Nightmare Deals | Assisted Living Facility From Hell - Episode 20
The David Greene Show
David Greene
5 • 653 Ratings
🗓️ 19 November 2024
⏱️ 40 minutes
🧾️ Download transcript
Summary
Another nightmare deal you have to hear about! What was supposed to be “passive income” through a triple net assisted living facility turned into anything but as Keith Filarsky bought two properties with seller financing and attempted to lease them out to businesses providing health care to the residents. Things quickly turned south when his tenant lost their license, stole money, and disappeared into the night-leaving keith with expensive vacancy and no way to find a new tenant quickly enough to provide health care for the residents. What was supposed to be a turnkey deal has turned into a six figure bleeding mess of a nightmare as one year later Keith is still trying to get himself licensed and new staff in place to run these properties he bought and can’t get rented. If you’ve ever heard about alternative investing strategies like assisted living facilities and want to know what happens when you turn the rock over, you won’t want to miss today’s show.
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Transcript
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| 0:00.0 | Welcome to Real Talk Real Estate, the show where we cover how to build wealth in real estate with no fluff, no BS, and no sales pitches. |
| 0:07.0 | I'm David Green, and I've been doing this for over 10 years. I've seen the ups, the downs, and everything in between. |
| 0:13.0 | This is the show where we pull back the curtain and show it to you too. |
| 0:16.0 | So if you want to build wealth through real estate or you just love learning about it you found your home welcome to the |
| 0:27.1 | david green show real talk real estate we are continuing in our nightmare series of deals gone wrong today |
| 0:33.9 | i'm joined by keith fowlarski He's going to share with us how the assisted living |
| 0:38.4 | strategy that so many people talk about to try to make cash flow where there was none is not |
| 0:43.3 | always a guarantee that it will go well. We're going to talk about how his deal went poorly |
| 0:47.7 | and most importantly, how you can recognize the same signs and red flags and avoid falling |
| 0:53.4 | into that situation yourself. |
| 0:55.5 | Keith also just woke up not too long ago. |
| 0:58.4 | He's taking some time out of his sleep schedules to record with us. |
| 1:01.7 | So make sure that you reach out to Keith at the end of the show and thank him for his time. |
| 1:05.4 | How's it going, Keith? |
| 1:06.1 | Good. |
| 1:06.7 | Pretty good. |
| 1:07.2 | Excited to be here. |
| 1:08.3 | Drink a coffee, waking up. |
| 1:09.6 | Glad to hear it, man. |
| 1:10.6 | Keep chugging that thing down. I'll talk a lot, so you'll get plenty of |
| 1:13.0 | opportunities to take some. I'm probably the worst interviewer in the business because I can't |
| 1:17.8 | help but want to jump in and elaborate and add color to these great stories that we hear. |
... |
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