All Forum Posts by: Xavier Toefield

I put together a list(some of it is incomplete) of some items I am filling out and considering for those interested:

Things to look for in RAL:

• Things to look into:
  • how to become a texas provider
  • App/software to see in each residences room for the family; during certain hours
  • Look into workmans comp insurance
  • If you will be constructing or remodeling the home, you must submit plans to the Department of Aging & Disability Services(DADS) for approval before beginning
  • Local planning and zoning office
  • Assisted living facilities are regulated under Health and Safety Code, Chapter 247 and Texas Administrative Code (TAC), Title 26, Part I, Chapter 553.
    • chapter 247
    • chapter 553
• Texas regulation
• Links
  • starting tips
• Price:
  • What’s the average price in my area for RAL?
    • ATX-$5,671 as of 2023
• Location:
  • Easy to get to
  • Ideal near churches/schools/close to families
  • Metrics for how many senior are in area
  • Look up to see senior safety and numbers/quality of life in round rock
  • Some key things for senior to do in the area
• Property:
  • Clean and inviting
  • Physical spaces(public/private areas)
  • Kitchen(services offered,dining space)
  • Amenities and activities for the home
• Staffing:
  • Hands off; oversee and manage the manager approach
  • Hire staff to be hands off from day to day operations
  • Hire licensed admin duties:
    • hire/fire/train staff
    • Tours of facility
    • Weekly meetings with me to go over business
  • Caregivers
  • Chef
• Activities:
  • Social interaction
  • Mind:
    • Audiobooks
    • Board games
    • Music
  • Body:
    • Yoga
    • Water aerobics
    • Low resistance band training
  • Investing in activities to keep them vital, active, happy, and healthy
• Food:
  • Number 1 or 2 most important activity in the home
  • National average per person per day is $7-$10/day
  • Have a chef
  • Made to order breakfast, set lunch(few options), and quality made dinner options
  • Chef adds the luxury feature for residents improving quality of health
  • Great selling point for the family
  • Can have option for family dinners once a week(optional upsale)
    • Reserved dining time
    • First come first served time slots
    • 60 minute reservation times max
    • Once a week only
• Facilities:
  • garden care facility-Denver
  • Hampton senior living-round rock(closed)
  • sundara living-round rock
• Business plan key details:
  • Business & Operational plans
  • Types of clients i’ll be serving
  • Level of supervision & assistance business will provide
  • Level of care/home setup for ADL home will provide
  • How business will manage day-to-day the personnel, clients,and business activities
  • Daily schedules, structured activity programs and emergency policies
  • Financial assessment of your current assets, fee structures and accepted payment methods

Richard-will do! thanks!

Rabya-DM'd

Al-Will do! DM coming

Bruce-A wealth of a post; thank you very much for the perspective and response here. That does seem very odd to have such a low margin. I wonder if granular location of these paid a factor. 

Hello all,

I am in a situation where I have a duplex(both units 3/2 w/1-car garage at 400 sqft. each) in Round Rock,TX. I have been interested in RAL and its benefits as an investor but also as someone that has family members affected by terrible care. I've done the research on this via RAL academy info(free/basic info; i am attending a conference eventually prior to setting up facility), podcasts, webinars, data from genworth and other neighboring facility. My questions are:

-Anyone recently attended the RAL academy courses at all? experiences?

-Advice/thoughts on converting property vs. buying an existing larger home and work on the compliance?

-Any operators can speak to their experiences in Texas? nationally?

For Hurst Lending, their 2nd lien investment property offerings are 6-month balloon FYI.

wins/frustrations, questions, etc?

Feel like these are good topics. I would like to discuss folks' deals as well if someone is comfortable. I do not mind sharing mines either. Even help me with practice on shortening up the details of it ha. some other topics would be areas of interest, market discussions, etc...

I'm in the north austin area and don't mind driving to convenient areas in case everyone is south. Can't wait to met some locals in this space.

I am open to meeting and am in Austin. Is there one this month?

The toughest things for me are:

- What to use and how to determine appropriate comps for homes sold in surrounding areas

- Not being "stuck" because I don't have enough for the rehab budget. This is the biggest one as i only have a fixed amount of money for the rehab and would hate to get quoted at 20K then further investigations after purchase/rehab project and now it's 30K. 

I don't think the 401K loan hits your credit report either. I am gearing up for something like this, but only want one "loan payment" so i'm getting creative.

Nice stuff here. @James Gates what did you use to get good comps in the area? this is an important part of the calculation in a BRRRR deal to me. Zillow or a paid program/software?

Navigate to start using the calculator again as if you were going to run another one. next to that there's a view past reports and it will take you there. or simply put navigate to the URL "biggerpockets.com/buy-and-hold-calculator/results". hope this helps.