and underwriting because they they are absolutely crucial. Um once you've taken the time to pause and sit with with your

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thoughts and where you want this to go, then you're actually going to be able to make some progress on it. And start writing these things and things down. And the reason why you need that is it does help you validate the idea. Helps you come to realization, "Oh, this is actually going to work. I can make this amount of money or I I know exactly the population that I want to serve and there's that population exists um here because I've done the research and I know it's there." It helps you validate

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the idea. And when you have a validated idea, that gives you the confidence to like actually move forward and and start the business, start the start the conversations with people. And that is going to lead to you being successful and and owning your own assisted living business, okay? So, you need to have those things. And the other really cool thing and we talked about this earlier, but it shows you are serious about it. It shows that you're committed because you spent hours building this business

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plan. You've spent hours understanding the numbers and that they actually work and and the different levers that you can pull. I talk about um if you're interested in learning about this, just type in funding down below. Um I and I'll I'll I'll I'll know that that means that you want a video that kind of talks about the the funds that you're going to need to to like operate your business and how the finances work. So, you have these two these two big levers that you can

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pull with when it comes to income. It's the number of residents you have in the facility and it's the amount of money that you can charge per month, right? And so, you're going to be able to to see and understand what those are when you spend time doing your underwriting. You're also going to understand the big expenses, which I call the WIFE'D expenses. If you want to learn more about that, type in WIFE'D and we'll do a video or point you to a resource for that. But, WIFE'D w i f e d stands for

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the five biggest expenses that you have in assisted living. Wages, insurance, food, energy, which is your utilities, and your debt service or your loan payment, your mortgage payment, your lease payment. Um those are the five biggest expenses. And when you have an understanding of what that looks like, you can see, hey, is this actually going to make sense from a financial perspective? And when you do that, then you you start to show, hey, I've thought through this. I've validated the idea.

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I'm serious about it. Um I I've figured out the numbers. And I know what those potential returns are and what this business could actually look like and how much money I could actually make. And if you have a goal in mind, type that in, by the way, in the chat uh down below. Like, what is your profitability per month goal that you are shooting for? I love seeing this from people. Uh you know, if it's 5,000, 10,000, 20, 50,000. Like, what what is that that cash flow goal that you have on a

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monthly basis? Type that in in the chat below because I want to know where you're at and and and what your goals are. And I think you're probably going to be able to get there, which is really cool about assisted living. So, how do you know once you've kind of worked on those things we talked about the foundation, how do you know if you are financially ready to move forward. Okay. And I want you to to listen to that whole question because this is not a question of like how much money do you

00:19:21
need to have to move forward. This is how do you know if you are financially ready to move forward? And the things that you need to have there to to know that yeah, this is this is I'm ready to to do this is you need to have a plan. Do you have a plan? Is it written down? Have you completed that that part of it? If you do, then you're ready whether whether you have the money or not, you're ready to start the process of looking at funding at that point. And up until then, don't worry about getting

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the funding. Like just don't. The funding will come when you are putting in the work to do it. So, do you have a plan yet or not? And is it written down? And if it's not written down, then write it down and then you're closer to being ready. The next one is do you have a property? Okay. Please do your plan first. But, that's the second thing is do you have a property? Because until you have a property in mind, whether you're going to rent and renovate a home, whether you're going to buy a a home and convert

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it into assisted living or buy an existing facility or build something from the ground up, whichever of those options you're going to go through, if you don't have that property in mind or in hand right now, it doesn't matter what you do. You're You don't need to worry about funding until you have identified that property because the thing with assisted living is this is not like buying a house where you go and get pre-approved uh for a certain amount and then you can go start

00:20:48
looking at houses that are that are for that amount. These are actually pre-approvals on like a case-by-case basis. You may find a lender that will pre-approve you for a certain amount, but it it is going to end up being a case-by-case basis on whether or not you will get approved. And so, you need to have the property identified and kind of picked out and and uh know how you're going to to move forward with it before you can commit to to getting the funding. So, that's the second thing you need. You

00:21:17
need to have a plan. You need to have a property. And the third one is are you ready and prepared to talk to a lender or a partner? This is a question that you need to ask yourself. Are you ready to do it? When you think about talking to a lender or partner or an investor, whoever it is, how does that make you feel? Does it make you feel like "Ooh, man, I I would hate to have that conversation. I don't even know where I would start. I don't know how I would have like how do I approach that person?

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I don't know what I would do." If that's If that's the thing that's going through your mind right now when I when I ask you, "Are you ready to do it?" you're not ready. Okay? If when I say that, "Are you ready to talk to a partner or an investor, a lender?" and and you're like, "Yeah, I'm I'm ready." That means you have put in the work up front, that you have enough confidence in the opportunity that you're looking at, that you're going to

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be able to move forward. And that means you're ready to go. So, until you feel ready, and I mean you may never feel like it's super ready and super confident in this like and that's totally fine. But until you have like put in the work that you're confident that you could answer questions when people have them and you can show your pathway to profitability and exactly what that's going to look like. Until you feel that way, you're probably not ready to to move forward. But once you do and you start you start

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getting familiar with the numbers and you have a goal and you know what it is and the population you want to serve and you've thought through this and you've written it down and you've done the market research, at that point you're ready to go. You're ready to go have the conversations. And there will be questions that you cannot anticipate when you start talking with lenders and partners investors. But because you will have put in the work, you will know how to answer it. You'll either have the answer or you

00:23:02
will know where to go to get the answer, so you can answer it in a way that is satisfactory to to those people you're talk that you're talking to. That confidence is what's going to move you forward. That's how you know if you're financially ready to move forward. It has nothing to do with having a certain amount of money in the bank. It really doesn't. It's more focused on are you ready to have those conversations? And you may have the money that you need by yourself. If you do, great. Like that

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that's awesome. Still work on building this foundation, so that when you go talk to a lender, you can move forward with confidence. But I also know that there are a lot of you out there who don't have that. You have no money. You have a couple thousand dollars. You're you're you're you're at a very basic stage. And so the funding piece is the thing that is holding you back, or feels like it's holding you back, at the very least. And the reality of it is, you can be the

00:23:59
person that puts in the work, puts in the ground work, builds the foundation, knows what they're doing as they get started, and then you just need somebody that says, "Yeah, I want to make a chunk of money off of this." And and they want to work with you. That's the part of your goal. That's what you want to get to. All right? Um and Victor, you put in here how many beds to make 20,000 per month, ballpark guess. Oh man, I don't know. It kind of depends a little bit on on how much money

00:24:26
how many how much money you're charging per month, right? So, I'll give you an example on that really quick here. Um let's say that um And and really quick before I hop into this example, I I hope that all makes sense what what we just talked about. Um here with the with the idea of you need to build that foundation first, cuz that's the thing that's really going to move move you forward and and help you get there. Now, if you need some help with that, please type in foundation down below. I would

00:24:54
love to have you in my foundation builder program. Um and and have you shift into that cuz it's such a fun program to teach people. And then I really I wanted to do a quick announcement here before I answer the question for Victory. Victor, I am going to um stop doing lives on Tuesdays. Um here this may be the last one. I may do one next week. I can't remember. I I don't know the schedule yet. But that doesn't mean I'm not going to do things on Tuesdays. We're going to start doing a live workshop on Tuesdays.

00:25:24
We're going to try this over the summer months as of the recording of this video and see how it works. So there will be more details. We'll have links in descriptions down below. I don't have it ready for you just yet. But if you're interested in learning more about that, type in workshop and once I have it available, I will send you the link so you can sign up. It's going to be a free workshop. You can get in there. I'm going to teach you some some things and I help you make

00:25:47
some progress here like real progress and and and things to help you shift towards launching your assisted living business. It's actually talking a lot about what we've talked about today, but a little more practical and how you can build those things. So if you're interested in that, type in workshop. Once I have it ready, I will send you the link and would love to have you in there. But just wanted to share with you. Probably not going to be doing as many lives here on the channel at least for

00:26:11
the foreseeable future. So um it's been super super fun. I've really enjoyed it, but I'm also really excited for this new idea of doing some workshops with you all and getting to see some of you in that setting and work with you more directly there. Okay. So let's hop over here to Victor's question really quick. How many beds to to net 20,000 per month as a ballpark guess? So it's it's really going to depend on several factors. Like we talked about your income levers, your number of

00:26:40
residents and the amount of money that you're you're charging per month and then what your expenses are going to look like. So let's do a quick example here to kind of illustrate this. Let's say that you have 10 beds. All right. Um let's let's say that you you have um you're charging people uh $6,000 per month there, okay? So, that's 60 10 * 6,000, that's $60,000 in income coming into your business, right? On a monthly basis. That's if you're fully occupied, which it doesn't always

00:27:13
happen, but let's for sake of argument, let's just say that that that's what happens, okay? And I I By the way, in the Roadmap Challenge, I actually take you through an example like this, so you can type in Roadmap and we'll get you the link for it. But, um you've got $60,000 in income coming into the business, and then you just have to figure out your expenses. So, let's say that your your wages expense is uh I don't know. Let's say that it's $25,000 per month, okay? And then your

00:27:40
insurance is about $3,000 per month. And your food budget is about $5,000 per month. And your um energy costs are I'm going to make this easy on myself. I'll say it's $2,000 a month, okay? I'm going to try to do round numbers uh so I don't have to try to add a bunch of things up front at the at the end. And let's say your debt service is $5,000 per month. So, we had 25 uh fives, that's 30. We had another five in there somewhere, so that's 35. Then we had five for the debt service, so

00:28:10
that's $40,000 uh in in in um in those life expenses. Those are typically going to be 80 to 90% of total your total expenses. Uh so, let's say that your your real expenses there are closer to when you add in all the miscellaneous stuff, it's an extra $10,000, okay? So, in that example, you've got $50,000 in expenses, and you have uh $60,000 in income. So, that's $10,000 right there, right? And so, you can see what that would look like. Again, just a an answer off the top of my head. But, if you were able to adjust

00:28:45
that from uh let's say from 10 residents uh at 6,000 you were able to adjust it up to 14 residents at $6,000 per month. Your expenses will come up a little bit, but probably not that much. And and what that would be is an extra what is it 24,000? So 24,000 plus the 10,000 is 34,000 dollars per month. So there you go. That gets you to 20,000. Is that realistic? Depends on the area where you're at. Could you charge Could you charge 6,000? Do you have a home that's big enough for 14 residents?

00:29:18
Or on the flip side you could keep it at 10 residents. And let's say that you were able to charge people $8,000 per month. So that goes from $60,000 in income up to 80,000. And that 80,000 minus the 50,000 in expenses that we had just talked about is $30,000 per month in revenue. So now you have to ask yourself am I in a spot where I could charge people $8,000 per month? And I know some of those numbers seem high and and maybe they are for your area. Maybe you're you're closer down to like

00:29:46
a $4,000 per month mark. It just kind of depends on on the market. But that's how you can figure out if you're going to be able to reach 20,000. So you would need to probably in an area like that either have a lot of rooms in the home or be in a more affluent area where you could charge higher rates. Those are probably your two ways to make enough money to generate $20,000 per month. But that's what you want to be looking for as you're trying to get into that. Okay? Hopefully that answers

00:30:15
your question there Victor. At a high level it really does depend. Like you could probably do it with a four to six bed facility if you're charging people 20 to 30,000 dollars per month, right? You could probably do that. Just it's a very rare case that you would be charging 20 to 30,000 dollars per month for these types of services. I do have a person that I was talking to a few months ago that lived in a very affluent community in in rich ski town type place in Colorado. and um his our conversation was he could charge

00:30:46
15 to 20,000 dollars per month pretty easily. So, yeah, for him having an 8 to 10 bed facility charging that much, he could make 20,000. Uh could you do that in uh like an inner-city uh spot in Atlanta or or something like that? Probably not. You're probably not charging, you know, 20,000 dollars per month there. You're probably closer to 3 to 5,000 dollars per month. And so, how many residents do you need to to let you get there it would be the question for that. And can you afford the house

00:31:11
that's big enough to do that? So, those are the types of questions that you'd want to look at. Okay? Um next question you had here at Victor outside of Pops, have have you ever had to go out and secure funding? How scary was it? Um yeah, so I uh with my assisted living business I did work with my dad. Um and we were able to to get the funding there. But with uh and I with a separate business, I was able to uh not assisted living, uh had to go out and get funding uh for that one, and I kind of did that one on my own. Uh and

00:31:46
it was for a franchise business, and it was securing SBA funding. And trying to go through that process. And for me it wasn't too bad cuz this was the third loan that I had gotten, so I kind of understood the process. But it's still kind of scary going out on your own and trying to figure those things out. We're actually in a phase right now where what we're trying to do is stabilize our operations and um stabilize our our NOI and our finances uh for the for the business. And like they they it's been

00:32:11
good, but we're trying to stabilize things so that we can then go out and start talking with partners and investors and lenders so we can add more to our portfolio, and we want to grow in Idaho. And so, that's something that we're putting a lot of work and effort into so that um in the next 6 to 12 months we are in a spot where we are very well positioned to uh Um, to to add more facilities and get the funding that way. So, um, it is kind of scary, but also having gone through the the process a few times now, um, I know

00:32:46
what to expect. I know that if I put in that foundational work that the the the conversations go so much more smoothly. And, uh, they're they're not that scary. And, I can make it through a lot of a lot of the work that that we're doing just by building out the foundation and getting confidence in the opportunities that we're looking at. And, when I have that in place, um, it makes it a lot easier. Now, would I say that to myself 6 years ago before I got started in this? Um, I don't know.

00:33:21
>> [laughter] >> Uh, it would still probably feel scary uh, to go out and put myself out there. But, I promise you if you put in the foundational work, you're going to have a lot more confidence in your ability to to actually move forward with with this. And, that's going to make those conversations so much easier than it would be if you're just trying to wing it and have a conversation. So, I hope that was helpful. Um, okay. Good questions today, Victor. Thanks for hopping on here and asking a

00:33:47
few questions. Uh, looking forward to seeing some of you in the workshop. Again, type in workshop if you're interested in learning more about that. Uh, but just wanted to remind you, you know, are you curious about assisted living, but you're not sure how to get started? Here at Assisted Living Investing, I help healthcare workers start their own assisted living business so they're not stuck trying to figure it out and know exactly what they should do next. And, if you need some help with that,

00:34:13
reach out. Type in foundation below or type in workshop, and I'll get you to the right program. I would love to have you in there and help you move forward with making progress. So, thanks for watching, and we will talk to you next time. Just 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're going to be successful. Thanks for watching and have a great day.