​​In this episode of Assisted Living Investing, I talk about the team you should assemble in order to make your Assisted Living business possible. I’ve heard multiple people in this industry say they don’t want a partner because they want to own 100% of the business. I’m here to tell you that train of thought is flawed. Having a team makes pursuing larger deals possible, and I will always encourage you to aim for bigger deals. It is better to own 30% of a larger deal than 100% of a small RAL where you barely break even every month and work 60-80 hours a week. So, who are the three members of your team you should have?

First, I want to say that you don’t have to have three members. You could fit into more than one of these avatar descriptions. To start, the most important person is the real estate avatar. This person is the one putting the deal together. From finding the location to raising the funds to building your home, they are the ones who will have the most work upfront. If you are this person, then you don’t have to have experience in the other two sides that we will be talking about. On the other hand, if you aren't this person, then you can just find someone who is to partner with!

Next, we have the nurse avatar. These are the people whose passion is the day-to-day side of Assisted Living. They love working with the grandmas, caring for them, and attending to their needs. Now, this avatar isn’t entirely necessary. For example, we didn't have this partner when we started despite having no experience in running the operations of an Assisted Living facility. Instead of partnering with someone, we hired someone to help. We had a manager teach and train us how to handle ADLs and other operational tasks. So, if you are looking for this person for your team, you have a lot of options.

Finally, we have the money avatar. These people will provide the funds for your take-down loans and other capital needs you will require. These types of people are abundant. There are many investors out there who want to invest in your business and not necessarily be hands-on or involved in the day-to-day operations. It is important to know that when partnering with this avatar, you don’t have to give them equity in your business. Watch this episode to learn more about who these avatars are and learn how you can structure your deal as a win-win. 

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Intro Music by Alex_Kizenkov via Pixabay