Unveiling the Secrets of Operating an Assisted Living Facility!

Transcript

00:00:01
Hey friend, it's Brandon Gustoson with Assisted Living Investing. I help beginners like you launch their assisted living business in the next 12 months. Uh excited to have you here on our live today. Today we're going to be talking all about operating an assisted living facility. Uh what it takes to do that. Uh how you go about uh getting into that process. Uh it's it's one of the things that it's hard to do. Uh and and I've owned facilities now since 2020 and have a a pretty good idea. So, I wanted to

00:00:29
share you with you uh some of the secrets, some of the things that I've learned as I've gotten into this business and and have done it. Um, today's our live, so if you have questions, uh, type those in. We're going to have time for for those here at the end of the video and can answer questions that you have as you're trying to um, you know, get the information you need to launch your assisted living business. Um, I'll also be grabbing I I think we have a couple a question or two

00:00:56
from our ALI basics community. So, if you're interested in learning about that, um, today's our last day for our promo. If you go to assistedlivinginvesting.net/basics, you can get in, um, at founderspricing. So, uh, would love to have you in there. Uh, again, you can check that out at assistedlivinginvesting.net/basics. So, go check that out. Uh, if you missed today, um, you can still join. uh you just don't get the the special pricing that we're offering here as we uh as we get things going. Um and I have a free

00:01:28
resource for you as well uh if you want to go grab the business plan checklist. So, one of the most important things you can do as you're trying to get things started with your assisted living business is to create uh a business plan to build a foundation. And the business plan checklist is a tool that I created for you to to help you know the things that you need to be putting into that business plan so that you can launch your assisted living business. Uh so you're hitting on all the things that

00:01:52
you need to hit on with that business plan and that you can be successful in launching your assisted living business. Uh with that uh out of the way, let's hop into um the topic for today. Uh we're going to be talking about operating an assisted living business. Uh, make sure you go grab the business plan checklist, assisted livinginvesting.net/bp checklist and uh, give you a bit of an intro of who I am. So, my name is Brandon Gustoson. I own and operate two assisted living facilities and I do that out of state.

00:02:21
So, I live in Utah. Um, I operate in Idaho and in Utah. I've been Idaho and Colorado. I've been doing this since 2020. Uh, so it's been uh, a little over 5 years as of the recording of this video that I've been doing this. Uh, I have a masters in healthcare administration. I've been in the healthcare industry for over a decade working with healthcare payers um with large companies and and small um like startups and things like that. Uh largely doing analytics work. I've also

00:02:50
through the process of doing my businesses have secured over $1.5 million in SBA funding. Um and I I I have been doing assisted living investing the the YouTube channel for go I don't know since 2021 I think. uh shortly after I started my facilities, got in and started doing this because I love coaching and love it love teaching people. Um so uh it's it's one of my favorite things to do. If you are here live uh or if you're watching after the fact and you're new, just type in newbie

00:03:17
down below. Love seeing all the new people that find and and join. And as I mentioned, if you have questions, type those in. We'll have time at the end uh for live questions. If uh if you weren't able to make it uh live, though, type those questions in anyways. Um, and those can turn into future videos in, you know, maybe next week. Uh, just kind of put those questions in there. If they're good, uh, we'll we'll make sure we get to them and, uh, create videos specific for you to to get your

00:03:44
questions answered. So, with that said, I want to talk to you about, um, there's, uh, I think there's there's like four big things that you need to be aware of as you are starting operating a business. This specific type of business. uh as and this is I I teach a five-phase process. So phase one is building the foundation. Go get the business plan checklist for that. Phase two is finding the right property. Find the perfect property. Are you going to rent? Are you going to buy? Are you

00:04:12
going to convert? Are you going to buy an existing business? What are you going to do, but you got to find the property. Phase three is all about funding. And that's where again business plan checklist is going to help you out a lot with that. Uh but you have to get the funding. And phase four is going to be um the licensing, going through the process of uh of just getting your your facility license, if you want to be an administrator, if you want to work with Medicaid, all of those things. So,

00:04:35
that's that's what you have to do to to get started. You have to do those four phases. Once you get to that point, you're going to wake up one day and you're going to own a business and it's going to be super exciting. You're going to close on that business. You're going to go out to dinner. It's going to be the greatest day of your life. You're going to have so much fun. uh you like it's just going to be awesome. And then you're going to wake up the next day and

00:04:55
you're going to be like, "Oh crap, now I actually own the business." Like I don't I'm not trying to get the funding or or get the facility, get the license anymore. Now I own the business. Now I have to actually operate this business. And these are the things that I want to teach you about today that are going to help you see what that's like uh as as you are operating this business. So number one is hiring staff. Staffing is I would say the most difficult part of owning a facility. Um finding residents.

00:05:28
We we'll talk about that here in a second. Uh that that certainly can be hard. It can be timeconuming. It can be stressful because you have to have residents inside of your facility if you're going to be generating income. But um more than that, you're going to have to have staff. you have to have um people in there to to staff the building so that you um can actually serve the the residents that are in your building. So, in doing this, you need to hire the right administrator. Um you also need to

00:05:57
be aware that these are high turnover positions. Even your administrator um could be a high turnover position. In Idaho, we have owned this business since 2021, early 2021. Uh this is our fourth administrator. We've cycled through one about one a year. on average. And uh that that's rough um to go and find the right person and bring them into the facility and and get them excited, get them trained up and and have to do that. But your caregiving staff is going to be even more of a high turnover um type of

00:06:28
a position. I see on our payroll um as we're running those things when we have a staff that leaves and when we have one that comes in and uh it feels like um once or twice a month we have a shift in some of our staffing. So there's it's very high turnover. You have to always be recruiting, always be finding people and developing relationships with them so that you can have your facility fully staffed so the rest of the staff don't get burnt out. This is a very important piece and something that you can't let

00:06:59
fall through the cracks. Uh when it comes to running your business, um you're going to need to run payroll as well on a on a consistent basis. You get to choose when you set it up when you're going to do it. Is it weekly? Is it bi-weekly? Is it two every two weeks? Is it two times a month? Like how are you going to do that? You get to you get to structure that how you want to do it. Um which is nice, but you're going to have to run that. And I use Gusto. I've got a link here on the screen for you uh that

00:07:26
gives you I think it gives you a hundred uh $100 uh gift card once you run your first payroll. I get the same thing. Um so go use it. Uh it it's it's a great system. Works super well. Integrates really well with uh the states and helps you through the paperwork process there. They're there to answer questions. Um using a service I I love Gusto. Vouch for them. They're they're great. But using a system like that, it will save you a ton of time with bringing staff into the facility, uh, running payroll, making

00:07:58
sure things are are, excuse me, make sure things are good. Uh, it can really help out with that. Um, and then the other one is just managing those schedules. I mean, you think about it, if you've got 10 staff and you have to cover um a variety of of different um shifts in your facility depending on what your resident to caregiver ratio is. That will depend on how many staff you need to have in your facility. But you can't just like, cool, I got my 10 staff. Just show up and and make sure

00:08:28
it's covered. there's a process for um like hiring those staff and getting them to show up for their shifts and making sure all of the shifts are covered. Uh there's a lot that goes into that. Uh and and making sure that hey, if if somebody gets sick, you have a backup or uh somebody needs to leave for an emergency that you you have a backup and there's there's coverage all the time. You have to meet those requirements. Um it's it's it's required. is a requirement and uh you have to make

00:08:56
sure you're hitting on those things and it can be stressful. It can be very overwhelming. Um that's where me as uh what I would classify myself as as an owner operator, hiring a good administrator to do the work for me and to handle those things makes it so much easier on me to not have to worry about that. I just trust that it's good. U when it comes to managing schedules, we actually use a a software called Sling for that. Um, and it's been super beneficial. If I can, I'll find a link

00:09:24
for it and put it down in the description as well. Uh, because it's a great product and we've I we only just started using it, but it gives me a lot of insight into what's going on. Uh, which has actually helped me out in a few situations with insurance and and conversations with the state like welfare and and things like that to answer questions that they have. Um, but it also lets me see if somebody's uh clocking in, you know, too late for their shift or having conversations uh

00:09:54
about just workload balance with uh all our staff with with my administrator. So, using a software like that to help you do that. Plus, it tracks all the hours and it makes running payroll go a lot more smoothly. Those are the types of things that you want to be having um in inside of your facility as as you get things going with this. So staff, it is the hardest part of running assisted living. Um, it's a ton of turnover. You have to always be recruiting. Um, it is the most expensive thing that you will

00:10:23
do in your facility. But if you can figure that out and and figure that piece of it out, uh, it will, um, it really makes things go a whole lot more smoothly uh, in in operating your assisted living business. So staffing is absolutely key. One of the most important things. That's why I wanted to put it up here uh at the front of the video because it is such an important piece of what you're doing as you're trying to run your assisted living business. Now, let's talk about finding

00:10:50
residents. This is the one that most everybody thinks of. So, staffing, people don't think of that one very often, but finding residents, that's the one that everybody like I hear this all the time on Facebook. Um when when people join the group, I ask, "Hey, like what's what's your biggest challenge as you're trying to get started here uh in assisted living?" And um there there's typically um three big responses. One is you don't know where to start. So check

00:11:14
out ALI basics for that assisted livinginvesting.netbasics. Um you are unsure about the funding or you need help with the funding. Um that's another one and we teach a lot of that inside of my programs. Um so go to ali masterastermind.com and there's a quiz that you can take to see which one's the best fit for you. Um and the third one is I don't know how to find res. I don't know how I'm going to find residents. I'm really concerned about finding residents. Like some variation of that

00:11:41
is the next biggest um is the next biggest thing. And what I would say to that is it takes a lot of marketing effort. And this marketing effort is is is kind of different from what you would traditionally see. Like you have to realize we're we're doing service-based business here. Uh we're not doing products. So um you can run ads to it. Um and and it can be effective for sure, but that's not the only way that you should be doing this for your assisted living facility. Uh and we've had videos

00:12:13
on this in the past. And if you're interested in learning more about it, type in marketing down below. But marketing is key. And one of the best ways for you to do this is network marketing. And what I don't want you to do is um like let's say here's the scenario. you you're at the the beginning phases and you're committed to starting assisted living. You've joined one of my programs. You're ready to go. You're you're you're going to start your facility, right? Um and so you're

00:12:39
working on it. It's probably 6 months before you can like realistically open your doors. Um like let's just be realistic. You probably do a little bit faster than that, but 6 months seems about about right. And um you uh you're waiting, you're doing all the stuff, you're getting the funding, you're doing the business plan, you're building the foundation, you're getting the license, everything's going well. And then six months comes around and you open the facility and it's super

00:13:02
exciting and then you start networking with people, uh, start trying to find people to to bring it to your facility, you're not going to be very successful. Like I'm just going to be honest with you, when you need to start that is 6 months. Like right now, if if right now is when you're starting and you're going to launch in 6 months, you need to start today. Start opening your mouth, start talking to people, start explaining what you're doing, start getting people excited about what you want to do. And

00:13:26
yeah, maybe you don't hit that six-month mark. Maybe it takes you nine months to open. Um, maybe it only takes you four. Um, but you opening your mouth and starting to talk about it is going to help you bring residents, get people excited about, get get them there for your open house when you start uh getting ready to launch the business. All of those things. You want to be doing that today rather than at 6 months when you finally get the license. Because if you wait too long, people aren't going to think about they're

00:13:55
going to go, "Oh, that's cool. I'm glad you're open. I don't have I don't I can't think of anybody." But if you tell them now and then, you know, two to four weeks later, you go again and be like, "Hey, remember like I'm making progress. We got the business plan in. I actually found a property." Two to four weeks later. Um, we're under contract and I'm working on finding the lender. Two to four weeks later, I found the lender. Um, we're just working through like our

00:14:16
needs list and and things like that. I'm now working on the license. um two to four weeks later, you know, you you you're giving them updates and they're like, "Okay, this is cool. They're they're actually progressing on this. This is exciting." You're having those conversations and you want to be doing this with a lot of people. Um you don't have to do it to everybody. And this isn't canvasing people with flyers and business cards. Um you you can do that,

00:14:39
but you need to be developing relationships, I would say, with five to 10 key people to let them know and really hone in on building those relationships. That can be with a discharge nurse at a at a local hospital, can be a rehab facility, could be a nursing home, could be a rehab facility, could be uh and I may have just said that, could be um case managers. There's a lot of people that you can be doing this and getting in front of. Plus, you want to be trying to go out to maybe uh conferences or or

00:15:08
things like that. Get yourself in front of people that are going to be interested in what you're doing and start talking about it. Give them information. Give them updates. give them give them the business card. That's fine, but you got to do it consistent. You might have to give somebody the business card three or four times before they finally don't throw it away. Um, so you just have to be doing these these types of things um on a consistent basis. Internet marketing is another big

00:15:32
one and I would say you would want to start that up front as well. Build your website uh while you're doing some of the paperwork and and things and there are periods of time when you're getting ready to close that it is slow. So, build the website, build your social media profiles, get everything back. And I've talked about this several times. You need to be building what's called a lead magnet. So, as an example of this, I want you to go to my website, and this is like for you to see what it is, and I

00:15:58
hope you download the calculator there, but go to assistedlivinginvesting.net. And when you go there, what you're going to notice is big blue box in the top right corner, you've got get your free underwriting calculator. A little bit below that, same color blue box, you know, get your underwriting calculator. A little bit below that, in a blue, dark blue box, there's a, "Hey, take my 30 secondond quiz. I want you to get my stuff because I realize you're not going to be on my website for very long. Like,

00:16:27
just realistically, you're not. I would love you to spend a bunch of time there. Go check out the blog, all of the things that that are on there that are going to help you launch your assisted living business. Please, like, go do this. I do this to to coach you." But realistically, I know you're busy. You got a bunch of other stuff. You got a job. You got kids, whatever. Uh, whatever's going on in your life. You're not going to be on my website for very long. So, I make it very clear what I

00:16:50
want you to do. Calculator. Calculator. Hey, if you got some time, take this 30 secondond quiz, right? That that's it. That allows me to get your information. And now I have a way to contact you. Like, I'm going to reach out. I'm going to be like, "Hey, we did a video um this past week and it was awesome. This is what we talked about. Are you interested in it? Here's a link. Just go watch it. If not, cool. Like, I'd love you to watch all my videos and like them and subscribe and all the things, but I want

00:17:15
to also be offering you help. So, this is how you do internet marketing. You have your website. You have a lead magnet, something you're going to give away for free, and and then you're going to get their email. And now you have a way to communicate to these people when you do your openhouse or when you do something like that. It's going to help you out a lot. We'll try to link down below the book. Um, I think it's Marketing Made Simple by Donald Miller. um or building your story brand also by

00:17:40
Donald Miller. Great books on helping you understand how to do this. So I'll I'll try to link those down below. Um so you can go and grab those. But incredible resources for you as you're getting started and as you start building out the the relationships and start getting this uh this list of emails now you can start uh going out and when you do an openhouse you can do that. Once you have some some residents in your facility, now you're asking for referrals and and you are doing

00:18:08
referrals between you and other facilities, you have to build a lot of this out. I was talking with somebody recently about this couple, I don't know, probably a month ago. um he owned facilities in in California for 15 20 years and he said their best um their best lead source for residents was another assisted living facility that was focused on just assisted living and they did memory care and they just would pass their residents back and forth depending on level of care and they he's

00:18:36
like we probably made $4 million off of that relationship because it was so um it was so wellbuilt and uh in done in a way that it is reciprocal and and everybody's benefiting from it and it's allowing people to to really see and feel and make some some good progress. So, those are the types of things that you need to be doing to find new residents. You should not wait until you've got the license and you're opening your doors. You need to start today. You need to start talking to

00:19:03
people. Um now, I would I would encourage you to to not be like there's there's a the there's a commercial uh kind of popular right now uh that I've seen a few times about a guy saying, "I'm going to build my kitchen. Oh, we're going to do a kitchen. I think it's a Morgan Stanley commercial. Um and um and everybody's just like, you know, the first few times he says it, they're excited. They want to see it and and then um over time it's like, yeah, Bob

00:19:27
over there is going to do his kitchen again. Yeah, whatever. You don't want to be that person. Uh so you need to be consistently making progress towards this. And that's what I do when I help you out in in Ali Basics. Um so go check that out again, assisted living.net/basics. But um when you are doing that and you're making consistent progress um you talking to people is good because it you can show them the progress you're making and it will lead to sources uh resources and referrals to

00:19:58
help you get more residents in your facility. So absolutely key for you if you're going to try to to build this business and find new residents, you got to start early. Um and and you have to be consistent with it. And when you do that, it makes things go so much more smoothly. It's such a better experience for you when you're doing that. Let's talk about paperwork. So, paperwork is an a huge thing for you. Uh I actually just finished today uh doing a podcast. We're going to release it here in a few

00:20:24
weeks. So, make sure you are subscribed and ring the bell on YouTube uh so you get this. But we just did a podcast today with a company uh called Access EMR. Um so, Access EMR is an EHR system. Uh I I've had a chance to work with them since like November, December. have developed a really good relationship with these guys and I think they are a a really great system. I personally don't use them like full transparency because we're a little too ingrained in the the systems that we do use but I've used a

00:20:53
lot of these like throughout my professional career uh doing this with assisted living for the past 5 years and uh I really like the system that they're doing. So, we're going to give you um details on that. Um so, make sure you're subscribed and ring the bell so you get notified on that when it comes out. Um, and then we'll have a promo code for you for that as well to to help you make some good progress with it. Um, but the reason why I say that is paperwork is everything and you have to document

00:21:21
everything. Like absolutely everything. If you don't document it, it didn't happen. And those of you that are watching that are nurses, like you get this, like this this makes a ton of sense to you. You're like, duh. Like why why are you telling me this? This is a little bit more specific to the real estate investors or the entrepreneurs or the business owners that aren't in this world of assisted living yet. You have to document absolutely everything that goes on in the facility because if you

00:21:48
don't, it didn't happen. And if it didn't happen, you can get significant fines and dings and potentially uh revoking your license for your facility. So, you have to document everything. and having a system like what I'm going to show you with Access EMR or some of the systems that I've used in the past. Um, it's it's such an important piece of what you're doing and it's going to make it make your life a lot easier. Like it it it simplifies the workflow significantly and it's going to probably

00:22:16
save you money in the long run because you're not going to have issues with um with surveys. It also simplifies the process when you need to order medication or just tracking the ADLs um for the work that you're doing uh for serving your residents that you can then take back and say, "Hey, we're actually doing a lot more work than we were 6 months ago." Like, we're going to have to bump your rates up um or we're going to ask Medicaid for more money. You have to document those things. And if because

00:22:43
if you don't document it, didn't happen. And if it didn't happen, you can't ask for money more money. So, you have to document it. You have to prove what you're doing. And if you do that, it um it just makes life so much easier. You can do all of it via paper, totally fine if that's what you want to do. Um but I promise you, using an EHR system is so much more beneficial. So if you'd like to learn more about EHRs, um type in EHR down below. Again, we'll have this one

00:23:08
with Access EMR um coming up here in the next few weeks um once we kind of do some editing and things to to get it ready to go. But, uh, I' I've got a lot of partnerships that are out there and and would love to see what I can do to help you out, um, from that standpoint as well. Um, and when you're doing that, you need to be also updating the care plans of the residents. Make sure those are current um, binders for the residents that show what all of that information is. Uh, and using an EHR

00:23:34
system um, has the potential to replace binders, though some states will still require it, but you can do all the documentation in the system and then just print the pages and put them in a binder. um and it simplifies the process significantly. So paperwork is so important in in in what you're doing in assisted living and it is I would say more than half of the work that the administrator does is related to paperwork. This is the reality of working in assisted living in the healthcare industry. Um it is highly

00:24:06
regulated and you have to document all of the things. So, that's something very important that I want you to understand that um you've got to be doing that. Um it's it's super important for you. Um and next is going to be regulations. So, I mentioned working with the state um already a few times and you're going to have to work with the state consistently. It is not just, you know, phase four for me is get your facility license. You don't just do that and wash your hands and be like you're done.

00:24:35
you're going to have them come into the facility at least annually um for a survey, sometimes more frequently than that. They are going to be sending you out um updated rules and regulations. So, you got to stay on top of those and make sure you're implementing those things that they say. They're going to have trainings probably at least quarterly. So, you're going to be interacting with them. They're going to have the embudsman um coming into the facility on a more consistent basis than

00:24:59
just the state. Uh there's a lot of rules and regulations that exist and you're going to be dealing with a lot of these residents. Uh a lot of these not residents, you're going to be dealing with the residents, you're going to be dealing with a lot of these people and and paperwork and and the things that come with all with that. And it's it can be a lot. So, you're going to have to deal with that. Um fire drills, like real fire drills, you're going to have to do those on a monthly basis. And at

00:25:26
least one of them has to be during nighttime hours. Um, and typically what we'll do is like super early in the morning, like not not 1:00 a.m., but like 4:30 in the morning or something like that. Um, so you have to kind of adjust for those things, but you have to do the fire drill. You have to like pull the alarm. You have to tell the fire department, "Hey, we're doing a fire drill. We're going to pull the alarm. You can ignore it at this time." You pull it. Everybody's got to get out of

00:25:52
the facility. You got to time it. You have to do all of those types of things. You have to make sure that that that you're following the the plans for it. You have to prep for these types of emergencies. You're going to have to have inspections, mechanical inspections on all the things that you have in your facility and maintenance and and a lot of work there. And you're going to have dishwashers or yeah, dishwashers and washers and dryers that go out. And so I I highly recommend, this is just like a

00:26:16
tiny tip for those of you that have waited gotten this far in the video, get commercial stuff. you even if you're in an just a residential assisted living, buy a commercial washer and dryer. Buy a commercial dishwasher. You use it a ton. And if you just buy whatever's on sale at at the local store at Lowe's or Home Depot or wherever, um it will even if you get the the warranty on it, it will die on you. Um and the warranty people, they're fine fixing it once or twice, but once you're

00:26:49
doing this five, six, seven times, they're not super happy with you. and sometimes they're just like, you know what, that's actually not covered by warranty. We've had that happen before um in our facilities. So, you have to be very careful in the way that you go about that. There's so many rules and regulations and things that go into into this and uh stuff that it's it's really hard to understand if you're not running the business cuz these things come up all the time and you just have to be

00:27:13
aware of it and you have to work through it and navigate through it. Um, and when you do that, it it does become more simple, but it is something that you just kind of have to work through and um, yeah, just be aware of because there's a lot that that goes out there um, with rules and regulations. So, all of that to say, I've mentioned this a few times. Would love to have you um, check out ALI Basics. I can answer all the questions that you have as you are going through your assisted living

00:27:37
journey um, there. So, ALI Basics, brand new community. Uh in here we've got resources, webinar recordings, a library of Q&A recordings, and we have our active community. Um we just started this couple weeks ago, so you'd be getting in um very early on in the process to really get the support that you need as you're trying to make some some good progress towards launching your assisted living business. In the community, we're going to do weekly tips. We've got questions, like a

00:28:02
section for you to ask your questions. Um you can do peer-to-peer networking. Uh my assistant's in there answering questions and and monitoring things. and I get in there also on a frequent basis and make sure that you're getting the support and guidance that you need to answer your questions. Um, today's the last day for our our launching promo. So, go to assistedlivinginvesting.net/basics and use the promo code that's there on the site. Um, so if you go use that, uh, it gives you lifetime access, like a

00:28:29
lifetime discount, um, as long as you keep it active inside of the community. So, would love to have you in there. Um, the community will still be active after that. and you just won't get the discount. So, make sure you go and and hop in again, assisted livinginvesting.net/basics for that. So, with that said, let's get over to questions. So, for those of you that are here live, make sure you type in your questions for me today. And we've got a few of them in here already. So, that is

00:28:56
great. Um, but while uh people are continuing to type those up, I want to remind you to go and like the video, subscribe, and ring the bell as well so you get notified every time we put out content like this. uh especially like the one that we have coming out here in the next few weeks with access EMR. Like you're going to get access and and make sure you're you're hitting uh you you don't miss anything when we do that. I'm really excited for that one. So just want to give you a precursor for it. Uh

00:29:21
so with that, let's get into our questions. Uh Cat, um the process of hiring an administrator is the biggest challenge. It is absolutely the biggest challenge. It is um I' I've gotten to the point where um I'm pretty familiar with it now. Um, but the first time it happened to me like just was the most anxiety I have ever felt and and threw me into depression. Like it was it was horrible. It was so bad. It was the week of Christmas. Our administrator left and moved back to Hawaii and was just gone

00:29:51
and we had to figure things out and it was man it was horrible. It was it was the worst. Um, since then I've learned quite a bit about the hiring process and and how to deal with that um with the state and and things like that. And it's it's become more simple for me, which is uh good because I don't get stressed about it, but also a little bit sad that I've had to get um that familiar with it. Um, we use Indeed. Um, so for those of you that are interested in learning a little bit more about the hiring

00:30:18
process, type in Indeed down below because that's what we use and uh happy to to do a kind of a video overview of the process of going and finding and hiring uh an administrator when you need some help doing that. So, thanks for Yeah, thanks for confirming that, Cat. Like, it is it's rough. Like, it it's hard to to do that for sure. Um, let's go over here to Brandon. Um, that's the same with at home child care. Um, I'm going to guess that has to I don't know if you're still here, Brandon, or not,

00:30:51
but um, yeah. Uh, I would say regulations, all the things that you have to do. Uh, like there's a lot. I mean, you're working the reason why is you have people's lives there, right? um you're working with people and and you people are trusting you with um with their loved ones, whether this is child care or assisted living or whatever it is that you're doing, you have to document all the things. You have to hire the right people. You're going to have to have all the paperwork. There's so much

00:31:20
that goes into it. Um staffing, same thing. Um you're going to have to staff all the people. And those things are are pretty hard um when it comes down to it. And you're going to have to really lean into that. and and it can um it it's really important for you to have a handle on what's going on u inside of your facilities. So, whatever it is, um that that's just going to be the way it is. Uh so, thanks for thanks for the comment there, Brandon. Um cool name, too, by the way. That's awesome. Uh Cat,

00:31:49
um aiming to open one here in San Antonio. That's awesome. Um yeah, I think Texas is a great market um to to be doing things in. uh as as you're going through that um that I have a few different coaching options. So, if you go to aliimastermind.com, uh 30 second quiz will based off of your scenario, where you're at in the process and and budget and things like that, it'll recommend a program for you. I'd love to see what I can do to help you out as as you're trying to get things

00:32:16
launched. Um and Brandon's back. I'm sorry you said open one. Do you mean assisted living business? I'm going to guess. um probably that I don't know the context there uh and don't know if you're still here to to answer the question. So feel free to to go in and uh give me some clarification on that. Um, I'm going to run over to our our ALI basics community because I think we had a question uh in there um that came in last night or earlier today. Um, and wanted to get an answer um on here just

00:32:51
to uh make sure we are getting answers for those people. Um, but while I'm doing that, if you can uh if you're if you want a free resource, go grab the business plan checklist, assisted livinginvesting.bp checklist. uh it's there to uh give you the things that you need to do so that you can um so that you can you know get a business plan, a solid business plan in place to help you launch your assisted living business. It's that's what it's there for. Um all right, let's get over here. So the

00:33:22
question that we had in our our AI basics community was specifically about um about business plan um or no it was it was about SBA loans. Um sorry um how much money do you actually need in in the in the bank account? We answered this over on the community already. Uh but I wanted to give y'all a kind of a an idea of what this looks like um for those of you that want to to join the community. So, uh, Valencia in there, um, she asked a question, um, if she's applying for an SBA loan, um, or from

00:33:53
any lender, what should you have in the bank account, uh, to show that you're serious? Uh, you know, I don't have millions laying around and and just don't want any surprises. Um, she's a nurse, uh, practitioner, and and, u resourceful when she has to be. Um, so the answer to that question, uh, the short answer is you need to have the amount of money in the bank that will be required for a down payment. So, um, if if you're buying a million dollar home on an SBA loan, that's typically going

00:34:26
to be 15 to 20% down. So, you would need $1500 to $200,000 in the bank. You have to show proof of funds that it's there. Um, so and that needs to typically they want to see it in the bank account for a month or two. They're going to ask for personal bank statements. So they want to see that and um with that they if if it just like popped up they want to know where it came from. They just need to make sure that uh you you don't have a second loan. So if somebody was giving it to you or you have a business partner

00:34:57
you're getting it from a heliloc types of things are fine as long as you can explain where you're getting the money from. But if um if it just pops up in there and and you're like, "Oh yeah, like I I talked to my local bank and they gave me this loan for $150,000 so I could have it in there for the down payment, that's going to kill your SBA loan." Um so you have to be really careful with it. Um you need to have the money and be able to to speak to how you got the money in the bank account um as

00:35:24
you're as you're trying to to get things started there. Okay, so that was an example of a question that we have inside of ALI basics and and kind like we gave a much more detailed um explanation of that inside of the community. Um but just wanted to show you like you can get in there, you can ask questions. I'm there to answer them. A lot of times we'll do video um reviews. Sometimes they'll be written, but they are going to be there to to answer the questions that you have as

00:35:49
you're trying to launch your assisted living business. So, with that, I want to thank those of you that are that have been here live with me today. Um, and thank you for the questions. I really appreciate that. It it's fun for me to talk with you and and answer your questions and comments as as you're moving things along. Make sure you go and grab the business plan checklist, assisted livinginvesting.net/bp checklist. And uh for those of you that are interested in joining ALIBasics, then make sure you go

00:36:15
and check that out. Assisted livinginvesting.net/basics. Uh again, promo uh our our launch promo is done today. Um so, um you can still join after today. Just today's going to be the best price we ever offer on that. So, make sure you go check it out. Assisted livinging.net/basics. Does residential assisted living sound interesting to you, but you don't know how to get started? At assisted living investing, I'm here to help beginners like you um launch their assisted living business in

00:36:41
the next 12 months. I love helping and coaching people and helping them along their path to to launching their assisted living business. I want to remind you that it doesn't take a lot, just a little bit. Just keep going step by step by step. And I promise you, if you do and you're consistent and persistent, you're going to be successful. Thanks for watching and have a great day.