 OT RAL partner (by elliot [RI]) Dec 16, 2017 4:21 PM
 OT RAL partner (by WMH [NC]) Dec 16, 2017 4:53 PM
OT RAL partner (by WMH [NC]) Dec 16, 2017 4:59 PM
OT RAL partner (by David [MI]) Dec 16, 2017 7:21 PM
OT RAL partner (by elliot [RI]) Dec 17, 2017 5:18 AM
OT RAL partner (by WMH [NC]) Dec 17, 2017 12:00 PM
OT RAL partner (by Jeffrey [VA]) Dec 17, 2017 12:29 PM
OT RAL partner (by Ray-N-Pa [PA]) Dec 18, 2017 5:05 PM
OT RAL partner (by elliot [RI]) Posted on: Dec 16, 2017 4:21 PM
Message:
I am looking for partners who are interested in doing Residential Assisted Living. I signed up for the inner circle membership under the premise of wife's getting something to do.. It didn't work out and I am stuck with this expensive membership, 3 times the cost of my pre-owned Prius.
RAL makes sense for someone who is motivated to work and make a lot money. I have a sizable RE portfolio to manage and a W2 job, don't have the capacity to take on another job.. I can raise funds (syndication) on top of the membership which includes the software and all the great documents that are needed to run this business successfully.
--71.232.xxx.xxx |
OT RAL partner (by WMH [NC]) Posted on: Dec 16, 2017 4:53 PM
Message:
Elliot I think you and I have talked. We are very interested in this - in doing the actual work and getting licensed, etc. - but Virginia is pretty much set on 8 beds. 8 beds is very very iffy financially. 10 beds is great, 12 beds is wonderful. But 8 beds is just skirting financial disaster.
So we are stepping back and doing more research. --173.22.xx.xx |
OT RAL partner (by WMH [NC]) Posted on: Dec 16, 2017 4:59 PM
Message:
We attended a state licensing class here just this month and new regulations are on the way. Grandfathering of older homes is out - will pretty much have to build new facilities to make it work, which means the big guys are the ones stepping in. --173.22.xx.xx |
OT RAL partner (by David [MI]) Posted on: Dec 16, 2017 7:21 PM
Message:
"Before you open you need to plan for:
Operations
Marketing (pre-open)
Marketing (post-open)
Staffing
Pharmacy
Home health
Visiting physicians
Podiatry
Management"
Ah I knew there was a reason I liked renting SFHs --50.4.xxx.x |
OT RAL partner (by elliot [RI]) Posted on: Dec 17, 2017 5:18 AM
Message:
WMH, There is no limits on how many beds in my state(Massachusetts) based on the data obtained. It is the selection of locations, actual work part that I don't have time to attend to..
I learned that Wisconsin can open 12+ beds.. So, it is a game to find suitable location, like what Eddy is doing..
David, I hear you.. but if the same SFH can net you 10 times income, you may think twice before you say no. The inner circle membership gets you a complete system without re-inventing the wheel, of course, it is real work after all..
--71.232.xxx.xxx |
OT RAL partner (by WMH [NC]) Posted on: Dec 17, 2017 12:00 PM
Message:
Elliot, no limit to number of beds here either - according to DSS.
Talk to ZONING and it's another matter. They have said the number of unrelated people living in a RESIDENTIAL group care home is 8.
Also, Virginia changed some rules & regs that make it practically impossible to convert an existing older home.
The biggest issue is room size: Single bedrooms must be 100 square feet or larger. Shared bedrooms must be 180 square feet or larger. That rules out all the old 8 x 10, 8 x 12 bedrooms in older homes out there.
Building new is a possibility but then you are of the residential aspect of it and more into big box and commercial.
OH and they are not allowing grandfathering either - so even if you could find an older home operating under old rules, once it sells new regs apply and you are out of business. --173.22.xx.xx |
OT RAL partner (by Jeffrey [VA]) Posted on: Dec 17, 2017 12:29 PM
Message:
WMH, instead of someone selling an older home that is already operating is it possible to "lease" the property or the business long term from them for a certain price and you keep whatever the cash flow that is generated. Ownership is never transferred.
Or, if the existing home is operating as a business, is it possible to become new beneficiaries of the business and not actually buy or transfer ownership... Just trying to think "outside the box" add to the discussion that other subscribers have shared and to stimulate and encourage others to share possible ideas. --72.84.xxx.xxx |
OT RAL partner (by Ray-N-Pa [PA]) Posted on: Dec 18, 2017 5:05 PM
Message:
All the lines of what Jeffery suggested
Don't buy the real estate - just buy the business by purchasing the operating agreement.
PS - this also works in all other real estate and business transactions so that you can by pass a due on sale clause
--24.101.xxx.xxx |
Reply:
|
|