All Forum Posts by: Shera Linares

@Kimberly Navarro

I forgot to mention placement agents. They’re a bit pricey but can help with getting you new residents.

Hi @Kimberly Navarro,

Have you considered using your home as a group home for veterans or another type of care home? Or maybe lease the home to an existing RCFE business who is looking to rent a property instead of purchasing one? Unless that is what you were trying to do... I live in Southern California also and am a licensed administrator for RCFEs but have stopped pursuing this path for the moment since we would need to purchase a home and renovate it.

Another option if you plan on staying in the house is to rent the individual rooms (house hack). If you don't plan on staying and want to rent the house out entirely, you will need an investment loan with 20% down as @Peter Mckernan stated. Good luck!

@Marvin Ghafoori

The 1% rule doesn’t work in California, which is why I invest in rentals out of state. A possibility with the triplex could be you live in 1 unit and then use the other 2 units as short term rentals. You’d have to see if the numbers work though. Otherwise, rentals don’t work in California at that price point.

So how are y'all doing with your investing 6-9 months later? I'm looking myself in the Dayton area to BRRRR and/or flip if needed and am trying to familiarize myself with the different neighborhoods. Looking to connect if anyone is interested! 👋🏼

@Brady Wiley You are correct and I know that because it's my most dreaded task! I'm sure once I get the rehab list completed and we start finishing tasks, I'll feel less stress and more motivated. Thanks for your insight and motivation!

For the reno, we are trying to do what we can ourselves. We just haven't focused on getting **** done to be honest. We will contract out the electrical work and other oddball tasks we can't YouTube, but other than that, we are completing the reno ourselves. Hiring out everything would be nice but I'm trying to preserve my cash. For lead generation out of state, I've been using the MLS and have a few agents set me up on drips. Leads are coming my way, I'm just not moving fast enough to analyze and get an offer submitted. I actually made a decision this afternoon to just make an offer already before the property I've been eyeing gets picked up by someone else! It's time for action! I'll figure out everything else as I go at this point!!! :)

@Brady Wiley I'd say focusing on real estate investing daily while trying to work my regular job has been a struggle but I've been working to better time block so I can get things done. I bought Brandon's 90 day intentional journal but I haven't been using it consistently...the morning hasn't been so great lately so I'm switching my journaling to the evening to see how that works out. I'm in the trial and error phase I guess...

I'd also like some feedback from you and other BP peeps who manage multiple projects. Focusing on "One Thing" has been another challenge for me. My focus on real estate investing has turned into three different projects while still trying to hold down my day job:

1. Renovating my condo so I can rent it out.

2. Investing out of state in rentals and/or flips since SoCal is expensive.

3. Starting a business in Residential Assisted Living and looking for a home to purchase in SoCal for the business.

How the heck do people manage multiple projects that are so different?

@JD Martin

Thanks for sharing the video!

@Sam Wilson Thanks for the recommendation. If I can't find him on LInkedIn, I'll definitely message you.

@Jo-Ann Lapin HML and PML is on the list :) I'm also looking into grants and waivers from the state. We are going the non-profit route for the business and will likely use a VA loan to acquire a property and then refinance into a conventional or some sort of commercial loan for a rental property.

@Jesse Rivera I'll keep you posted on the outcome. I was informed yesterday about HUD-VASH but I can't see how an RCFE home would fit into the category of a Group Home...This is pending more research on my part.

Thanks for the feedback everyone! There's not much content out there for RCFE homes but we will figure it out! :)

Other than an SBA loan, are there lenders out there who specialize in funding Residential Care Facilities for the Elderly (RCFEs) in California? I’m looking to connect 👋🏼

I recently completed the exam to become a licensed administrator and I’m looking purchase my first care home to operate my care business.