How Much Does It Cost to Start an Assisted Living Facility | Residential Assisted Living
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- Опубліковано 15 вер 2024
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Assisted Living Investing is a brand new channel focused on helping you learn the ins and outs of investing in assisted living, specifically residential assisted living facilities.
In this video, Brandon Gustafson, investor, owner, and operator of two residential assisted living facilities, provides an overview of your options in starting an assisted living facility. Learn how much money you need to generate and your options in securing the money needed for a residential assisted living facility.
Make sure you like, comment, and subscribe to Assisted Living Investing! Comments are especially valuable as they will help better inform the content that is helpful to you as an investor and as somebody looking to get into real estate investing through residential assisted living.
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Thanks so much Brandon. The thing I love about you is that you come across as caring and a straight shooter.
Thanks, Rose, I appreciate the kind words!!
Just a suggestion, you may want to fix the audio. It was really low. Thank you.
Thanks for the feedback!
I think newer videos sound better, I have a better audio setup now.
Awesome video Brandon. First time watching and just subscribed.
Thanks! Please reach out if you have any questions!
Great video! Would a 3 bedroom house be enough to have a good profit margin? Considering cost for payroll, which I imagine to be the biggest cost.
Thank you!
I do think you can be profitable with a three bedroom home. I actually will have a video come out in a week or two about how to be profitable with a 2 or 3 bed facility, so keep an eye out for that video!
Basically, I think you'd want to go the route of a care home (or the equivalent in your state).
If you get over to the website and get my underwriting calculator, you'll get on my newsletter for when I send out the upcoming overviews of using small homes to get into the industry.
What is your opinion about buying a house with a normal residential loan and then get an SBA loan for Furniture, Fixtures and Operating costs.
I just recorded a video on that topic yesterday! It will get released in about a month after I get it edited.
But yes, I think it's an option you could consider. Obviously, in that scenario, you'd have two debt service payments, so that's something to consider, and I'd also guess in that scenario that the SBA loan would have shorter terms (probably a 10-year loan rather than a 25-year loan), but if you can make the numbers work and find lenders to work with you, I think it's a great option to consider.
A brandon thanks for the video. How many facilities do you currently run? Also have you considered skilled nursing versus assisted living?
I have two facilities.
I have considered skilled nursing, but it's more complex, more expensive to run, and more regulations, so for now I'm passing.
It's something I may look into in the future though; there are quite a few similarities.
The link never sent me the underwriting calculator😢
Does this link work for you: assistedlivinginvesting.net/calculator
Good video but I am working to purchase my own home. Renting someone else home is just a bad business decision.
I think it's smart to purchase your own, but some people just want to get started.
I like what you're trying to do though! Keep me posted on your progress!
Sound is missed up
Thanks for letting me know
Great video. Learned a lot. Do I have to have a registered business in order to buy a operating assisted living facility. Also can I get abSBA loan without a registered business. Thank you
In my experience, having an LLC is encouraged though not required to purchase an assisted living facility.
The reason you'd want one though is to help reduce the personal liability to you when operating your facility.
It's a question you'd want to discuss with an attorney to make sure you're setting things up correctly and that you have sufficient protection to you and your assets.
@@assistedlivinginvesting okay, thank you for your response. I will work on that