Trying to hire your first manager for your assisted living business and feeling lost? Wondering how to find someone who fits your culture and can handle the industry’s challenges? In this episode of Assisted Living Investing, we share our real-life experiences and tips on hiring that perfect manager. From the pros of experienced professionals to dealing with cultural fits, we've got your questions covered.

Curious about the best way to search for and evaluate potential managers in your area? What key qualities should you look for to ensure they can help you gain time freedom and run things smoothly? Learn all the ups and downs of hiring from big corporate backgrounds, and how to blend new hires into your business seamlessly. Learn how to tap into the knowledge and networks of experienced managers while keeping the unique vibe of your assisted living home.

Worried about potential pitfalls when hiring a manager? How do you make sure your new hire is motivated and invested in your business's success? Get practical tips on creating a fun and supportive work environment. Whether you’re new to the assisted living world or looking to improve your management game, this episode is packed with insights to help you succeed.

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Assisted living investing, Residential Assisted Living, small facilities, passive income, myth debunking, challenges, limitations, active involvement, owner-operators, staffing, emergencies, quality care, scalable business model, 16-bed luxury memory care mansion, informed decisions, behind-the-scenes insights, thriving niche, One and Done, Financial Freedom, Active Income, Making a Difference, Long-Term Exit Strategy, Real Estate, Retirement Planning, Memory Care Mansion, Investment Opportunities.

Intro Music by Alex_Kizenkov via Pixabay

In today's episode, we're addressing key considerations for anyone thinking about moving across the country to pursue real estate deals, especially in building memory care mansions.

What challenges and opportunities come with relocating for a real estate deal? How did we navigate leaving California's high costs and stringent regulations for a more business-friendly environment in Texas? What steps should you take to research potential states and cities, considering government regulations, permit processes, and overall business climates?

How do you choose the right state and city for your business? Is it just about finding favorable regulations and lower costs, or do you also need to love where you live? What local government policies and cost differences should you consider, and why can even business-friendly states have cities with significant bureaucratic hurdles?

These are the essential topics we tackle in today's episode. Thank you for joining us, and don't forget to share this episode with fellow entrepreneurs who dream big and are ready to make a life-changing deal.

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Assisted living investing, Residential Assisted Living, small facilities, passive income, myth debunking, challenges, limitations, active involvement, owner-operators, staffing, emergencies, quality care, scalable business model, 16-bed luxury memory care mansion, informed decisions, behind-the-scenes insights, thriving niche, One and Done, Financial Freedom, Active Income, Making a Difference, Long-Term Exit Strategy, Real Estate, Retirement Planning, Memory Care Mansion, Investment Opportunities.

Intro Music by Alex_Kizenkov via Pixabay

In this episode of Assisted Living Investing, I'm breaking down a super important part of our marketing. How do we fill our beds and keep a steady income for our Memory Care Mansion? A huge component of that is how we use social media. You'll see how this transparency helps us maintain a massive waitlist and ensure quick occupancy turnover. Why is producing quality content so crucial in this niche? Let's get into it by talking about our system, the AL3!

Have you ever thought about how to create an effective social media strategy for your Assisted Living Business? Our strategy is what I call the AL3, which essentially means the three core values that make you different from everyone else. I'll share our approach, focusing on a consistent posting schedule that highlights our core values: life, love, and luxury. How do we train our managers to handle social media and keep those daily updates coming? And why does this make Platinum Resort stand out from the crowd, compared to the random and impersonal posts of bigger facilities? I'll show you how being genuine and consistent can make your home the top choice for families.

So, what makes an Assisted Living really unique, and how can you highlight these to attract more residents? I'll talk about how you can identify your unique selling points and develop a solid social media strategy. How can showcasing real-life interactions, activities, and luxurious amenities build trust with potential residents and their families? Watch this episode to learn how to create an awesome social media system and strategy!

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Assisted living investing, Residential Assisted Living, small facilities, passive income, myth debunking, challenges, limitations, active involvement, owner-operators, staffing, emergencies, quality care, scalable business model, 16-bed luxury memory care mansion, informed decisions, behind-the-scenes insights, thriving niche, One and Done, Financial Freedom, Active Income, Making a Difference, Long-Term Exit Strategy, Real Estate, Retirement Planning, Memory Care Mansion, Investment Opportunities.

Intro Music by Alex_Kizenkov via Pixabay

In this episode of Assisted Living Investing, we're answering the big question: How do you find the right piece of land for your assisted living project? We'll explore the best strategies for purchasing different types of land that you can build your Assisted Living on . If you're wondering how to pick the perfect spot to build your dream project, this episode is for you.

Curious about what to look for in a piece of land? How do you evaluate the size, shape, and usable space? What are impervious coverage and setbacks, and why should you care? And what about utilities – how important are they when choosing a property? I'll share my own experiences, including the challenges and lessons I’ve learned, to help you avoid common mistakes and reach your goals of financial and time freedom.

Looking for more detailed guidance? Check out my free Location Selection Training. It covers everything from finding the perfect land to conducting thorough due diligence. Head over to http://www.memorycaremansion.com  for your free training. If you find this episode helpful, please like, share, and subscribe to help get this info to other aspiring entrepreneurs.

#Investing #RealEstate #AssistedLivingInvesting

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Check out some FREE Resources HERE: https://www.memorycaremansion.com

Assisted living investing, Residential Assisted Living, small facilities, passive income, myth debunking, challenges, limitations, active involvement, owner-operators, staffing, emergencies, quality care, scalable business model, 16-bed luxury memory care mansion, informed decisions, behind-the-scenes insights, thriving niche, One and Done, Financial Freedom, Active Income, Making a Difference, Long-Term Exit Strategy, Real Estate, Retirement Planning, Memory Care Mansion, Investment Opportunities.

Intro Music by Alex_Kizenkov via Pixabay

Ever wondered what it really takes to manage a successful Assisted Living Business? Feeling nervous about starting your own life-changing deal? In this episode of Assisted Living Investing, I’m chatting with my wife and business partner, Laura, about just that. We talk about overcoming initial fears, the importance of mindset, and how to handle the biggest challenges.

Curious about balancing real estate and operations? Need tips on dealing with staffing issues, especially during tough times like COVID-19? We share our experiences, talk about the importance of having a solid plan, and discuss how to systematize staff routines. Laura also opens up about the emotional side of the business, like dealing with the loss of residents and their families.

Looking for ways to achieve financial and time freedom while making a positive impact in your community? If you have these questions, this episode is for you. Watch this episode so you can see possible pitfalls and trouble spots that you may encounter during your Assisted Living Journey and learn ways to navigate them!

#Investing #RealEstate #AssistedLivingInvesting

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Follow me:
Facebook: https://www.facebook.com/brett.chotkevys
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Check out some FREE Resources HERE: https://www.memorycaremansion.com

Assisted living investing, Residential Assisted Living, small facilities, passive income, myth debunking, challenges, limitations, active involvement, owner-operators, staffing, emergencies, quality care, scalable business model, 16-bed luxury memory care mansion, informed decisions, behind-the-scenes insights, thriving niche, One and Done, Financial Freedom, Active Income, Making a Difference, Long-Term Exit Strategy, Real Estate, Retirement Planning, Memory Care Mansion, Investment Opportunities.

Intro Music by Alex_Kizenkov via Pixabay

In this episode of Assisted Living Investing, I talk about investors for your Assisted Living business. I break down the two types of investors, how to approach them, and the best ways to impress them. The first question I answer is: what are the two types of people that can be potential investors? Depending on what kind of person they are, how do I approach them and let them know about my Assisted Living business? If my potential investor is someone I know, what are ways I can bring up my deal without being too forceful or annoying? I answer all of these questions and give you your first steps to getting them hooked.

What are ways I can talk about my deal to get potential investors excited? What are certain words and phrases I should avoid? How do I stand out from all the other entrepreneurs by framing my deal as something unique and special? Also, your investors can be people you don’t know. I’ve worked with people that I had no prior history with for years now. Where do I go to meet these strangers? How do I know they are interested in investing? In this episode, I walk you through these questions! Finally, I talk about one of the most important steps to getting an investor excited: social media. Why is social media important to get investors to work with me? What type of content should I post on social media? For all these questions answered and more, watch this episode of Assisted Living Investing! 

#Investing #RealEstate #AssistedLivingInvesting

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Check out some FREE Resources HERE: https://www.memorycaremansion.com

Assisted living investing, Residential Assisted Living, small facilities, passive income, myth debunking, challenges, limitations, active involvement, owner-operators, staffing, emergencies, quality care, scalable business model, 16-bed luxury memory care mansion, informed decisions, behind-the-scenes insights, thriving niche, One and Done, Financial Freedom, Active Income, Making a Difference, Long-Term Exit Strategy, Real Estate, Retirement Planning, Memory Care Mansion, Investment Opportunities.

Intro Music by Alex_Kizenkov via Pixabay

In this episode of Assisted Living Investing, I discuss New Construction vs. Buying an Existing Home. When starting an assisted living facility, which option is better? I have had success with both, and each comes with its unique pros and cons. When comparing New Construction Assisted Living to Remodeling an Existing Home, I use six metrics to assess which one is superior. These metrics are time, cost, potential, zoning, licensure, and operations.

Which of the two options takes longer to get started? Which one costs more money? Which one will yield higher returns? Which one is better for your residents and staff? Both New Construction and Home Remodeling are viable options that can lead you to financial freedom. Watch this episode to discover my recommendations and the steps to get started.

#Investing #RealEstate #AssistedLivingInvesting

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Assisted living investing, Residential Assisted Living, small facilities, passive income, myth debunking, challenges, limitations, active involvement, owner-operators, staffing, emergencies, quality care, scalable business model, 16-bed luxury memory care mansion, informed decisions, behind-the-scenes insights, thriving niche, One and Done, Financial Freedom, Active Income, Making a Difference, Long-Term Exit Strategy, Real Estate, Retirement Planning, Memory Care Mansion, Investment Opportunities.

Intro Music by Alex_Kizenkov via Pixabay

In this episode, I discuss choosing the location for your Assisted Living. Whether you're operating a Residential Assisted Living (RAL) or a larger facility, one of the most crucial aspects of a successful Assisted Living is its location. It's essential to see if there's a viable market for your Assisted Living in the desired area before proceeding with construction. However, I often hear people express reluctance to select a location near competitors. I believe that, particularly for my niche in End-of-life care, it can actually be beneficial to be situated near other Assisted Living facilities.

My focus is on End-of-life care, and I prefer to be close to independent living and other Assisted Living facilities because there's a high likelihood that residents from these places will eventually transition to my Memory Care Mansion. I refer to this as the "Big Box Funnel" - residents start at the top of the funnel and gradually require more specialized care as they age, potentially leading them to my memory care mansion. Being situated near competitors can thus be advantageous. It allows us to provide more personalized and intensive care to families at a similar price point since we're a Luxury 16-bed mansion located next to a larger facility, providing comparable care and amenities.

In summary, this episode aims to underscore essential considerations to ponder before finalizing the location for your Assisted Living facility.

#Investing #RealEstate #AssistedLivingInvesting

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Assisted living investing, Residential Assisted Living, small facilities, passive income, myth debunking, challenges, limitations, active involvement, owner-operators, staffing, emergencies, quality care, scalable business model, 16-bed luxury memory care mansion, informed decisions, behind-the-scenes insights, thriving niche, One and Done, Financial Freedom, Active Income, Making a Difference, Long-Term Exit Strategy, Real Estate, Retirement Planning, Memory Care Mansion, Investment Opportunities.

Intro Music by Alex_Kizenkov via Pixabay

​​In this episode of Assisted Living Investing, I talk about the team you should assemble in order to make your Assisted Living business possible. I’ve heard multiple people in this industry say they don’t want a partner because they want to own 100% of the business. I’m here to tell you that train of thought is flawed. Having a team makes pursuing larger deals possible, and I will always encourage you to aim for bigger deals. It is better to own 30% of a larger deal than 100% of a small RAL where you barely break even every month and work 60-80 hours a week. So, who are the three members of your team you should have?

First, I want to say that you don’t have to have three members. You could fit into more than one of these avatar descriptions. To start, the most important person is the real estate avatar. This person is the one putting the deal together. From finding the location to raising the funds to building your home, they are the ones who will have the most work upfront. If you are this person, then you don’t have to have experience in the other two sides that we will be talking about. On the other hand, if you aren't this person, then you can just find someone who is to partner with!

Next, we have the nurse avatar. These are the people whose passion is the day-to-day side of Assisted Living. They love working with the grandmas, caring for them, and attending to their needs. Now, this avatar isn’t entirely necessary. For example, we didn't have this partner when we started despite having no experience in running the operations of an Assisted Living facility. Instead of partnering with someone, we hired someone to help. We had a manager teach and train us how to handle ADLs and other operational tasks. So, if you are looking for this person for your team, you have a lot of options.

Finally, we have the money avatar. These people will provide the funds for your take-down loans and other capital needs you will require. These types of people are abundant. There are many investors out there who want to invest in your business and not necessarily be hands-on or involved in the day-to-day operations. It is important to know that when partnering with this avatar, you don’t have to give them equity in your business. Watch this episode to learn more about who these avatars are and learn how you can structure your deal as a win-win. 

#Investing #RealEstate #AssistedLivingInvesting

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Check out some FREE Resources HERE: https://www.memorycaremansion.com

Assisted living investing, Residential Assisted Living, small facilities, passive income, myth debunking, challenges, limitations, active involvement, owner-operators, staffing, emergencies, quality care, scalable business model, 16-bed luxury memory care mansion, informed decisions, behind-the-scenes insights, thriving niche, One and Done, Financial Freedom, Active Income, Making a Difference, Long-Term Exit Strategy, Real Estate, Retirement Planning, Memory Care Mansion, Investment Opportunities.

Intro Music by Alex_Kizenkov via Pixabay

In this episode, we break down what makes an Assisted Living business successful. This allows me to pay more than the industry standard to my caregivers, make $40,000 a month, and only work a few hours a week. This is because of my Three P’s. In this episode, I talk about the Product, Process, and People that go into an Assisted Living and how these three things have helped me create the best Assisted Living business possible.

First, it all comes down to the Product. My product is a luxury assisted living mansion. We have all the care and amenities that you can get in a large smelly facility while only being 16 beds. Not only does this appeal to the family because they want their loved ones to be in a small, cozy home, but also our product helps us keep the best staff due to it being purpose-built, making their jobs easier. The next P is process. Laura and I have created multiple plug-in-play systems that keep our business operational. Because of these systems, we only have to work a few hours a week. We get new caregivers, they easily are able to be plugged into the system and know what’s going on. The final P is people, making sure you have great staff and people in your home, keeping it afloat. Watch this episode to learn more about the Three P’s and the best way to start your own Assisted Living.

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Check out some FREE Resources HERE: https://www.memorycaremansion.com

Assisted living investing, Residential Assisted Living, small facilities, passive income, myth debunking, challenges, limitations, active involvement, owner-operators, staffing, emergencies, quality care, scalable business model, 16-bed luxury memory care mansion, informed decisions, behind-the-scenes insights, thriving niche, One and Done, Financial Freedom, Active Income, Making a Difference, Long-Term Exit Strategy, Real Estate, Retirement Planning, Memory Care Mansion, Investment Opportunities.

Intro Music by Alex_Kizenkov via Pixabay