All Forum Posts by: Richard Heck

@Shane Connor thank you Shane!

@Adam Fischer that's the answer I was looking for, thank you! I purchased a 15 bed facility back in 2017. Before I bought it I was buying real estate giving myself and my daughter something to do, my lily girl (Alice kate) was disabled and a single father it gave us something to look forward to every day rehabbing apartments, I started doing some research on turning a small complex into something for her and design it for her wheelchair in case something would ever happen to me, she would have her own place ,in my research I seen assisted living facilities and thought thats what she needs something with nurses. well I found this 4000sqft building and it was an ALF I made the owner an offer and bought it! After 100k rehab I. borrowed from bank it was perfect and she loved it!!!! She was set for success and a place everyone loved her. I turned the complex into independent living for 6 residents and we also started a in Home Care Agency, soon after that March of 2019 we got the approval to add another 4000sqft and 15 more beds a brand new wing onto the building in the plans the architect designed her very own beautiful room setup up just for her!!! At this time my daughter was given 6 months to live she passed away Sept 6 and I broke ground Dec 26 on her BDAY , this is the reason I want to sell I can't do it anymore, I was approved for a 3rd wing and 15 more beds but I'll let the new owner add them. The home care agency will sell with the ALF and construction will be finished in about 3 more weeks

@Queenie Liu how small?

@Adrian Butas thanks, I have a 15 and just finished up new construction on another 15 and I have a 6 bed independent living, looking to start selling

@Adam Fischer how many beds do I need for the big companies to look at me and offer me a deal on my established ALF

if they are wanting to pull equity out maybe it will be easier if they just do a loc or heloc. if they get it reappraised they will most likely have to do a commercial appraisal its more expensive but they figure in its income along with land and building appraisal, the upside to this it will appraise for more than it normally would so the line of credit will be greater 

keep as a motel till you figure out what you want also on one of my properties I contacted the VET ASSIST PROGRAM, there are a few hoops to jump thru liability ins etc but I now have a 3 plex 2 bd apts, I'm able to put 1 person in each bd room now instead of 3 rentals I have 6 rents coming in may be something you want to look into

I have also wondered about this been doing my homework,im in the middle of a deal still putting together as we speak, on a 88 door motel I picked up in distress, walking thru the building the construction of this project will be too take down the dividing wall between two rooms and will give me around 1200sqft apartments but what about the look the curb appeal will this hurt the rent what can be done to change this look????

Very good thread, I have picked up 3 tax sales and now have 5 doors from doing this and am in the middle of my 4th tax sale deed on a hotel which I will rehab after rehab it will give me 40+ units. Definitely have to know how this works or you could get yourself in a big bind most properties will have a federal and IRS lean and maybe a mortgage but there are ways of releasing this dept from yourself and walk away with a clean deed

????