All Forum Posts by: Candace Majedi

@Karen Margrave The term in CA is RCFE, residential care for the elderly. It is its own type of independent/assisted living, but you can choose how "assisted" you want it to be. The demarcations are basically 6 bed, 15 bed, 50+ beds. The 6 bed is usually a SFR that's been converted to meet the standards required for a license.

Either way, even if you're just providing room and board and telling people when they need to take medication (not administering it) you still need a license. operating this type of facility without one is illegal and a person can be charged $500/day per person if I'm not mistaken. 

In 2014 they created the RCFE reform act which put more stringent rules in place for elderly care, beyond assisted living, because of mistreatment.

Now, to get a license, you have to have the building/sfr in place and up to code, submit a business plan, operational plan including weekly activities and meals, and have 3 months of operational costs in cash in the bank. 

This is seperate from the training needed to be Administator (which a licensee has to do as well)

Hi @Napoleon De Guzman! I just finished the online training (Component1) and am looking for houses in the exact same location. We should connect via DM! 

Are you starting component 1 or 3?

Thanks @Sean Gover! that's what I'm afraid of. I've found cheap properties but I don't think the rents would justify the purchases, plus the cheap ones need a lot of rehab from what I can tell. Have you been buying and holding? Or flipping? 

Thanks @Easton G.  for your insights. yeah, it literally is block to block, right? It's a hard place to invest from afar.  I was thinking near Corales, UNM or NE Heights. But hard to tell from here. My dad is always blaming the casinos for the problems there... any money people earn doesn't go into the community, it goes to the casinos. At least that's his perspective. What areas do you invest in? I'd like to invest there because it's convenient for me but not sure the best path.

Does anyone have experience investing in Albuquerque? I'm concerned with the high level of crime and people not paying their rents on time. Is there a certain area you suggest over others?

I currently live in Sherman Oaks, CA, once of the most expensive areas in Los Angeles. We live here due to our job locations and my family being nearby, so moving isn't an option.

Since I can't invest here with my measly $100K, I'm looking at my hometown of Albuquerque, NM. I know it's not the best place, but I have friends and family there and visit often. I just haven't lived there in over 10 years, and am not sure what it's like to live there anymore.

Any suggestions on where to invest in Albuquerque?

Thanks in advance!

Candace

Thanks! @Kevin Lefeuvre I finally joined a conversation after being an onlooker for months. I'm very excited to learn from everyone here!

True 😊 Let me add a qualifier... I don't think they'll depreciate much, or as much as those coastal cities could which are now booming due to demand created by job centers moving into the area. Even large corporations that are considering open offices in LA are considering downtown and Hollywood instead due to the rising prices on the west side. So when that happens, which I believe it will, and the opportunity for remote work, whether at home or in shared workspaces like WeWork,  becomes more popular, which it is, I believe people will look for more affordable houses and those will be in the areas I mentioned due to the proximity to the rest of LA and it's restaurants, nightlife, shopping etc which is basically the same you'd find in Santa Monica, sans the ocean.

And if more people come, say foreign money, people are right that they'll want to move to the coastal areas, buying for cash, like they have in NYC. Another reason people will be pushed out to the Valley. 

Of course this is just my opinion, I'm not giving investment advice to anyone else. I'm still learning myself 😊

I currently live in Sherman Oaks near Studio City, grew up in Moorpark, my mom lives in Simi Valley. My husband and I moved back here from New York two years ago, and had a choice of where to live. We're older millennials with a young daughter, and found this side of the valley to be perfect. Great schools, access to all the freeways, great night life, restaurants, etc. I work on the West Side, so commuting is a pain, but there are a lot of jobs up in Burbank and TO that are also open to us, which we're looking into. As well as remote work.

True, my single friends that move here go to Venice, Mar Vista, Echo park, but I've seen some get price conscious and move closer this way. I believe Sherman Oaks, Encino, Studio City, Valley Village, NoHo are solid markets that will not depreciate. Simi Valley prices are much higher than I would expect right now, even higher than other parts of the Valley closer to the 405. 

I don't think the prices in/around the Westside are sustainable. My husband and I bring in $220k+ a year, and we bought a $450K condo. Someone we know with less income had to buy a $1.2 million condo on the westside. The prices are crazy, even for young professionals. 

Once you have kids, the only things you care about are space, commute, and schools. However, with the trend towards working remotely, there's no reason people will have to live so close to the office. 

I'm planning to buy and invest in the Valley.  My first home will be an RCFE (for seniors), which is a whole other topic in itself.