Assisted Living Investing Brett Chotkevys

In this episode, I discuss choosing the location for your Assisted Living. Whether you're operating a Residential Assisted Living (RAL) or a larger facility, one of the most crucial aspects of a successful Assisted Living is its location. It's essential to see if there's a viable market for your Assisted Living in the desired area before proceeding with construction. However, I often hear people express reluctance to select a location near competitors. I believe that, particularly for my niche in End-of-life care, it can actually be beneficial to be situated near other Assisted Living facilities.
My focus is on End-of-life care, and I prefer to be close to independent living and other Assisted Living facilities because there's a high likelihood that residents from these places will eventually transition to my Memory Care Mansion. I refer to this as the "Big Box Funnel" - residents start at the top of the funnel and gradually require more specialized care as they age, potentially leading them to my memory care mansion. Being situated near competitors can thus be advantageous. It allows us to provide more personalized and intensive care to families at a similar price point since we're a Luxury 16-bed mansion located next to a larger facility, providing comparable care and amenities.
In summary, this episode aims to underscore essential considerations to ponder before finalizing the location for your Assisted Living facility.
#Investing #RealEstate #AssistedLivingInvesting


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Check out some FREE Resources HERE: https://www.PALM.University

Assisted living investing, Residential Assisted Living, small facilities, passive income, myth debunking, challenges, limitations, active involvement, owner-operators, staffing, emergencies, quality care, scalable business model, 16-bed luxury memory care mansion, informed decisions, behind-the-scenes insights, thriving niche, One and Done, Financial Freedom, Active Income, Making a Difference, Long-Term Exit Strategy, Real Estate, Retirement Planning, Memory Care Mansion, Investment Opportunities.
Intro Music by Alex_Kizenkov via Pixabay

​​In this episode of Assisted Living Investing, I talk about the team you should assemble in order to make your Assisted Living business possible. I’ve heard multiple people in this industry say they don’t want a partner because they want to own 100% of the business. I’m here to tell you that train of thought is flawed. Having a team makes pursuing larger deals possible, and I will always encourage you to aim for bigger deals. It is better to own 30% of a larger deal than 100% of a small RAL where you barely break even every month and work 60-80 hours a week. So, who are the three members of your team you should have?
First, I want to say that you don’t have to have three members. You could fit into more than one of these avatar descriptions. To start, the most important person is the real estate avatar. This person is the one putting the deal together. From finding the location to raising the funds to building your home, they are the ones who will have the most work upfront. If you are this person, then you don’t have to have experience in the other two sides that we will be talking about. On the other hand, if you aren't this person, then you can just find someone who is to partner with!
Next, we have the nurse avatar. These are the people whose passion is the day-to-day side of Assisted Living. They love working with the grandmas, caring for them, and attending to their needs. Now, this avatar isn’t entirely necessary. For example, we didn't have this partner when we started despite having no experience in running the operations of an Assisted Living facility. Instead of partnering with someone, we hired someone to help. We had a manager teach and train us how to handle ADLs and other operational tasks. So, if you are looking for this person for your team, you have a lot of options.
Finally, we have the money avatar. These people will provide the funds for your take-down loans and other capital needs you will require. These types of people are abundant. There are many investors out there who want to invest in your business and not necessarily be hands-on or involved in the day-to-day operations. It is important to know that when partnering with this avatar, you don’t have to give them equity in your business. Watch this episode to learn more about who these avatars are and learn how you can structure your deal as a win-win. 
#Investing #RealEstate #AssistedLivingInvesting
Follow me:
Facebook: https://www.facebook.com/brett.chotkevys
Youtube: https://www.youtube.com/@Brettchotkevys1
Check out some FREE Resources HERE: https://www.PALM.University

Assisted living investing, Residential Assisted Living, small facilities, passive income, myth debunking, challenges, limitations, active involvement, owner-operators, staffing, emergencies, quality care, scalable business model, 16-bed luxury memory care mansion, informed decisions, behind-the-scenes insights, thriving niche, One and Done, Financial Freedom, Active Income, Making a Difference, Long-Term Exit Strategy, Real Estate, Retirement Planning, Memory Care Mansion, Investment Opportunities.
Intro Music by Alex_Kizenkov via Pixabay

In this episode, we break down what makes an Assisted Living business successful. This allows me to pay more than the industry standard to my caregivers, make $40,000 a month, and only work a few hours a week. This is because of my Three P’s. In this episode, I talk about the Product, Process, and People that go into an Assisted Living and how these three things have helped me create the best Assisted Living business possible.

First, it all comes down to the Product. My product is a luxury assisted living mansion. We have all the care and amenities that you can get in a large smelly facility while only being 16 beds. Not only does this appeal to the family because they want their loved ones to be in a small, cozy home, but also our product helps us keep the best staff due to it being purpose-built, making their jobs easier. The next P is process. Laura and I have created multiple plug-in-play systems that keep our business operational. Because of these systems, we only have to work a few hours a week. We get new caregivers, they easily are able to be plugged into the system and know what’s going on. The final P is people, making sure you have great staff and people in your home, keeping it afloat. Watch this episode to learn more about the Three P’s and the best way to start your own Assisted Living.


Follow me:
Facebook: https://www.facebook.com/brett.chotkevys
Youtube: https://www.youtube.com/@Brettchotkevys1
Check out some FREE Resources HERE: https://www.PALM.University

Assisted living investing, Residential Assisted Living, small facilities, passive income, myth debunking, challenges, limitations, active involvement, owner-operators, staffing, emergencies, quality care, scalable business model, 16-bed luxury memory care mansion, informed decisions, behind-the-scenes insights, thriving niche, One and Done, Financial Freedom, Active Income, Making a Difference, Long-Term Exit Strategy, Real Estate, Retirement Planning, Memory Care Mansion, Investment Opportunities.
Intro Music by Alex_Kizenkov via Pixabay

In this episode, I break down converting your home into an Assisted Living. This is something I’m sure we’ve all heard about before, people converting their garage into a bedroom and having a 6-bed Residential Assisted Living. However, I don’t think the small RAL really works anymore. You can’t have a ton of profit running a small RAL, you will be a slave to your business. That is why I prefer a larger deal, like a 16-bed Luxury Assisted Living Mansion. In this episode, I talk about the pros, cons, and some action steps you can take to convert your home into a memory care mansion.
There are certainly a lot of pros when it comes to converting a house. Generally, it costs less than a New Construction and can be faster. It can also be easier to raise the funds because the home is already an existing property, you can use this as collateral for loans. However, The pros aren’t that much better than the alternative. For example, sure it may cost less generally, but there are so many unknown factors to remodeling or adding a home addition that the cost may be similar to a New Construction. You could spend a lot of money having to change support beams and foundation issues. The same goes for time, it could take longer due to issues with the house. Watch the rest of this episode to learn more pros and cons of converting your home into a memory care mansion.




Follow me:
Facebook: https://www.facebook.com/brett.chotkevys
Youtube: https://www.youtube.com/@Brettchotkevys1
Check out some FREE Resources HERE: https://www.PALM.University

Assisted living investing, Residential Assisted Living, small facilities, passive income, myth debunking, challenges, limitations, active involvement, owner-operators, staffing, emergencies, quality care, scalable business model, 16-bed luxury memory care mansion, informed decisions, behind-the-scenes insights, thriving niche, One and Done, Financial Freedom, Active Income, Making a Difference, Long-Term Exit Strategy, Real Estate, Retirement Planning, Memory Care Mansion, Investment Opportunities.
Intro Music by Alex_Kizenkov via Pixabay

In this episode of Assisted Living Investing, I talk about securing a substantial loan for my Assisted Living Memory Care Mansion. Raising capital is something I am both very experienced in and passionate about. I break down the largest loan he has ever taken, which required me to sign 1,800 page loan docs!
I discussed the three loans he acquired for his Memory Care Mansion Neighborhood and how each loan had its own requirements and paperwork he had to deal with. From an SBA loan to a Pari-Passue loan to a line of credit, learn about these financial loans and see how I utilized each to make his Assisted Living Mansions a reality. 
Follow me:
Facebook: https://www.facebook.com/brett.chotkevys
Youtube: https://www.youtube.com/@Brettchotkevys1
Check out some FREE Resources HERE: https://www.PALM.University

Assisted living investing, Residential Assisted Living, small facilities, passive income, myth debunking, challenges, limitations, active involvement, owner-operators, staffing, emergencies, quality care, scalable business model, 16-bed luxury memory care mansion, informed decisions, behind-the-scenes insights, thriving niche, One and Done, Financial Freedom, Active Income, Making a Difference, Long-Term Exit Strategy, Real Estate, Retirement Planning, Memory Care Mansion, Investment Opportunities.
Intro Music by Alex_Kizenkov via Pixabay

In this episode, Brett talks about his new construction for his Assisted Living Memory Care Mansion Neighborhood! Brett always says the best way to learn is through mistakes. That is no different here. After Brett put tens of thousands of dollars and months of work into it, his builder sold the project at the last minute to another builder with no experience in Assisted Living. This added a lot of uncertainty to his deal. So, Brett had to get creative in figuring out how to get the deal done.


Brett was able to review every single expense for his Assisted Living construction to ensure he could create the best product with the least amount of money. Then, he found new builders who were interested in and passionate about the project and who also had great connections. Brett went from losing his builder to forming an entirely new team that saved him money and earned his trust. Watch this video so you can learn how to flip your situation around if something like this happens to you!
Follow me:
Facebook: https://www.facebook.com/brett.chotkevys
Youtube: https://www.youtube.com/@Brettchotkevys1
Check out some FREE Resources HERE: https://www.PALM.University

Assisted living investing, Residential Assisted Living, small facilities, passive income, myth debunking, challenges, limitations, active involvement, owner-operators, staffing, emergencies, quality care, scalable business model, 16-bed luxury memory care mansion, informed decisions, behind-the-scenes insights, thriving niche, One and Done, Financial Freedom, Active Income, Making a Difference, Long-Term Exit Strategy, Real Estate, Retirement Planning, Memory Care Mansion, Investment Opportunities.
Intro Music by Alex_Kizenkov via Pixabay