Recently, Gene took the opportunity to sit down with Sendhil Krishnan, one of our star students, to discuss how he got involved with residential assisted living and the progress he is making with his RAL business. Sendhil is a full-time physician in California with a thriving medical practice and a very busy schedule. He was looking to find a different way to invest his finances, something other than the usual stock market strategies that most doctors and medical professionals usually tie their money into.
Even though his medical practice keeps him extremely busy, he had spent a significant portion of his free time over the past few years researching options for financial independence. He came across the idea of residential assisted living as a means to invest, not only in his financial future, but also as a way to invest in the lives of others, specifically the aging population in America.
He discovered the training that Gene has developed at the RAL Academy and was excited to jump in with both feet. Unfortunately, due to his busy schedule he was not able to attend the Academy’s 3-Day FAST TRACK training course, so he opted to go through the Home Study Course, and found it extremely convenient to work around his schedule and other commitments.
Upon completing the online course, Sendhil spend time doing his due diligence, running the numbers and researching opportunities around him to invest in his first residential assisted living home. He purchased a five-bedroom, four-bathroom house and quickly got to work on renovations. He converted a two-car garage and an RV garage into usable living bedroom space and after months of renovation, he had 10-bedroom, 10 and ½ bathroom house retrofitted to code and designed to accommodate 10 residents for assisted living.
Sendhil explained to Gene that he had just completed his survey from the Department of Health and other than one small issue with a hot water heater, he passed with flying colors. And once he fixes this minor deficiency, he will be ready to get his RAL home filled with residents and start providing the highest quality of care for seniors.
Gene inquired about his experience with the home study course and what he found helpful. Sendhil described the course as being immensely beneficial for his progress in creating and building his RAL business, citing that “My goal is every year to do the home study course, just as a reminder for me. Because there’s just so much little tidbits of gold information in there, which, if you’re just starting out is not necessarily going to be pertinent but after year in the process once you open (your RAL home) you go back…they now become relevant to you, where before you just glossed over.”
He went on to say, “I think it’s important to educate and reeducate yourself even if you have a house or two or three, because I think you can always learn something, and I’m sure that the home study course process will be continually updated (with new information) as well.” This education and reeducation is critical when dealing with such an immense amount of detailed information.
“I wish I’d paid more attention.”
Sendhil echoes the sentiment of many of our Academy students who go through the course and then find they want to go through it again due to the vast wealth of knowledge and detail it contains. Because residential assisted living closely intertwines the worlds of real estate, financial and investment practices, medical services, and adherence to regional building codes and medical regulations, there is just too much information for one person to research and learn on their own.
This is why Gene has spent years and years compiling all of this important information and soliciting the help of industry professionals to develop a system that can take the average entrepreneur through the training necessary to equip them to be able to open and run their own successful residential assisted living homes. As with any new business and investment venture, when you are first starting out, some of the information might not appear as pertinent and it might be easy to skim through some of the details. But when you start developing your own RAL business, obtaining the real estate, renovating the space, meeting standards for building and RAL operational codes, you begin to realize just how important all of that detailed information is. By using the professional experience and methods of others who have gone before and found a better way to achieve the results, you can end up saving yourself months of time and tens of thousands of dollars.
Speaking to his reason for wanting to get involved with residential assisted living, Sendhil explained, “I never wanted to really think of medicine as my job, where I make my living.” Looking for alternatives to creating income so he is freed up to exercise his passion for his medical practice, it only makes sense that he turned to residential assisted living. “It’s very difficult to have a job as a doctor. I want to practice as a physician on my own terms and it’s very difficult to have that freedom without financial stability or some income on the side that can replace the need for you to have a job.”
Recognition of this alternate way to approach work or an occupation is something that all of us can glean from. The difference is the paradigm of working for a living as opposed to securing an investment that creates the means for your life and frees you up to be able to do what you are passionate about without having to depend on it as an income. I bet most of us, if given the choice, would choose the option that frees us to spend most of our time pursuing the things that fuel our passion.
For Sendhil, residential assisted living falls naturally into his current career. As a cardiologist, most of his patients are older people, 60s on up, and he sees a lot of people in nursing homes and assisted living. “Until recently it just never occurred to me that I could be a part of part of that, take care of them and give them a home and outside of my medical practice.”
Medical professionals definitely have a leg up in the residential assisted living industry because their expertise grants them a certain level of esteem and confidence from the community in their ability to own and operate a RAL home with high standards set on the health and wellness of the residence. When it comes time to market a home to prospective residents and their families it goes a long way to know that the individual in charge of running the home and training the staff is a medical professional. So if you, or someone you know has experience in the medical industry, it would be well worth your time considering the many opportunities in the residential assisted living industry. Take it from Sendhil, “I took Gene’s course, I had a good experience and I think wherever you are you can do this too.”
“If you are new to RAL you really have to learn the ins and outs and you really have to crunch the numbers beforehand (remember you are going to have to hire caregivers and an RAL administrator and payroll is going to be the biggest expense). You also need to objectively screen your properties and think about it in terms of your clients, which by the way, are not the elderly residents you place, but rather their children who will be screening your homes for their parents. Ask yourself ‘Is This the place I would place my mom or dad in?’ Are your homes accessible for elderly? If not, you will have to go through a checklist to make accessible.”
“One of the things you will learn from Gene’s course is that economies of scale really make a difference, so maximizing the number of beds, and the number of homes you own, will really allow you to have the most bang for your buck.”
The bottom line…there is tremendous opportunity in this amazing and rewarding industry. So do yourself a favor and explore what opportunities are waiting for you. All you have to do is take the next step.
“People sit on the sidelines for years, should I do it or should I not, just do it.”
We are so excited about Sendhil ‘s start in this awesome industry and we look forward to watching the growth of his RAL business over the next few years. We would love to help you do the same. Whether you choose to attend one of our essential 3-Day FAST TRACK training events or you delve into the training material at your own pace with our Home Study Course, we want to help you take control of your financial future and teach you how to build a successful RAL business that can free you up to pursue your passion