How to get started in residential assisted living rental business
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- Опубліковано 29 тра 2024
- Have you ever wondered how to get started renting properties out as residential assisted living rentals? USE NEW CODE "REROUNDUP" For a special on Isabelle's Residential Assisted Living Home Study Course 👉 aw8d9fb.aweb.page/p/dfda3335-...
Well Isabelle Guarino is going to show us how her company rents out houses to seniors. It's an alternative to nursing homes and she's found a niche to solve a problem for our aging baby boomers.
Thursday at 3pm EST, she's going to show us exactly how she sets these high cash flowing properties up. With over 77 million Baby Boomers moving towards retirement and millions of seniors currently paying $3,000 -10,000 Per Person… Per Room… Per Month… this creates the potential for very, very… SERIOUS CASH FLOW!
So join us to learn how you can take advantage of this mega-trend because timing is the key...
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👉USE CODE "REROUNDUP" for my new discount-aw8d9fb.aweb.page/p/dfda3335-e178-41de-b003-739c4c209558
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It sounds really great, but what we didn’t hear are the challenges and downsides to the business. All businesses have them.
Yes, there are down sides to every business, including this one! She talked a bit about it during the misconceptions part, but the hardest part in this business and any business is dealing with PEOPLE! Wether it's the seniors families, the caregivers, the neighbors, you name it! The seniors, the real estate, that's the easy part!
Why dont you stop focusing on that and focus on the positives
right especially concerning liability and infection control issues!
@@the_Success_Experiments because I look at all angles to everything if I’m entertaining something to get involved in, I do not just looks at one side, it’s called having an open mind and overcoming challenges before they become an issue puddin pop so how about you stfu and mind your own business
Duh….
I moved to Phoenix at the beginning of 2019 to pursue this dream and I will have it. I've purchased my first property here and feel really good about what I'm creating.
congrats
Hope to meet you at RAL NAT CON!!!!
I have worked in the Long Term Care industry for over 20 years as an Administrator. Opening a facility is not easy, budget, finding residents, dealing with DOH regulations and requirements, incidents, etc. Its not as easy as they make it seem. Especially, staffing, insurance, Union, etc. It was a desire own a facility, it’s not worth the stress.
This is why we show people how to navigate it all, definitely not easy, but oh SOOOO worth it! Helping seniors AND cash flowing, it's amazing, if you want us to help you - we're here for ya!
Love this, and the Guarino family. Learned so much. It was awe-inspiring. In New York I was extremely down and out especially under covid. But was awesomely inspired by Gino.
Good job guys ! I liked how she broke down everything with this business
Thank you!
Isabelle is a great speaker! Very nice Kris!
Thank you!
I handle insurance on several of these. Kudos to her for keeping that cost real. She earns points for that
Yes, from what I can tell, Isabelle is the real deal. She's not cheap, but she tells the truth about this industry. 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
love this presentation
thank you!!!
Good info! Looking forward to providing home here in Florida!
Let's do it!
Thanks for this! This was really good content!
YAY! Glad you enjoyed
Good to know these residents are a protected class in HOA’s. And I love the idea of her student using his profit to open a level 1 home.
YES! Isn't that so incredible, we are beyond proud of Dean!
Yep… this is exactly what I’m doing
Let's goooo! Hope to meet you at RAL NAT CON!
When you get your first resident/client and shopping for others, how do you position yourself to handle expenses like insurance, payroll, mortgage etc.
You have to make sure you have enough capital set aside BEFORE you start to hold you over until your full and cash flowing! You need 2x your monthly expenses in carrying costs minimum!
We had a land in burnet tx . We are going to put a 3 bed mobile home. We don’t know how to run this type of business but we could rent it out to whoever wants to run it.
We can show you how to do it....?!?
I just got as far as being a cna. I'm still getting around to more med training. I came across a video like this earlier.
Love it! The best part about this is, you're not working or living in the home, so you don't need a medical background, you're going to hire the licensed CNA's to be caregivers in the home.
Any issues with staffing for your homes?
Not in our homes, but in the industry at large YES! We really focus our education on showing you the best way to not just hire, but train, onboard and retain the best staff
She gave excellent information. I live in Virginia DC area. Now how do we get started? I purchased a 4 level town home a couple years ago. How can I turn this into an assistant living facility? I do have an HOA. How would that work?
Get started by taking action on the discounted course so you can learn all the questions you're asking and more!
I just bought a bungalow in a safe level 4 area. It has a basement, fireplace, one bath, separate dining room, 2 bedrooms downstairs and the whole upstairs is open and carpeted. The upstairs can easily be converted to 2 bedrooms. Here are my questions: I learned about RAL after i bought my rental. Now that you have the description of the home, do you think this 1000sf home is big enough for an RAL home? How much should I charge for the 2 bedroom home? I won't be operating it, just renting it to an RAL company.
Just want your thoughts. Thanks in advance for your help.
Typical start up cost?
Totally ranges based on which of the 4 routes you choose to get started and where in the country you are. Could be as low as $300k upwards of $3MM! But we show you how to use OPM so you don't have to use your own money to do this
wow this is amazing!! Thanks so much Isabelle for all the knowledge! I would love to take your course and I just realized the code already expired :( Wish I seen this sooner.
You're so welcome! We do our best to bring value to all our LIVE Roundup Fam, there's still a coupon code avail to later supporters. Thx again for watching. 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
@@krishaskins Do you still have a code where it would cost around $900 something that she mentioned in the video?
I have a single family home, 3/2 and I’m thinking of starting with this but you mentioned it is not a good idea. My location is Florida.
P
You can still start off small, see if you like the business and if you do go bigger in the next one. She is providing her recommendations to make 10k… but you can start with what you have.
Consider opening a group home first, build up some cash reserves, then start an assisted living facility. We can collaborate or partner if you wish.
FL is amazing for this! I wouldn't recommend doing a smaller home because the breakeven number is usually 6, so if you can only have 6 residents all with shared bedrooms in your 3/2 then it's probably going to be tough to cashflow. The more residents the better, you may want to reposition that asset and use that capital to start this new business!
Are there other costs for entry that are not discussed. Basically, there are some courses in other business that get you in at an entry level fee and then they tell you that we have another level that will speed up your success but it will cost 5K or 10K etc. That is what I want to know.
Do these homes for the seniors get audited periodically by their local governments or cities?
Most definitely
Local governments are cities, usually they are called “municipalities” which encompasses cities, towns, villages, counties, etc.
Thank you
Local oversite usually unannounced visits and quarterly. State yearly visits
Correct! They do, usually untouched and a few times per year. This is a beautiful thing tho, it helps protect the people who are doing it right and expose the ones who are not!
Retiring from bedside nursing and want to open an RAL in MD
Here to help! Hope to see you in class soon
I have a piece of land in Williston Florida it's about a quarter acre and I called The Levy county against government to ask if I could open up a residential assisted home they are actually build one there for that purpose and they told me no is that true
You probably need to call RALNA! The lawyers there can help you fight this battle!
There's a hotel in Arizona ready to convert available with seller financing 😊
Interesting.... did you register for the course?
I love tenants
Love that for you :)
can a DSCR loan work for a funding source instead of raising capital from investors.
Potentially!
That’s exactly what came to mind when I watched this video. 🤔 Will definitely dig hard into this venture and it really does make better sense than typical renting for sure
We are a group of nurses in Maryland looking to partner up to get some group homes up and running!!
If minimum wage is $20 for example, how can you afford it in a 3 bedroom home, with maybe 1 or 2 caregivers working 24 hours, 7 days a week?
That’s about $13,440 a month minimum in payroll deducted
Not to mention a Nurse periodically as well a few times a month and food cost.
Great video! Thanks for sharing
Exactly! Thank you! Most of that $10k goes to Caregivers. Age 85+ have the most medical conditions. There must be someone on shift 24/7 But they don't talk about that. I know because I own and am partnered with numerous senior housing beds and we all struggle with providing the Care these seniors need and the lack of Caregivers to work with you at market value. It can be lucrative when you build your team.
@@OptomisticEnergy it seems this may work best if you have minimum 6-7 beds… any less you’re in the negative with paying the mortgage/rent, caregivers, meals and Nurses. That staffing is a beast daily
You'll want to use a larger property for this! Think private bedrooms and bathrooms for each resident, with 6-16 residents in the home, it'll probably be 3000-8000 sq ft. You're going to have a 4 to 1 or 5 to 1 ratio in the home, so yes, when she shared the expenses being around $35k for a 10 person home that includes paying for the staff. The caregivers are typically making $1-2 above min wage, so if that's $12 in your area, they're making $13-14/hr typically.
Hey Kris a little clearer please need this information
i Have a home at 3% mortgage, my mortgage is around 2K a month and don't want to sell. This could be an option but I really to want to run a senior home care. How do I turn my home over to a company that will start a senior business and pay me a monthly amount?
Coming to live events and meeting someone who will partner with you is a great start - RALAcademy 3 day fast track or RAL NAT CON are some options! Or maybe you have someone in your life you want to partner with in this way. Tell me more about the property? Have you done the demographic research? How many bedrooms/bathrooms? What's the sq ft?
@@RALAcademy I don't know anyone who wants to partner up. Home is 4 bedroom/3 bath and 2600 sq ft. It has a daylight basement with it's own entrance. Home in Newport OR, not sure if there's a need for it here. But majority of my neighbors are in their 60's-90's.
@@lalalalalalalala4264 Can you add an additional 3 bedrooms and 3 bathrooms, and an elevator so the seniors can access the basement? If those things are not possible, it may not be the right fit, maybe you reposition the asset and use the capital to start fresh with a property that's already in the right area with the right layout etc?
Does this need to be zoned commercial?
No
Nope, it's zoned residential!
I am interested
Did you register for the training?
Can you do this with a duplex?
I wouldn't recommend
How many person per room?
Private bedrooms and bathrooms if possible!
Is it 2 Senior ladies or men per room?
We recommend private bedrooms and bathrooms, with a few shared options. So if you're licensed for 10 residents, maybe 8 bedrooms minimum!
Selling courses
Yes, we love sharing with investors how to do what we do ourselves and bring attention to the much needed asset class of senior housing in a residential setting!
Is this the same as an Adult Family Home? Or is there a difference?
RAL is called 22 different "names" across the country, in your market it may be called that!
Kris, are you going to get into assisted living?
Here's the thing. Just THIS month, I had a lady give me first month rent AND security deposit that rents rooms to the elderly. This really came on time as I was NOT thinking about it, UNTIL I met this lady in my market here in Virginia. She paid 30 days in advance and shared w/ me the opportunity to see a different side of real estate, even though I been in since 2002. I'm happy to maintain a beginner mindset and be willing to try new things. It always works out better when I do..
SO, now that I see how much money is floating around out there regarding this industry, AND the fact that my new tenant is already doing it, renting from me, I'm actually not making it my main thing, but all this came around at the same time. 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
How much is the whole program?
The course is discounted using Kris' special code!! Did you take action and get registered?
HOW CAN I GET IN TOUCH WITH YOU?
No more PROMO CODE?
They gave us a new code for all my supporters that view after the first week, Use code "REROUNDUP"
News flash public school is 35-38 to one teacher.
Childcare is different than public schooling - but yes you're correct!
i do not think it is the system set up to fail that is non sense. It takes the citizens engaging in private enterprise to create a more effective and efficient system, it is call innovation. There needs to be more people taking on the service of providing different options, USA is a develop country and most of the world does not have this service at all. We are blessed not cursed nor do care, just make better services and products it is not anyone else's job it is only up to us. It should not be illegal until a solution is created to provide the service. stop being drama queens and kings. I'm happy these people are taking up the task.
sounds too much like a sales pitch
Get to the damn point