In this episode of Assisted Living Investing, we're answering the big question: How do you find the right piece of land for your assisted living project? We'll explore the best strategies for purchasing different types of land that you can build your Assisted Living on . If you're wondering how to pick the perfect spot to build your dream project, this episode is for you.Curious about what to look for in a piece of land? How do you evaluate the size, shape, and usable space? What are impervious coverage and setbacks, and why should you care? And what about utilities – how important are they when choosing a property? I'll share my own experiences, including the challenges and lessons I’ve learned, to help you avoid common mistakes and reach your goals of financial and time freedom.Looking for more detailed guidance? Check out my free Location Selection Training. It covers everything from finding the perfect land to conducting thorough due diligence. Head over to http://www.memorycaremansion.com  for your free training. If you find this episode helpful, please like, share, and subscribe to help get this info to other aspiring entrepreneurs.#Investing #RealEstate #AssistedLivingInvestingFollow me:Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityAssisted 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

Ever wondered what it really takes to manage a successful Assisted Living Business? Feeling nervous about starting your own life-changing deal? In this episode of Assisted Living Investing, I’m chatting with my wife and business partner, Laura, about just that. We talk about overcoming initial fears, the importance of mindset, and how to handle the biggest challenges.Curious about balancing real estate and operations? Need tips on dealing with staffing issues, especially during tough times like COVID-19? We share our experiences, talk about the importance of having a solid plan, and discuss how to systematize staff routines. Laura also opens up about the emotional side of the business, like dealing with the loss of residents and their families.Looking for ways to achieve financial and time freedom while making a positive impact in your community? If you have these questions, this episode is for you. Watch this episode so you can see possible pitfalls and trouble spots that you may encounter during your Assisted Living Journey and learn ways to navigate them!#Investing #RealEstate #AssistedLivingInvestingFollow our socials!Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityFollow me:Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityAssisted 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 investors for your Assisted Living business. I break down the two types of investors, how to approach them, and the best ways to impress them. The first question I answer is: what are the two types of people that can be potential investors? Depending on what kind of person they are, how do I approach them and let them know about my Assisted Living business? If my potential investor is someone I know, what are ways I can bring up my deal without being too forceful or annoying? I answer all of these questions and give you your first steps to getting them hooked.What are ways I can talk about my deal to get potential investors excited? What are certain words and phrases I should avoid? How do I stand out from all the other entrepreneurs by framing my deal as something unique and special? Also, your investors can be people you don’t know. I’ve worked with people that I had no prior history with for years now. Where do I go to meet these strangers? How do I know they are interested in investing? In this episode, I walk you through these questions! Finally, I talk about one of the most important steps to getting an investor excited: social media. Why is social media important to get investors to work with me? What type of content should I post on social media? For all these questions answered and more, watch this episode of Assisted Living Investing! #Investing #RealEstate #AssistedLivingInvestingFollow me:Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityAssisted 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 discuss New Construction vs. Buying an Existing Home. When starting an assisted living facility, which option is better? I have had success with both, and each comes with its unique pros and cons. When comparing New Construction Assisted Living to Remodeling an Existing Home, I use six metrics to assess which one is superior. These metrics are time, cost, potential, zoning, licensure, and operations.Which of the two options takes longer to get started? Which one costs more money? Which one will yield higher returns? Which one is better for your residents and staff? Both New Construction and Home Remodeling are viable options that can lead you to financial freedom. Watch this episode to discover my recommendations and the steps to get started.#Investing #RealEstate #AssistedLivingInvestingFollow me:Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityAssisted 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 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 #AssistedLivingInvestingFollow me:Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityAssisted 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 #AssistedLivingInvestingFollow me:Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityAssisted 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.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityAssisted 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.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityAssisted 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.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityAssisted 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.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityAssisted 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 special episode of Assisted Living Investing, Brett Chotkevys is joined by John Darby who is the Executive Director of TORCH. Together they interview the Associate Commissioner of Long Term Care Regulatory, Michelle Dionne-Vahalik. Essentially, Michelle runs the show here for Texas Licensure. Brett and John interviewed Michelle so they could know more about the process behind Licensure. Everything from the team that handles your licensure, to the process and which cases take priority, and also things that could potentially keep you from getting your permits and licenses. Watch this episode if you want to learn more about Texas Licensure!Also make sure you check out John Darby over at Torch!: https://txtorch.com/Follow me:Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityAssisted 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 Chotkevys talks about training your managers for your Assisted Living. As he’s talked about in previous episodes, his managers are one of the most important components of his business model. By having a two-manager system, Brett ensures that he never has to deal with the day-to-day work in his Memory Care Mansion. In fact, Brett and Laura only have to work about 4 hours a week, making their Assisted Living business almost passive. In this episode, Brett walks us through the steps he takes when training a new manager. There are three main categories that most tasks a manager has to do fall under. Those three categories are resident operations, staffing operations, and outside services. Brett walks his new managers through each of these categories to make sure they get them down perfectly. Brett also mentions how important it is that you know how all of these systems work yourself to best be able to teach your manager. By having amazing managers, Brett can work as an owner and not an operator, giving him more time to scale up his business. To learn more about how Brett trains his managers and learn all the additional systems and tasks that a manager needs to learn, give this episode a watch!Follow me:Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityAssisted 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, Brett Chotkevys brings his wife, Laura, onto the show! Laura handles a lot of the operations at their Memory Care Mansion. Because of that, Brett thought it would be beneficial to have her on the show to talk about a very tough issue when running an assisted living. The issue is when you have to kick out a resident. Kicking out a resident can be rough. It never feels good to turn someone away. However, there are times when you have to consider the safety of everyone in the house, including the other residents and staff.First, Laura stresses the importance of communicating with the family. The family of the resident should know everything that is happening at the house. It shouldn’t be a surprise to them if you have to eventually kick that resident out. So, if there are any issues or problems like maybe bad behaviors, make sure to keep the family in the loop.A lot of the time, you can work with the family to develop a better care plan for the resident before things get too out of hand. However, if adjusting the care plan doesn’t work, then you have to think about what comes next.Ultimately, your home should feel safe for everyone. Your other residents should enjoy their time there, and your staff should enjoy coming to work. If there is someone who is threatening the safety of others in your home, they have to go. However, just because you’re kicking them out doesn’t mean you still can’t help them. Laura talks about how at the Memory Care Mansion they will communicate with the family and help the resident find somewhere else that can better accommodate their needs. Just because you are kicking them out doesn’t mean you have to turn your back on them.Follow me:Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityAssisted 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 Chotkevys talks about hiring the perfect chef for your Assisted Living. A chef is an extremely vital part of any Assisted Living community. When you hear about the next big-boxed facilities, one of the most common complaints is how bad the food is. That is the pain point that Brett wanted to solve. As Brett always says, the bigger the problem you can solve, the bigger the reward. In his Luxury Memory Care Mansion, he didn’t just want a beautiful home; he also wanted beautiful food.This episode covers every step of hiring a chef. Brett first talks about the type of people you should aim to hire. Ultimately, it doesn’t matter how many years of culinary school they went through; the most important thing is experience. If your chef has experience in a highly stressed restaurant, or even better, a large big-boxed facility, then they will be able to succeed in your home. One of the most important traits that your chef should have is time management. If you are hiring someone who worked at a big-boxed facility and they are used to cooking for hundreds of people a day, they will easily be able to handle a 16-bed Memory Care Mansion. Watch the rest of the episode to see the hiring, interviewing, and onboarding process Brett goes through with every chef that he has hired. We hope after you give this episode a listen, you learn the importance of a great chef. Not only will it help by providing a better service to your residents, but it will also allow your caregivers to focus solely on the residents without having to worry about anything related to the kitchen.Sign Up For Our Upcoming Workshop!: https://palm.university/trainingFollow me:Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityAssisted 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

This episode comes from one of our Free Virtual Assisted Living Workshops that we host every month. In this episode, Brett talks about marketing, more specifically, how to get infinite leads for your Assisted Living without spending a dollar on marketing. This is a custom marketing strategy that Brett and Laura created when they learned how bad marketing is in the Assisted Living industry. The cornerstone of their success is ensuring that they have full occupancy every month for their Assisted Living. Their custom marketing strategy not only ensures that but also has helped them create a waitlist of over 60 people. Brett and Laura call this system the Strategic 20.The Strategic 20 refers to strategic relationships that you create to get infinite leads. What inspired Brett to create this marketing strategy is looking outside of the industry into industries. The way other people market their products is by using influencers. By having them promote your product, they can send all of their followers over to you. In the Assisted Living industry, these influencers are people who have your target audience and have power in their referrals, such as nurses, independent living owners, and even other Assisted Living Facilities. By building a great relationship with them, they will send over their leads to you. Watch the rest of this episode to see how to find these people and create your own Strategic 20!Sign Up For Our Upcoming Workshop!: https://palm.university/trainingFollow me:Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityAssisted 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 Chotkevys discusses the essential aspects of entity structuring within the assisted living sector.Join us as we explore the world of entity structuring, where Brett simplifies complex concepts to help you understand why it's crucial to separate real estate holdings from day-to-day operations. Discover practical advice on choosing the right structure to fit your unique investment goals and circumstances, from limited liability companies (LLCs) to tax-efficient structures like S-Corps.We also dive into the importance of tax management strategies, providing actionable tips to help you minimize tax liabilities and maximize returns on your investments. Whether you're a hands-on operator or a passive investor, this episode offers valuable insights to help you make informed decisions and achieve financial success in the assisted living space.Follow me:Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityAssisted 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 how much you should pay your managers for your Assisted Living. Brett operates his Memory Care Mansion with the Two Manager System. This ensures that he never has to come into his Assisted Living to cover for someone because he knows that he’ll always have a manager there. This system is only possible with his 16-bed Memory Care Mansion because if you operate a small RAL, you won’t make enough money to have two managers, let alone a single manager.Brett pays a lot to have good managers because of his objectives. Brett wants to never be bothered with the drama of his home, have the best care and amenities in his city, only work a couple of hours a week, and have his managers run every operational step that goes into keeping his home running smoothly. Watch this episode to learn the best way to find, or promote, these managers and how to know what is too much to pay for a manager and what’s too little to pay for a manager depending on their experience!#Investing #RealEstate #AssistedLivingInvestingFollow me:Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityAssisted 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 video, Brett talks about your Assisted Living Appraisal. Brett opened his Assisted Living not using his money, but a combination of investors and loans from banks to open his Memory Care Mansion. This was only possible because he had a great appraisal that valued his Assisted Living at over 50% of what it cost to build. This appraisal did well not just because his product was great, but also because Brett created a strategy to help ensure he would get the best appraisal possible.Brett’s strategy for getting a great appraisal is doing the appraiser’s work for them. When the bank hires an appraiser, you run a few risks. One, they may not know about Assisted Living and will not know the true value of your home. On the other hand, they could know about Assisted Living, but they will not know about your area and location. Because of this, they may not realize that you can charge $1,000 more than other homes just based on your location. So doing the legwork for your appraiser, going out and comparing your home to others based on the level of care, occupancy, and income, and then creating a document with all this information can help your appraiser truly understand the value of your Assisted Living#Investing #RealEstate #AssistedLivingInvestingFollow me:Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityAssisted 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 Chotkevys talks about getting a loan for your Assisted Living. The bank is a powerful tool to fund your Assisted Living if you don’t have a ton of capital laying around in your bank account. However, it can be confusing when choosing what kind of loan you should get. Brett breaks down the difference between SBA loans and bank financing. He explains which one might be for you.There are a lot of benefits to an SBA loan. For one, they will lend a lot more money than a commercial lender would. SBA can lend up to 90%. Also, SBA loans can be for the building and the business. Meaning you can use the loan for furniture, operation costs, and more. While commercial loans you can only use for the building. On paper, it sounds like SBA is the obvious choice. You need less of a down payment and you get loaned more money. However, Brett explains the negatives of SBA banking and why you might want to go commercial. Listen to this episode to find out why!Follow me:Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityFollow me:Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityAssisted 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 Chotkevys talks about how much money you need to start your own Assisted Living. Brett has often found that most of the time, people think that the price of starting an Assisted Living is the biggest barrier to entry. However, Brett completely disagrees with this idea. He was able to open up his own Assisted Living without using any of his own money.So the question is, if you don’t have a ton of money in savings, how do you get the money to start your business? Brett explains that the first step you have to take is market research. By doing market research, you will learn how much money you can make if you research homes and houses that you want to imitate. After that, you should create a business plan and financial pro formas to present to investors. Investors will give you money if they know that you are serious about wanting to start an Assisted Living and are passionate about it. To learn the next steps in starting your own Assisted Living without having any money, check out the rest of the episode!Follow me:Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityAssisted 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