Assisted Living Investing

How To Get A Million Dollar Loan!: Prepping For Your Appraisal - Ep 31

February 02, 2024 Brett Chotkevys Season 1 Episode 31
Assisted Living Investing
How To Get A Million Dollar Loan!: Prepping For Your Appraisal - Ep 31
Show Notes

In this video, Brett talks about your Assisted Living Appraisal. Brett opened his Assisted Living not using his money, but a combination of investors and loans from banks to open his Memory Care Mansion. This was only possible because he had a great appraisal that valued his Assisted Living at over 50% of what it cost to build. This appraisal did well not just because his product was great, but also because Brett created a strategy to help ensure he would get the best appraisal possible.

Brett’s strategy for getting a great appraisal is doing the appraiser’s work for them. When the bank hires an appraiser, you run a few risks. One, they may not know about Assisted Living and will not know the true value of your home. On the other hand, they could know about Assisted Living, but they will not know about your area and location. Because of this, they may not realize that you can charge $1,000 more than other homes just based on your location. So doing the legwork for your appraiser, going out and comparing your home to others based on the level of care, occupancy, and income, and then creating a document with all this information can help your appraiser truly understand the value of your Assisted Living

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Assisted living investing, Residential Assisted Living, small facilities, passive income, myth debunking, challenges, limitations, active involvement, owner-operators, staffing, emergencies, quality care, scalable business model, 16-bed luxury memory care mansion, informed decisions, behind-the-scenes insights, thriving niche, One and Done, Financial Freedom, Active Income, Making a Difference, Long-Term Exit Strategy, Real Estate, Retirement Planning, Memory Care Mansion, Investment Opportunities.

Intro Music by Alex_Kizenkov via Pixabay