{"id":169,"date":"2021-03-08T20:24:00","date_gmt":"2021-03-08T20:24:00","guid":{"rendered":"https:\/\/new.assistedlivingnetwork.com\/?p=169"},"modified":"2021-04-02T20:25:30","modified_gmt":"2021-04-02T20:25:30","slug":"24-the-3-ways-to-simplify-getting-started-in-residential-assisted-living","status":"publish","type":"post","link":"https:\/\/assistedlivingnetwork.com\/24-the-3-ways-to-simplify-getting-started-in-residential-assisted-living\/","title":{"rendered":"The 3 Ways to Simplify Getting Started in Residential Assisted Living"},"content":{"rendered":"\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"The 3 Ways to Simplify Getting Started in Residential Assisted Living - by Gene Guarino\" width=\"800\" height=\"450\" src=\"https:\/\/www.youtube.com\/embed\/jMdoJgvHT0M?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>There are three ways to simplify getting started in assisted living right now.\u00a0<\/p>\n\n\n\n<p><strong>Buy an existing Assisted Living home<\/strong>\u00a0<\/p>\n\n\n\n<p>The one most people really would love to do this if you can, is buying an existing home that\u2019s already up and running and operational. Some of them are for sale right now, but they\u2019re not good businesses. The reason why they\u2019re selling them is that it\u2019s in the wrong location. It\u2019s too small. You can\u2019t profit. But if I can buy the right business and the right location, paying for that business up and running right now is definitely the best way to simplify the process of getting started.\u00a0<\/p>\n\n\n\n<p><strong>Partner with someone who is doing it<\/strong>\u00a0<\/p>\n\n\n\n<p>Now realize there are not that many people that are out there operating residential assisted living homes, but if they are, you could approach them and say, \u00a0I\u2019m interested in getting involved. Let\u2019s partner together, maybe you\u2019re the one that puts up the money or the real estate or the property and they\u2019re the ones who are going to operate that business itself, that partnership. You bring something to the table, they bring something to the table, could be perfect, but again, I\u2019m gonna encourage you. Don\u2019t partner with somebody unless you need to or it\u2019s important to.\u00a0<\/p>\n\n\n\n<p><strong>Focus on the Real Estate<\/strong>\u00a0<\/p>\n\n\n\n<p>You\u2019re the one that buys the home or finds the home. You\u2019re the one who does the renovation and now you\u2019re going to lease it to the operator. So what\u2019s you\u2019re going to get out of it is that long-term lease at a higher than market value. That long-term lease, which means you\u2019re not going to have vacancies and repairs and maintenance. We\u2019re making money there and if it\u2019s at a higher rate, that\u2019s even better, and if it\u2019s a long-term lease that makes it simple for you, but also do it with a profit share so you\u2019re getting a share of the profit. Let them do the work that you get your rent, plus a share of the profit. If the profit is 10, $15,000 a month, maybe you just charge them the regular rent, enough to pay your bills on, but you also get 25 percent of the profit. This way you\u2019re getting best of both worlds. You\u2019re getting a percentage of the cash flow that profit from it. You own the real estate, so you get the appreciation, the depreciation, all the benefits of owning the real estate.\u00a0<strong>What if you want to be the one in control?<\/strong>\u00a0At the end of the five-year lease, you now have a choice. You could re-up the lease at a different rate, or now that the home has already been established and the businesses already there, you could open it up yourself in your name, and now you\u2019re the one who\u2019s in control. It\u2019s your property. You could now restart that business. Many of those residents won\u2019t be able to move out soon enough anyway so you could walk right into that business and make it your own.\u00a0<\/p>\n\n\n\n<p><strong>Be sure to subscribe to our iTunes podcast to listen on the go!<a href=\"https:\/\/itunes.apple.com\/us\/podcast\/assisted-living-networks-podcast\/id1360517721?mt=2\">[CLICK HERE]<\/a><\/strong><\/p>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-layout-1 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1000\" height=\"1000\" src=\"https:\/\/new.assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/24A.jpg\" alt=\"\" class=\"wp-image-171\" srcset=\"https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/24A.jpg 1000w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/24A-300x300.jpg 300w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/24A-150x150.jpg 150w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/24A-768x768.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1000\" height=\"1000\" src=\"https:\/\/new.assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/24B.jpg\" alt=\"\" class=\"wp-image-172\" srcset=\"https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/24B.jpg 1000w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/24B-300x300.jpg 300w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/24B-150x150.jpg 150w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/24B-768x768.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1000\" height=\"1000\" src=\"https:\/\/new.assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/24C.jpg\" alt=\"\" class=\"wp-image-173\" srcset=\"https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/24C.jpg 1000w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/24C-300x300.jpg 300w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/24C-150x150.jpg 150w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/24C-768x768.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>There are three ways to simplify getting started in assisted living right now.\u00a0 Buy an existing Assisted Living home\u00a0 The one most people really would love to do this if you can, is buying an existing home that\u2019s already up and running and operational. Some of them are for sale right now, but they\u2019re not [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":170,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The 3 Ways to Simplify Getting Started in Residential Assisted Living - Assisted Living Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/assistedlivingnetwork.com\/24-the-3-ways-to-simplify-getting-started-in-residential-assisted-living\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The 3 Ways to Simplify Getting Started in Residential Assisted Living - Assisted Living Network\" \/>\n<meta property=\"og:description\" content=\"There are three ways to simplify getting started in assisted living right now.\u00a0 Buy an existing Assisted Living home\u00a0 The one most people really would love to do this if you can, is buying an existing home that\u2019s already up and running and operational. 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