How To Build An Assisted Living Facility – Recently, many questions have been asked on the Active Duty Passive Income Facebook group regarding investing in residential real estate. As someone who has just invested in this class, I want to provide some insight into the buying process.
In terms of dollars, there is no better investment in real estate than home improvement agencies. These are generally class A appliances, particularly well maintained, not much more expensive than your average family home at the same price. However, in my experience, there is virtually no competition. I think investors are threatened. By getting a good deal, you can avoid all the headaches associated with running a business and enjoy renting to a potential tenant (and they’ll thank you for the work). This blog post is the story of how I bought my first home helper.
How To Build An Assisted Living Facility
I bought my first house in 2016 as my main residence. The following year I left the Army Reserve and went to work. During the transition, this first house became my first house. After four years, there are nearly 100,000 capitals! Since I PCSed across the country, it seemed like a good time to sell to a bigger property and do a 1031 transfer. loopnet.com (just FYI, kidding, loopnet is usually where real estate deals go to die). I was surprised to see a nice class A house at 25% off.
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I called the agent listed, and sure enough, it was a domestic helper who had been on the market for months. When I realized I was a big buyer with the sale of my old property, the owner sent me the details. To be clear, I have no idea how to run a live program, but the host said he might help find a competent worker. This is just one of the many reasons why it is so important to find a Realtor with business expertise to help you with your investment purchase!
My biggest concern isn’t shutting this building down, it’s keeping the operator cool. So before ordering from the property, the operator and I discussed the details. Accepted a $2500 refundable incremental lease. I’ll be the owner, and he’ll run the business. Due to the high running costs of assisted living, I agree to pay the first month’s rent, 2-6 months at 4k per month, 7-12 months at 6k per month, and 13-36 months at 7k per month. The operator covers all maintenance except the roof. Finally, I will not sell the property during the term of the lease.
I’m very lucky with my money. I was able to find a lender willing to do a mortgage at 15% versus 3.5%. At the price of 610k, my mortgage is around 3k. Assuming I’m doing nothing but writing checks through this tool, that’s a start.
Because customers pay high rents, the houses are in poor condition and are often located in undesirable neighborhoods. As a result, they are willing to rent more than your average single-family family. Now that I’ve seen the live support, I don’t think I’ll invest in anything else.
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About the Author: Travis Salley is an active member of the United States Army stationed at Fort Huachuca, Arizona. He is a Certified Real Estate Investor and Financial Advisor. Travis can be reached at [email protected]
Kelly is an Air Force wife of 14 years, realtor, business owner, and virtual assistant. Having started working with ADPI in 2019 and becoming ADPI’s Blog Editor in January 2020, Kelly is thrilled and proud to take on the role of ADPI’s new Community Manager from November 2020. We look forward to growing our community and our support. our members throughout their real estate investment journey.
Our team is dedicated to educating, training and empowering military members, veterans, spouses and military families to achieve financial independence through real estate investment accounts. Our goal is for Active Duty Passive Income (ADPI) members to have as much US as possible. However, for Florida residents or seniors who moved to Florida later in life, to West Palm Beach and looking for better service. Broward City has a high demand for seniors in the country. When rebuilding such a place, certain needs and decisions must be taken into account to take into account the local population and their needs.
When designing a home in South Florida, important considerations such as comfort, space, and amenities must be taken into account. Here’s an overview of what you need to know about creating a supported community:
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Preconceived notions of older people and assisted living can lead to negative associations. Help destroy negativity by respecting people’s freedom, carefully designing and creating living spaces that emphasize personal satisfaction. For example, create larger bathrooms, use sound-absorbing materials or choose easy-to-open windows to keep freedom longer for all residents.
One of the best benefits of assisted living facilities is the variety of amenities they can offer. Be aware of special ways to place these materials on the construction site. Trails, health centers, community halls designed for work purposes can increase the attractiveness of the residence. If the neighborhood doesn’t have access to shops or restaurants, consider adding to the space as an alternative.
Sustainable housing has become the best decision to enter the market for services for the elderly. Assess the environmental impact of the products you choose and how that choice will affect your neighbors and their perception of your location.
After all, building a shelter means you’re building someone’s house. It’s important to be as careful when designing and building a shared space as when building your own home. If you are looking for a general contractor in West Palm Beach and Broward County, call 786-433-8740 to schedule a consultation.
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