There are so many people looking for the right investment opportunity to gain financial freedom and build a legacy to leave for their children. Brad and Angie had been investing in real estate since 2005. For 15 years, they invested in rental properties, construction and spec homes, and property development. Upon hearing about the opportunity in residential assisted living, they jumped on board. “We needed this. Our community needed this. We needed this for our family,” they agreed. They both recognized how it fell in line with what they were already pursuing. Residential assisted living was a perfect fit based on their existing skills and passions. Brad dealt with the construction and zoning elements, while Angie took care of the business and management aspects of RAL operations.
How Significant Is The Ral Industry Learning Curve?
Unfazed by the learning curve in this new market, they knew they could accomplish what they set out to do. They initially viewed residential assisted living as an extension of their rental business. They understood from the beginning that residential assisted living is the combination of real estate investment and quality senior care. In a way, this new venture can be seen as an expansion of their rental market, only to a new senior market with an emphasis on caregiving.
Challenges To Starting An Residential Assisted Living Home
One of the biggest obstacles they overcame was securing the right investors, bankers and appraisers. Residential assisted living is foreign territory for many investors and lenders. As a result, owners and operators must do their homework in order to understand how to pitch their projects to people in various markets.
Students who attend the 3-day fast track training at Residential Assisted Living Academy learn step-by-step how to accomplish the goal of gaining investor interest. However, the initial learning curve of how to deal with investors and lenders can be challenging for those without prior experience. Conveying foreign concepts and preparing a solid business proposal are also challenging components.
Angie says one of her biggest challenges was centered around employees and staffing. “But we always have to keep in mind why we’re doing this,” she said. “We’re wanting to provide the best quality care for seniors and give them the best experience they can get.” Everything she learned about residential assisted living goes back to the starting block of quality senior care.
Some Benefits Of Professional Ral Training
According to Brad, one of the most important elements that got them to where they are in their RAL business is the support system. RAL Academy instructors and support staff provide ongoing help. “They’ve been there and done that,” he said. “Although the support didn’t take care of every problem.” They had to address issues specific to their state. RAL Academy gave them the blueprint needed to move forward. They were always able to pick up the phone at any time and ask questions.
“This was a major plus,” Brad said. “We wanted to hit the ground running. The help with getting the business plan done, having professionals forms, and guidelines was huge – we really couldn’t put a value on that.” They attended the three day fast track September 2016. Afterward, they consulted with contractors and architects to break ground in 2017. They had the first building up and operational in April of 2018, and their second RAL project is currently under construction.
Ral Academy Success Stories
Their first residential assisted living home is licensed for 16 residents – the rates averaged around $6,400 per person, per month. Currently, their average rates have increased to about $6,900 monthly. “Once they understand what they get and the value that we can bring, it makes a huge difference,” Brad said. The couple is looking to eventually expand to a minimum of 4-5 properties. The need for residential assisted living is great in the state of Kansas. Start working on your future today. Join the Residential Assisted Living Academy and Gene Guarino will show you how to immediately start building your RAL business.
You Will Discover Exactly How To:
- Find the best real estate locations for the best opportunities in RAL in your area
- Determine if your current property is a good fit for a RAL
- Attract the highest paying clients/residents
- Select properties that will be suitable for a RAL
- Attract the right investors and partners for RAL success
- Find the right team to make your life easier and your business more successful
Gain access to the well-developed step-by-step training process, by clicking here to START YOUR JOURNEY, OWN YOUR FUTURE. Your registration will give you access to the shared knowledge of RAL expert Gene Guarino and enable you to review the Questions and Answers of other students. You don’t have to start from the ground up. Gene Guarino and the Residential Assisted Living Academy team have laid the groundwork — all you have to do is follow the successful game plan. Gene Guarino literally wrote the book on how to start a residential assisted living business, Blueprint.Now, you can start off where he ended up after years of hard work developing the Residential Assisted Living Business Accelerator.