Assisted living / Adult homes

[Terry Leinneweber]

I have an investor client of our who is looking to buy an already licensed adult home in the greater puget sound area (Washington State). How can I find the people who would be selling such a deal? This doesn't seem like an MLS type deal, and loop.net is hot garbage right now. Any advice would be greatly appreciated.

[Joseph Cacciapaglia]

I had a client that used to purchase a lot of these facilities. He found 100% of them by direct mail. You just need to identify all of the facilities in your area, and write letters stating that you're willing to buy based on X times EBITDA. This was his strategy anyway, and it seemed to work pretty well. Of course, you could always cold call these facilities too, but I think it would be more difficult to actually reach the owner.