All Forum Posts by: James Lim

@Kristin Kiddy Would love to hear about it and what elements you feel make it a good facility

@Share Ross I agree, so much can be done.  Healthcare has a lot of obvious core problems, and this is not exempt by any means, however, would love to use my influence and ability to try and service a need.  Just need to touch base and learn from those who have done it!

Hello everyone,

I'm looking into possibly opening some ALFs here in South Florida (Palm Beach County specifically) and was wondering if anyone had experience in this arena down here.  I know recent legislation has made things a little more startup-cost prohibitive, so I wanted to get people's take on it.

About myself, I'm just starting into the REI game, and I'm a physician. Having well run ALFs and senior care is an arena that I feel is in huge demand based on my every day experience.

I would love to talk and learn from anyone who has any experience on this, so please reach out.  Thanks!

@Basit Siddiqi

Thanks for the clarification, that's what it seems like I'm getting through my research as well.

@Costin I.  

This would be my first investment property, but I plan on acquiring multiple others.  I plan to leverage as much as possible, however, will be sticking to minimum 20% equity into each.  

I am a physician, so asset protection is a concern not just for the investment but for if any issues arise in the future from my primary job.  Knowing this, do you think that changes things with how I should view asset protection in or out of an entity?

So I'm trying to obtain financing for my first investment property, and want to end up holding the rental property in an LLC for asset protection purposes. I understand that conventional lenders will not allow this, and there are other options that typically charge higher interest rates for assuming the risk.

Many lenders have been telling me that it's not possible to close in the LLC, and it requires closing in my own name and then transfer of title and refinancing... all of which I assume would generate more and more origination costs and fees. Am I wrong in thinking this way? Or is this how it's typically done?

Thanks