158: Massive Cash Flow From Assisted Living Homes with Gene Guarino
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 27 June 2018
⏱️ 54 minutes
🧾️ Download transcript
Summary
#158: Generate $5,000 to $15,000 monthly cash flow from one single-family home converted into an Assisted Living Home (ALH).
The demographic trend is your friend. Every year 1.4 million Americans are turning age 85.
To invest in ALHs, begin with the property's location.
We discuss exact numbers on how a Profit & Loss Statement differs from that of residential cash-flowing turnkey property.
You optimize income by attracting "Private Pay" residents, not Medicare/Medicaid residents. We discuss how.
We discuss how an ALH Manager's role differs from that of a residential Property Manager. We discuss.
Risks and licensing requirements might not be onerous, yet they're barriers of entry to others.
Financing options are quite favorable if you want to begin an ALH.
Gene Guarino, Founder of the Residential Assisted Living Academy, is our guest today. As a gift, he offers us a FREE 6-Part Residential Assisted Living Training.
Gene has also founded the upcoming Residential Assisted Living National Convention. The inaugural annual event takes place Nov. 10-11 in Scottdale, AZ.
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Listen to this week's show and learn:
01:33 Negotiation.
02:56 Scarcity vs. abundance.
06:10 No paycheck can buy yesterday.
07:27 Gene Guarino interview begins.
10:10 Don't move Mom into a hotel, but rather a small Assisted Living Home (ALH).
11:05 Location.
16:13 Options: You could own the real estate and lease the ALH business to others, the "Golden Girls" model.
18:36 Retrofitting a home for seniors. What physical amenities are needed?
20:54 Zoning and HOAs.
22:01 Monthly Profit & Loss Statement.
26:52 How to attract the more lucrative "Private Pay" residents.
31:06 What does an ALH Manager do?
32:47 Gene & his wife spend 5-10 hours / week.
34:48 Risks, licensing, documentation.
37:59 Financing options.
41:02 Professional vs. casual approaches to investing.
42:28 Getting the first resident in your ALH.
45:05 ROI = Return On Involvement.
47:44 Gene offers you a gift: FREE 6-Part Residential Assisted Living Training.
48:20 Gene founded the upcoming Residential Assisted Living National Convention in Scottsdale, AZ on November 10th and 11th.
Resources Mentioned:
FREE 6-Part Residential Assisted Living Training
Residential Assisted Living National Convention : ralnatcon.com
Transcript
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| 0:00.0 | Get Rich Education is brought to you by Ridge Lending Group, Mid-South Homebuyers, and G-R-E-Turnkey.com. |
| 0:11.0 | Welcome to Get Rich Education with Keith Weinhold, giving you information and ideas on the investment that has turned more ordinary people into millionaires and |
| 0:22.3 | billionaires than anything else and can provide you with more wealth and happiness than you |
| 0:27.8 | ever thought possible. Now, here's your host, investor, entrepreneur, business owner, and educator, |
| 0:36.2 | Keith Weinhold. |
| 0:40.5 | Hi, and welcome to GRE, Get Rich Education episode 158. |
| 0:44.8 | I'm your host Keith Weinhold. |
| 0:46.2 | Today we're talking about how you can make a single family rental home produce |
| 0:50.5 | $36,000 worth of gross monthly income resulting in $10,000 worth of gross monthly income, resulting in $10,000 worth of monthly cash flow for yourself. |
| 1:00.5 | Well, it entails some more work and training on your part compared to turnkey real estate investing, |
| 1:05.7 | but it might just be worth considering because it could get you to financial freedom faster. |
| 1:12.3 | The answer is with one single family home converted into a small residential assisted living home for seniors, |
| 1:18.1 | and it's more accessible to everyday people than you might think. That's what we're going to |
| 1:22.9 | discuss in a bit today. Down the road on an upcoming show, we're going to talk about negotiation, negotiation |
| 1:30.1 | in both real estate and really just in your overall life as well. I'm going to give you some of my |
| 1:35.3 | best negotiation techniques. Here's one of them, for example. When you're negotiating with, say, |
| 1:41.5 | a plumber before he does some work for you, let's say that he throws out a final |
| 1:47.0 | price that you both agree on, 500 bucks or whatever. Instead of you saying, I agree with that price, |
| 1:53.2 | we have a deal. Instead, try saying, I agree with that price if you can start first thing tomorrow |
| 1:59.3 | morning. Well, then maybe the plumber will come back to you |
| 2:01.9 | with, I can't start tomorrow. How about the following day? Well, then your response could be, |
| 2:07.4 | that works, but you'll need to finish in two days instead of three. So as long as he counters your |
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