All Forum Posts by: Katie Fairchild

Almaz  Hayet, what state are you in where you are interest to the rules and regulations and policies and procedures?

William Yeh, and Kevin Carbon.  I own and operate a senior care home in Huntsville Alabama.  We only take two in at a time.  It is a rough business, but started this in 2009, and really had to jump over hurdles, rough spots, etc.  And you are right, it is a service type business.  If either of you guys need any help, let me know.  Katie

I own a Residential Home for seniors in Huntsville, Al. We only care for two seniors at a time, as I did not want to run a larger Assisted Living facility and wanted to give them individual time.  And spoil them rotten, which i have done.  If you need help with links on doing this, I have plenty.  You might also want to look into the Eden Homes, which will help you funding. Katie 

Different States decide what a Residential Care Homes are. In Alabama, a Residential Care Home, or Family Assisted Living Home is where you care for 3 seniors. Anything about that is a group home to up to 16 seniors.  Congregated is 17 or more.  It is my understanding that the laws with that are also about to change on how many one can care for under a Residential Care Home.   Please visit my website of Safe Haven Senior Family Home, which is in Alabama, and email me if more information is needed on links to different States and what their guidelines, rules and Regulations are, and I will try to respond with help

Hi Rodney, I also own a Residential Care Home in Huntsville.  Good to see someone Bigger Pockets with same interest.  Katie

http://www.safehavenseniorfamilyhome.com/

Oh, and yes I am buying the home in my own name and not the business name. I plan to run Safe Haven for 10 years, and then stop. Hopefully the home will be paid off in 10 years as the payments are only$600.00 now, but I pay $900 a month to get it paid off faster.

I have been in the home for 4 years now, and actually am on a Seller Finance agreement at 6% interest. The homeowners insurance is in my name, etc. The house is valued close to $185,000 and I am just basically buying the home of what is left on the loan of $140,000. I was hoping the CU could do a better deal with the interest. I guess I was a little shocked that so much would need to be put down and thanks for all the information, as I had no idea. I guess my best bet is to stay in the seller agreement on the home. Thank you guys for helping me out.

The house is a Residential Home. The neighborhood is zoned residential, but I did get a business variance zone for the home. Will be taking in 1 to 3 residents. Right now I just have one in the home. This is not commercial property but just a really nice home. 3900 square feet.

It has been a LONG time since on BP. When first on here, it was in a desperate measure to find funding for opening my home to seniors and concerns my business caring for them would fail. Things turned out well with constant pressure of my own to make things work. They finally did. My question now, is if you make your income from housing others in your home, across the board when it comes from lenders? Copy and paste is below. Is it better that I just stay with seller finance?

It has been well over a year since I have been on this site, yet I keep up with it on FB, etc. When I first came to BP, it was because I needed help on possible financing for my business Safe Haven Senior Family Home. In 2009 and 2010, I was in a battle with the City Of Huntsville, Al zoning to open up a residential home for senior care, and my variance was denied due to neighborhood resistance. I sued the city. During that time, the HOA sued me as well for breaking covenants for trying to start a business to care for seniors and creating a business in their neighborhood. Long story short, I stuck to my guns and won both cases, and also set precedence in Huntsville that this will not happen again to others that want to help the elder community in housing them. Also precedence was set that neighborhood HOA's cannot interer with covenants when it comes to this.

Now, with winning both cases, the business is doing really well, I am wanting to buy the home, at a HUGE discount. I contacted my credit union on this, and the reply is below. What I REALLY need to know, is if this is across the board for all lenders on this concerning income of housing individuals in a home? I am not certain that I have this subject in the right place, so any comments to place it elsewhere will be appreciated. Thank you in advance. Any links concerning this would also be appreciated.

Katie Fairchild

Mrs. Fairchild,

Since you do receive income from housing individuals in your home, the best we could quote you on a rate, but not guaranty is 5% either on a 12/yr Fixed, or 5/yr Balloon, 20/yr Amortization. The Loan-to-Value cannot exceed 80%. So to get $150,000 the house would need to appraise for $191,000-$192,000.

Hi Diane,

I am sorry, I did not mean to come across so strong. I am still a newbie, and trust me, once I learn the personalities of members here, I will be able to tell when it is a joke. The :wink: that you gave, should have given me a clue. LOL

I have read several of things that you have posted, and even followed you and we became colleagues as well, and I am glad. Anyway, I am so glad that this tread did get a great deal of responses, and that it did inspire new comments on the welcome forum.

Sorry I did not get the joke right away, as it was a good one. Even sites like this can use jokes. In a sales meeting I was in years and years ago, I still remember this joke.

A survey was being done on positive and negative reactions concerning children. They placed several kids in a room alone with a TV, books, games and toys for 8 hours. When they brought each child out, all the kids complained about being in the room with much to do. When they asked why they complained, comments from the kids were statements such as "The books were boring, nothing was on TV I wanted to watch, the games sucked, I did not like the toys, etc."

The people who did the survey were shocked, as they had tried to find and place all things in the room for kids, expecting a positive reaction. Due to this, and trying to figure out psychology of kids, they decided to try something new, and radical. They placed a child in a room with nothing but a large pile of livestock manure. About 2 hours later, they checked on the child, and the little boy was throwing manure everywhere, and with glee.

Shocked, they asked him why he was throwing all the manure around. His response was "I think there is a pony under this pile, and I want a pony." LOL

Not word for word of how the joke went, but it really was a great joke. LOL