{"id":226,"date":"2021-02-26T21:02:00","date_gmt":"2021-02-26T21:02:00","guid":{"rendered":"https:\/\/new.assistedlivingnetwork.com\/?p=226"},"modified":"2021-04-02T21:03:34","modified_gmt":"2021-04-02T21:03:34","slug":"14-the-myths-in-residential-assisted-living-part-1","status":"publish","type":"post","link":"https:\/\/assistedlivingnetwork.com\/14-the-myths-in-residential-assisted-living-part-1\/","title":{"rendered":"The Myths in Residential Assisted Living \u2013 Part 1"},"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 Myths in Residential Assisted Living   Part 1 - By Gene Guarino\" width=\"800\" height=\"450\" src=\"https:\/\/www.youtube.com\/embed\/D1tno3wpGQ0?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<h2 class=\"wp-block-heading\"><strong>Is this considered commercial or residential?<\/strong><\/h2>\n\n\n\n<p>The first myth that I want to cover with you is commercial versus residential. We talk about Residential Assisted Living because it\u2019s a single family home, in a residential neighborhood.\u00a0The home itself might be a little bigger than your average home. Instead of a three bed, two bath home, it might start with a four bedroom, three bath home or maybe a five or six bedroom home. It\u2019s a residential home, but we are using this for a\u00a0commercial purpose. Now be careful how you word it and think about a RAL home.\u00a0I didn\u2019t say we\u2019re running a business or\u00a0operating a business out of a home,<strong>\u00a0<\/strong>that\u2019s different because many\u00a0places that have an HOA, and have CC&amp;Rs or\u00a0covenants, codes, and restrictions, are going to have some kind of wording in there that says you can\u2019t operate a business out of your home.\u00a0When we talk about Residential Assisted Living, it is a residential home and a group home for the elderly, so it\u2019s not a business. We don\u2019t have a lot of customers coming and going all day long. You have to understand that\u2019s what most of those restrictions are\u00a0for. They don\u2019t want to have a retail establishment in the middle of the neighborhood, but it definitely is residential and we\u2019re using it for this specific\u00a0purpose.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Is it hard to get financing?<\/strong><\/h2>\n\n\n\n<p>Now when it comes to the lending, It\u2019s a residential home. It\u2019s non-owner occupied, so you could pretty much go to any bank as if you\u2019re just going to buy a house that you\u2019re going to use as a rental property, it\u2019s called non-owner occupied because you\u2019re not living in the house. This might be 20 percent down and then the bank will finance up to 80 percent LTV or\u00a0loan to value. That can be a Fannie Mae or Freddie Mac loan or other types of residential loans the bank is offering, so again it is a residential, not commercial property. Now we can also use private lenders, investors and joint venture partners, people who will provide the capital that\u2019s needed.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What will it cost to renovate it into Residential Assisted Living home?<\/strong>\u00a0<\/h2>\n\n\n\n<p>It depends on where the home starts. What does it already have?\u00a0 Do you want to add space, maybe convert a garage into bedrooms or a living space? That would all cost money, but at least we\u2019re starting with the concrete floor, the walls, the ceiling, the electric. We may have to upgrade the HVAC, level the floor, put in walls, closets, doors,\u00a0and windows. You can convert 20 x 24 garage for approximately $20,000 to $30,000 depending on your location.\u00a0Always get permits, use proper contractors and so on.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Keep this in mind.<\/strong>\u00a0<\/h2>\n\n\n\n<p>Keep in mind that it is a residential home. It\u2019s a group home for the elderly, but it\u2019s a residential setting. Remember, step one is location. then find out what the rules and regulations are, and then begin. There are a lot of myths regarding Residential Assisted Living, and we are going to help you through it.\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\/14A.jpg\" alt=\"\" class=\"wp-image-230\" srcset=\"https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/14A.jpg 1000w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/14A-300x300.jpg 300w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/14A-150x150.jpg 150w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/14A-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\/14B.jpg\" alt=\"\" class=\"wp-image-231\" srcset=\"https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/14B.jpg 1000w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/14B-300x300.jpg 300w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/14B-150x150.jpg 150w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/14B-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\/14C.jpg\" alt=\"\" class=\"wp-image-233\" srcset=\"https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/14C.jpg 1000w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/14C-300x300.jpg 300w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/14C-150x150.jpg 150w, https:\/\/assistedlivingnetwork.com\/wp-content\/uploads\/2021\/04\/14C-768x768.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Is this considered commercial or residential? The first myth that I want to cover with you is commercial versus residential. We talk about Residential Assisted Living because it\u2019s a single family home, in a residential neighborhood.\u00a0The home itself might be a little bigger than your average home. Instead of a three bed, two bath home, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":227,"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 Myths in Residential Assisted Living \u2013 Part 1 - 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\/14-the-myths-in-residential-assisted-living-part-1\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Myths in Residential Assisted Living \u2013 Part 1 - Assisted Living Network\" \/>\n<meta property=\"og:description\" content=\"Is this considered commercial or residential? 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