MINDING YOUR BUSINESS, Entrepreneurship – Minding your own business is easier said than done, especially when there’s so much to learn.
I’ve recently been learning some unique aspects about real estate that’s refueling my entrepreneurial ambitions.
I didn’t realize there was so much more for me to learn as an all inclusive real estate investor.
Residential real estate was only the beginning for me. Recently my journey spiraled upward to residential assisted living. Arizona is a reputable retirement state, so what better place to start? As I orbit around this new real estate experience, I plan to share my journey step-by-step.
My readers have a little catching up to do, considering that I started attending meetings at my local real estate club in May 2018.
Arizona Real Estate Investors Association hosted Gene Guarino, who delivered a detailed seminar on Residential Assisted Living.
Guarino is founder of Residential Assisted Living Academy (RALA). In May, I had absolutely no idea what the “residential” part meant.
Was this just the normal, large, hospital or clinic-like facility we see scattered in just about every city? Was this a group home? An apartment complex or multi-unit commercial property?
To say the least, it piqued my interest.
Now, let me back up a bit and share a story about why this is so interesting.
I was a police officer for 10 years. Due to a severe on-duty car accident, after several surgeries on my knee, I was forced into medical retirement.
As a result, I had to rethink and redirect my career ambitions. I landed a position in corporate America as a Fraud and Anti-Money Laundering Investigator for banks.
Fast forward another 10 years – I was miserable with my job choice – I couldn’t take another day being fed up.
Three weeks before my bonus payout, I walked away from a $30,000 – money means nothing if you’re miserable.
Immediately afterward, I got my real estate license and started selling houses. Real estate investing remained my end goal. Learning different niches of investing occupied my investigative strategies.
That’s when I met Gene Guarino, and I discovered what I’d been searching for – a way to still serve and help people, including family, while making a lot of money in the process.
Residential Assistant Living is not a “mom and pop” business where the owners live in the home, do the chores, shop for groceries, help with hygiene and keep track of medications.
Although it takes a well-trained caring person to do that type of job, it’s not for me – I’d find myself quitting on the spot, again.
As a business owner, I envision myself surrounded by experts in their respective fields.
I’ve learned that a residential assisted living facility is none of the facilities or jobs previously mentioned. Simply described, it is an actual residence.
It’s a single-family home in a residential setting with a small group of residents. It is usually occupied by under 20 people, depending on state regulations.
There are essentially two parts to this type of venture, the real estate and the business. Also, there are three different approaches entrepreneurs can take to operate in this market.
For starters, one can function as the landlord leasing to an operator of an assisted living business. Secondly, individuals can take on the role as the operator of the business leasing a home from a landlord. Ultimately, my business partner and I decided to do both.
I realize the suspense you must sense having to wait for my next blog article. Meanwhile, be about your business and do some research of your own.
Through this series of “Minding Your Business – Lessons in Entrepreneurship” blog, I will share the types of homes, business opportunities, location, zoning, funding, and every experience.
Readers will be empowered with the knowledge to increase their revenue in real estate investment.
Most importantly, I will expose my big “Why”. The why to every business strategy determines the measure of success or failure.
You will be there with me through all my successes, disappointments, hurdles and roadblocks.
In upcoming articles, I will disclose ways to invest in senior housing as a passive or active investor.
Join me on this journey as a newbie in residential assistant living. Individuals who don’t know how to mind your business will benefit most from my writings.
Let’s learn lessons to increase revenue streams and build your business.