Assisted Living Business Startup Cost in 2024

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In this video, Brandon Gustafson, investor, owner, and operator of two residential assisted living facilities, provides an overview of residential assisted living business start-up costs in 2024. Whether you're considering rental arbitrage, purchasing an existing facility with an SBA loan, or opting for the buy-and-convert route, we break down the numbers to help you make informed decisions. We will share valuable insights on preparing for lease amounts and major operational expenses and offer practical tips on maintaining an effective budget. Don't miss the comprehensive breakdown and prepare for your assisted living investment journey.
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[@finishme2753]

I just started looking into this idea, and this is definitely one of the questions I was wondering. Rough startup costs. Thanks for putting this out there.

[@assistedlivinginvesting]

Happy to help! Reach out if you have more questions.

[@asherrumack9137]

Thank you Brandon. One question is around administration licensing - the license needed to operate an ALF. Do you recommend securing this well in advance of looking at properties?

[@assistedlivinginvesting]

Great question! I don't think you need to do it well in advance of looking at properties, though I think it's a good idea to look at the requirements to obtain the license as you start looking at properties to make sure it's something you will be able to do; you can work on getting the license while looking. With that said, if you have your administrator license already, it will probably make you more attractive to a lender.

[@asherrumack9137]

Thank you! Appreciate your content@@assistedlivinginvesting

[@itsjusteii]

Hello, I’m in the state of Illinois and they don’t require a administrator license but I’m interested in taking a class to be equipped with a few things, like different operating systems and organization, a work flow for care givers, hiring and managing. What would you recommend? Maybe an online class or hire an administrator to teach me? I’m a newbie 😊

[@assistedlivinginvesting]

Thanks for watching and great question! I think getting with an administrator is a great way to learn about each of those things. There are probably some online classes you could take as well (something like an administrator in training course, or even something with the state health department). I think it depends on your learning style, personally I would suggest finding an administrator close to you and see if you can shadow them for a few days to learn more about the job.

[@AmanAndHisTruck123]

Do you offer any consultation or suggest consultation agent in California? Me and wife been saving up to open an RCFE in California. We’ve done our research but we want someone to guide us step by step.

[@assistedlivinginvesting]

@AmanAndHisTruck661 I do offer consultation - you can fill out this application and then we'll get a call scheduled to discuss what I have to offer to see if it's a good fit for you: assistedlivinginvesting.net/strategy

[@urykahrobinson9154]

How can I buy an existing assisted living?

[@assistedlivinginvesting]

Excellent question, I'll add this topic to a queue for a future video. A great way though is to start looking for a home on LoopNet or BizBuySell or get with a broker. I have videos on each of these topics on my channel.

[@michaelhoward7792]

I’m a RN but single and really interested in doing this is it possible for a single male to do this

[@assistedlivinginvesting]

Yeah, absolutely! You're background as an RN would be very helpful too.

[@carlcuesta2157]

Brandon, would you be open to be interviewed on my channel, ALF Rookie? I interview with experts in the field like yourself, a perfect way to showcase your expertise

[@assistedlivinginvesting]

Absolutely! Reach out to me on the contact page on my website and we'll connect!