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13 March 2024 | 5 replies
The market can be vast and starting out with a thirst for knowledge is definitely the right approach.
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13 March 2024 | 12 replies
@Rob Titus - definitely not necessary to hire any contractors as employees until you have a TON of properties.1.
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13 March 2024 | 4 replies
Also definitely start building connections in your community, meetings etc.
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13 March 2024 | 7 replies
Quote from @Thomas Santella: It would help if you shared details about the property and not just the report sheet I would definitely sahre.
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13 March 2024 | 6 replies
You are definitely on the right track looking to build your team and find a mentor.
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12 March 2024 | 1 reply
Pros:Stable Income: These facilities often sign longer leases, providing landlords with a more stable and predictable income compared to traditional residential rentals.Higher Rent Potential: Because these facilities generate income through the services they provide, landlords might negotiate a higher rent than standard residential properties, reflecting the commercial nature of the tenant's business.Lower Tenant Turnover: Residential assisted living facilities tend to have lower turnover rates, reducing the frequency of vacancies and the costs associated with finding new tenants.Social Contribution: By renting such facilities, landlords contribute to addressing the growing demand for assisted living and support services, positively impacting their community.Property Maintenance: Tenants in this sector often maintain the property well to comply with regulations and ensure a comfortable living environment for their clients, potentially reducing wear and tear.Cons:Regulatory and Compliance Issues: Facilities must adhere to strict regulatory and compliance standards, which can involve the landlord in complex legal and zoning issues.Higher Insurance Costs: The nature of the business might require additional insurance coverage, potentially increasing costs for landlords if they are responsible for carrying this insurance.Modifications and Upgrades: Meeting the specific needs of an assisted living facility may require significant property modifications and upgrades, which can be costly.Market Limitations: Should the lease end or the facility close, the specialized modifications made to the property might limit the market for future tenants, potentially requiring substantial investment to revert the property for standard residential use.Operational Oversight: Landlords might need to monitor the facility's operations more closely to ensure compliance with lease terms and local regulations, requiring more hands-on involvement than traditional rentals.
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13 March 2024 | 4 replies
The second strategy is to buy class-A areas with good schools, but they cost around $450k or above, it's definitely out of my planned budget.
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13 March 2024 | 17 replies
It's not like the legal system looks at the LLC and says, shoot we don't know who the owner is, and the case is dropped.
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12 March 2024 | 36 replies
@Brian HunsakerNo, legal entities won't help.