All Forum Posts by: Shane H.

@Laura Chotkevys -- congrats -- I have been in the business since 2017 when I jumped in - not without it's challenges.  We are in KS and serve a different niche and a slightly different model - but same all in all same type of operation as you -- we are licensed for 41 beds but really can only hold 34/35.  

On your cash flow are you subtracting out what you pay yourself/benefits for you, taxes?   Are you the operator do do you have an Operator/Executive Director on staff?   

We have to stay full to maintain the profitability.   Staffing is what will cause me to bang my head into the wall and cause a brain injury.  Never ending frustration.  

@Luke Moore  I hadn't got on BP in a while -- 

Awesome that you're part of IHCA -- I know I get a lot out of our KS state group -- I'm hoping they have a national small owners conference in the Spring -- I cant recall if they had one this year or not -- I went to one in 2019 - then it was shut down for 2-3 years due to covid -- 

Anyways keep you eye out for the small owners national convention -- it's a smaller group of folks that go...at least to the one I went to -- I learned a lot and met a lot of good people.  

And mini splits can be zoned so each head can be controlled in a room.  If you get ready to build again feel free to reach out - Building our home I learned a lot and am getting some real world results from the energy efficiency items I did. 

Maybe we'll cross paths at one of the AHCA conventions.  Enjoy reading this thread -- I may have stated - I waffle back and forth what my future will be in this space -- I wouldnt mind building one someday and in fact would enjoy building my own and managing the build - but geez -- the HR perspective and finding the right people -- that is tiresome -- I've gotten pretty lucky with a few of our key folks and they are an absolute blessing. 

@Luke Moore  

Congrats on the success -- 

What are your costs coming in PSF?  Are you GC'ng the project?  I try to handle/GC my own stuff as much as possible.  

Just putting the finishing touches on our custom home I designed/built so after that experience I'd be ready to build a building such as yours -- I always debate if Senior care is long term -- been in it 6 yrs now so far.

After looking at your other construction photos -- of the 1st one it looked like you put PTACS in each resident room -- looks like you're too late to make changes to your 2nd one -- 

But if building new -- and wanting a high performance buildign with low energy costs (I'm guessing electric is about 5-6 in rank of cost after wages, food, loan payment.  Anyways with a multi zone mini split system you can eliminate the punctures in your "Envelope".

I spray foamed our new home and shop and am a 100% believer in it -- there is just a few other building science things you have to take into account when doing this - but if you save for example $20k on your electric costs over a year at a 10% cap rate - you increased the value of your business by 200k.  Anyways much easier to make the energy efficiency investments when building -- thanks for the posts -- I'm not as active here at all but sub'd to this thread years ago so get an email when there's an update.
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PS -- not sure if you're a member of any trade associations -but believe you're in IA -- I'd highly suggest looking into and possibly joining the Iowa Health Care Association -- I'm a member of the KHCA and the return I've gotten vs my dues has been exponential -- further education opportunities, keeping updated on state regulations, having the team as a resource, networking opps at trainings, national convention -and independent owners meetings.  Hopefully the IHCA is as good as KHCA -- if it is join and give them a call.  
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Also - something no one ever talks about here -- but if you have a Vistage group near you - go check it out -- I'm going to join our Wichita or KC chapter - will make up my mind next month -- but was told about it by another Home Plus owner (She owns 3 or 4) and she has joined and made a huge difference in how she runs her business -- I went to the Wichita Meeting to check them out and just that one day made a huge change in how I operate and conduct business.  (It's a group of small business owners with employees who are vetted -- you have a meeting once a month and basically everyone at the meeting is your board to review things with - get new ideas, learn new concepts etc).

how many people typically go to these? @Derek Felch

@Jay Hinrichs   Based on reading your posts throughout the years maybe you'd have some insight?  Appreciate it!  Perhaps you could tag anyone else you  may know that could throw in .02.

Hello - I'm not a newb, jack of all trades master of none.

I have a piece of land (18 acres) identified near me and believe after much observation, networking and general market observations there is a definite need in our market for more duplexes/townhomes -- I've got a rough game plan of how to develop the property but where I'm struggling without bugging contractors is some sort of resource or hey if you've personally done this and can find time in your day to spend 5-10 mins for a quick phone call would be eternally grateful.

Having a hard time spitballing the development costs for the infrastructure.

Sewer main extension, water main extension, installing the roads (Would do appx 350-500' of road with a culdesac to start.   Enough to carve out 6-10 duplex lots.

Dont know if that's enough information for someone to possibly chime in or point to a resource - and I realize how you have to build the road, sewer main specs etc are likely going to be somewhat different depending on the locale.  NE KS area is where I want to do this at.  

 Also I will need to call to the city - but they will place specials on the lots - however what is not clear to me if the developer fronts the costs for all the infrastructure then the city takes out a bond and pays back the developer once specials are levied or the exact flow of how that works.  

TIA -- I'd be glad to offer up anything I can share about assisted living in exchange.  Building my own development has been a vision I've held in my head for years and I want to see it through.  I dont know why I can't do it and make it happen.

@Matthew G.

Congrats on your financial success -- keep living below your means -- If you're making that kind of money in ICT, KS then you are able to live the good life.

RE is not completely hands off - but there are more passive deals with your income level you'd have access to that lots of others dont -- such as syndications or private placements  -- that could be a route to investigate and would be more passive.  I just did my first one for a modest sum  just to get my feet wet with a college friend who started his own commercial firm in the DFW area 10-11 yrs ago -- the building I'm partners on doesnt excite me at all - but it is right in his niche and he's done others like it so I'm trusting him and all their numbers and questions I asked satisfied what I was looking for.  ICT deals are not what they were at all in years prior.  I've been on the fence about investing again there -- still waffle back and forth since I live 2 hrs away and still own things there - but there are other cities I believe where you can get better returns.  One I visited last summer and really loved - been following their market and it has more going for it than ICT in my opinion plus the returns appear to be far greater - only thing that has me nervous about jumping in is it's several states away.

Anyways you have lots of options if you do not have a lifestyle where you are spending all of that money -- find what excites you and go that route.  

Congrats @Elijah Vo  -- I moved away from Wichita in 2017 but go back often - lived there for 3 plus decades.  The city Re-doing that park makes your job a whole lot easier now.  Amazing asset you were able to purchase.  We love the DT area and enjoy walking around when we're there.

I find it amazing how outside money is paying attention to Wichita now - has driven the prices up and before Wichita was always written off as a cowtown.  We just live 2 hrs north and miss it a lot.  

Hopefully whatever you do you'll keep paying homage to the history of the building and downtown in general.  

Dont do it - your home is too small - though if it's some sort of group living for kids or young adults needing supervised services could be an avenue to pursue - meet the person for coffee and see what their pitch is - you didnt provide enough info - for taking care of the elderly - dont do it.

State of Oklahoma should probably have a list on their department of aging website or some arm of the government that is similar -- KS has KDADS - KS Dept of Aging and Disability Services -- they have lists of all licensed adult care homes in the state -- OK likely has something like that - find the list and make a call.