Newbie - Looking to Invest in SFH & convert to Residential Assisted Living in Indy!

[Kaila Epps]

Hi Everyone!

My name is Kaila and I'm in the Indy area (currently). I'm not 'new' to real estate as I had a stint wholesaling in Atlanta (drove for dollars, had investors, and also found a deal that fell through from the seller). I was also about to househack a multi-unit property via FHA loan before getting laid off from my job which is what brought me back to Indy a couple years ago. I've studied RE on and off for years, but am ready to gain my financial freedom in the next few years, so am always open & willing to learn & grow more.

Current desire is to buy a single family home and convert it into a Residential Assisted Living home. There is a franchise that I am currently working with - affiliated with Gene & Isabelle Guarino. 

My hang up is financing since I don't have the funds myself. The experience of running the homes will come from the Franchisor I'm partnering with, and I have no qualms about doing the 'dirty work' of finding the property and having it renovated, working within state regulation, getting the licensing, etc... (the franchise also helps with this)

I'm struggling with where to get the money (for both the business and the property). Some lenders have said they need me to have personally owned an RAL (for SBA 7A loans). So I was debating finding a real estate investor to have as an equity partner or lender. The franchise has a set amount that each home needs to make per month (because they take their cut as well) for you to be profitable and to "do good (for the community) and do well (financially for yourself)".

Any advice (or even interest in taking this journey with me) would be appreciated!. Also - if anyone knows of any RE meetup groups in Indy, I'd be happy to attend to learn more in general. The REIA website doesn't seem user friendly and I can't actually tell if they meet often enough for me to invest in a membership.

Yours in Excellence,

Kaila :)