Some real estate investors are doing just fine making money in the business of rental properties, but they could be missing out on an opportunity of a lifetime. Complacency has the ability to keep some people from maximizing their potential. Indiana couple, Ed and Janelle, were looking for an investment opportunity more substantial than the rental properties they already owned. He spent much of his professional career in the rental housing market, and he had no plans on venturing into the residential assisted living market. Three years ago, as the owner of 20 rental properties, Ed found himself at a landlord conference in Cleveland, Ohio. During the conference, Gene Guarino spoke about the financial opportunity in residential assisted living. Ed quickly learned how he could make the same amount of money with one single-family home as he was making with 20 rentals. This reality sparked his attention and eagerness to learn more.
What Is Your Big Why?
The most successful people are driven by the reason “why” they do what they do. The idea of making that kind of profit while providing a much-needed service for seniors is an opportunity he didn’t want to miss.
Janelle was working as a nurse. As a result, she was immediately captivated by the “do good and do well” aspiration achieved by residential assisted living. Working amongst the elderly population for years allowed her to see firsthand how their community could benefit from such a business.
Also, her grandmother was in a nursing home – an environment that left her feeling uncomfortable. She wanted to transition her to a retirement community that was more home-like. Suddenly, along came residential assisted living. “It was meant to be,” Janelle said.
Couples Building Successful RAL Business
One of the great things about Ed and Janelle’s story is how they complement each other. They each bring a specific skill set to the leadership and management of their RAL business. Janelle focuses on hiring, training and equipping qualified care staff, while Ed deals with the zoning, licensing, construction and the financial aspects of the business. Being able to have different ideas and coming together for the common good is what any RAL business needs. There are so many dimensions to starting, building and operating a residential assisted living home. As a result, it helps to have a second perspective on how to navigate obstacles that arise.
Ed did his homework:
- Contact zoning boards of neighboring towns prior to building his RAL home
- Make some trial run phone calls to verify requirements in neighboring areas before contacting the officials in his area
- Practice interacting with city officials and learn how to communicate in their terms
- Get a feel of what responses will be in your community
Additionally, it is also important to shop around for financing and banks – don’t just settle. There will be some investors who simply don’t have the appetite for residential assisted living. This is primarily because they don’t know enough about the business or the profit margins. Ed and Janelle found the right lender for their 16 bedroom RAL home that will soon be open and providing quality care for seniors in an underserved market. They are projected to earn a conservative estimate of $20,000 a month, based on this one home project alone. “Although our investment experts predict that it will be much more profitable than that,” they said. Ultimately, this is what drove Ed and Janelle to make the switch from single-family rentals to residential assisted living. It was a choice between managing 20 rentals with high-impact tenants vs. managing one RAL home that provides an amazing service for seniors. “We may be slightly biased,” Ed said. “But we agree that the choice is simple.”
Start Working On Your Future Today
Ed and Janelle did not allow complacency to hold them back. After attending the 3-day fast track training at Residential Assisted Living Academy, they moved ahead with their vision. “One of the main take-aways was getting to (virtually) tour Gene’s RAL homes and see them in action,” Ed said. 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.