All Forum Posts by: Darryl Dahlen

For me, BoA provides a lot of what of what I'm looking for when it comes to business banking. Not to mention, they have several branches and a full service ATM all within a close distance.

Granted, most of us can do a lot of what we need to do from any computer/smart phone, but there I still find myself needing to go the bank at least once a week.

I do, however, also use TD Bank for my personal accounts and they are a great bank. If I switch to another bank, which it looks like I'm going to, it'll be to them.

One plus I really like about TD is the fact they are open on Sunday and keep later weekday hours than most banks do. It's nice being able to go the bank at 6pm on a Tuesday.

FYI- I was able to log in just now.

I'm having issues logging in as well.

I'll add that I'm none too pleased to hear that BoA will start implementing a $5/month fee if you use your DEBIT card to purchase items at a store.

Hopefully, they change their minds about doing that, but if they don't I might have to switch to another bank.

I still might pick up some of their stock though......

Will do. As always, thank you for your hard work!

I think offering the choice of either residential or commercial loan officer would suffice.

Josh- Can you add loan officer to the choices along with a commercial and residential label? I don't fit into the lender category and I think the broker label could make people think of real estate agents instead of a broker of loans.

Edit- I know you have a label for real estate agents, but given the nature of the site, doesn't the term broker also elicit thoughts of an agent or is it just me?

A properly run ALF can indeed be a cash cow. As Rich mentioned, some private pay/memory care beds can bring in over 3g/month. I've seen a few that earn upwards of 5G/month, but those were in posh facilities that are often owned by large corporations.

Personally, I like hotel conversions as way to create an ALF. There are a lot of failed hotels on the market these days that already have a lot of the amenities (pool, gym, restaurant, etc.) that make for a good ALF. It's not to hard to find a failed hotel in a prime location that can be had for a steep discount.

That said, there are a couple topics I feel worthy of mention.

ALF properties are expensive to run. It is important to make sure you have a good understanding of what those costs are. They are labor intensive properties, and as a result, come with high operating costs. Not only is there a fair amount of staff requird in order to keep the staff to patient ratio comparable to other facilities, but you also have to pay a kitchen staff. Then there are costs associated with providing activities, food, a vehicle, management company, etc. It adds up fast.

Lastly, it's also important to understand that ALF properties often have long lease up periods. It isn't all that uncommon for a new ALF to take 6 months to over a year to fill up. Even a small one. As such, the carrying costs need to be considered.

This is why it is critical to have a good grasp of the local market. How many beds are available, how many are coming online, is there a need for a particular service, etc. Another issue is that it is important for an ALF to be in close proximity to a hospital. This means your competition isn't that far away.

Not trying to talk anyone out of what can be a great business venture. Just passing along some along what I consider to be important information that is easy to overlook.

Rich-I do have a lender who is a top 10 lender of Fannie Mae multifamily loans.

I'll send you an email with information on one of Fannie Mae's multifamily loan programs for your review.

If after reading the program you want to explore your scenario further we can discuss how best to proceed.

Rich, for properties on that scale you often find more options with programs associated with government back loans.

That said, it'd be interesting to see a comparison between what a local bank would offer you versus say a Fannie Mae multifamily program.

Yes, but a 15 or 20 year amortization is the more traditional option for small balance commercial deals.