Platinum Resort Assisted Living and Memory Care

[Laura Chotkevys]

Investment Info:

Large multi-family (5+ units) commercial investment investment in Washington.

Purchase price: $350,000
Cash invested: $600,000

I own and operate Platinum Resort Assisted Living, a 16-bed Memory Care Mansion located in the heart of Georgetown, TX! We purchased this property in 2019, completely rehabbed it and transformed it into an Assisted Living Mansion. We bought it as a 4 bed/3 bath 3,900 sq ft house, and converted it to 15 bed/12bath 6,300 sq ft home.

What made you interested in investing in this type of deal?

My husband and I owned and operated a Room and Board in CA where we housed 10 individuals who just got out of the jailing system or trying to get clean off of drugs. We found that this business just wasn't what we thought it was going to be, so we brainstormed on other ideas where we could house individuals that really need and want assistance. Assisted Living came on our radar, so we researched and knew this is what we wanted to do.

How did you find this deal and how did you negotiate it?

We found the home on zillow, called the realtor, walked the property, put in an offer, it got accepted, so we packed up and moved our family from CA to TX to start this new venture. Never looked back. It has brought so much time and financial freedom to our family.

How did you finance this deal?

A private investor self directed his IRA funds, once we were up and running, we refinanced and now we own the deal 100% on our own.

How did you add value to the deal?

Completely updated the home and converted into a service that is MUCH needed in the area.

What was the outcome?

We have now been operational for over 3 years, cashflow 40k-50k Per month on this ONE deal, and are now expanding. We purchased 8 acres in Georgetown, TX and are building 4 more Memory Care Mansions to eventually cashflow 250k per month (total of 5 building).