Adult Family Home Purchase (Elderly Care) / Agents & Brokers
I’m a recent college graduate and I am trying to help my mother but her first home. She wants to open an Adult family home in the Seattle Metro area. We have been having trouble finding trustworthy Real Estate agents and loan brokers. With my limited knowledge on Real Estate, it has been tough analyzing deals and finding all available homes in the area. We prequalified for around $540,000 with our current broker. For anyone with experience in the field, how does one go about meeting government regulations and rehabbing a home without high vacancy costs? And more importantly, how would I locate the best deals available for what we are looking for?
#3 1031 Exchanges Contributor
- Investor
- Las Vegas, NV
Check BP podcast or the real estate guys podcast. They’ve both had the same expert on their shows that specialize in assisted living investing. Either as a landlord, an operator, or both.
@Alvin Kariuki 1) in order to use a " normal loan " - the proeprty will need to be reg home ...if the proeprty is alreaady operating as a AFH - the loan used will likely need to be a commercial type loan .....2) if you can buy a SFR and then convert it out of pocket - this might be an option ...3) you might consider contacting Jospeh Spadas firm - as he is a great resource for AFH https://josephspada.com/
#3 1031 Exchanges Contributor
- Investor
- Las Vegas, NV
Wanted to add RPOA podcast current episode features another person that “specializes” in assisted living investing.
@Alvin Kariuki, for AFH, you may need to close on the house first, then make some updates like adding rails, ramps, showers instead of tubs,.....
You will also need to get a license or team up with an operator who runs the business on your behalf
- Real Estate Agent
- Seattle Investor: 80 Client HouseHacks & Counting! I Own: 🏠7 LTRs 🗻6 STRs, 🏘️3 DADU's
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@Alvin Kariuki I sold an Adult Family Home last year - let me know if you'd like me to get you in touch with that investor to talk about permitting, requirements, and their experience as a new operator. Just shoot me a DM and I can make the connection. Cheers!
That's very kind and thoughtful of you to help your family. I would put together a business plan that includes revenue, expense, timeline, budget, requirements, etc. together and then start mapping out resources needed.