Sep 27 2024 10 mins
Ready to invest in assisted living? In this step-by-step guide, Brett Chotkevys outlines 4 critical steps for starting your own Residential Assisted Living (RAL) facility. Learn how to research and choose the best properties using Zillow and LoopNet, understand local zoning and building regulations by working with city officials, and explore financing options with SBA and local lenders to fund your assisted living project. Brett also shares expert tips on how to attract investors and raise capital by leveraging your personal network. Whether you’re new to the industry or looking to scale, this comprehensive guide offers everything you need to kickstart your assisted living business with confidence.
He begins by discussing the importance of researching properties through platforms like Zillow and LoopNet to find potential sites for your assisted living project. Next, he emphasizes the need to engage with city officials early on to ensure your property meets zoning and building requirements. Understanding these regulations is essential to move forward without costly setbacks.
Brett then highlights the value of connecting with lenders, such as SBA and local commercial lenders, to explore your financing options. By being proactive, you can better position yourself to secure the funding needed for your business. Finally, he shares insights on how to leverage your personal network to find investors who believe in your vision. Knowing where to find investors and how to effectively pitch your project can be game-changing.
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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