In this episode, Brett Chotkevys talks about getting a loan for your Assisted Living. The bank is a powerful tool to fund your Assisted Living if you don’t have a ton of capital laying around in your bank account. However, it can be confusing when choosing what kind of loan you should get. Brett breaks down the difference between SBA loans and bank financing. He explains which one might be for you.There are a lot of benefits to an SBA loan. For one, they will lend a lot more money than a commercial lender would. SBA can lend up to 90%. Also, SBA loans can be for the building and the business. Meaning you can use the loan for furniture, operation costs, and more. While commercial loans you can only use for the building. On paper, it sounds like SBA is the obvious choice. You need less of a down payment and you get loaned more money. However, Brett explains the negatives of SBA banking and why you might want to go commercial. Listen to this episode to find out why!Follow me:Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityFollow me:Follow me:Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityAssisted 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

In this episode, Brett Chotkevys talks about how much money you need to start your own Assisted Living. Brett has often found that most of the time, people think that the price of starting an Assisted Living is the biggest barrier to entry. However, Brett completely disagrees with this idea. He was able to open up his own Assisted Living without using any of his own money.So the question is, if you don’t have a ton of money in savings, how do you get the money to start your business? Brett explains that the first step you have to take is market research. By doing market research, you will learn how much money you can make if you research homes and houses that you want to imitate. After that, you should create a business plan and financial pro formas to present to investors. Investors will give you money if they know that you are serious about wanting to start an Assisted Living and are passionate about it. To learn the next steps in starting your own Assisted Living without having any money, check out the rest of the episode!Follow me:Follow me:Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityAssisted 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

In this episode, Brett Chotkevys talks about the risks that could happen when owning and operating an Assisted Living. Many people seem to have some anxieties when it comes to investing in Assisted Living due to the potential risks and liabilities that they may have to deal with. However, Brett is here to tell you that many of those worries are a misconception. One of the largest contributors to this myth is that people think Assisted Living is a medical business that could get you sued, but this isn’t true at all. Brett explains that Assisted Living is a step down from medical, and because of this, he doesn’t have any medical staff on the payroll.Instead, Brett has medical professionals come into his home to work with his grandmas and grandpa for free. This helps him with two things. The first is profit. Brett can leverage the fact that he does have people coming in to do medical procedures to increase his rent. The other way this helps him is that it keeps him from being liable for anything that could go wrong with the doctor who comes in. The doctors have their own insurance and are paid by the families directly. This keeps Brett safe from any risks or issues involving medical. There are a few risks when it comes to Assisted Living mainly revolving around ADLs. Watch this episode to learn those risks and how to avoid them when you start your own Assisted Living homeFollow our socials!Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityFollow me:Follow me:Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityAssisted 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

In this episode, Brett Chotkevys talks about how profitable owning an Assisted Living can be. Brett’s home is a Luxury 16-bed Memory Care Mansion. This business model has created a life of financial freedom for him and his family. Oftentimes, however, when people talk to Brett about starting their own Assisted Living business, they say that a 16-bed seems a little intimidating and wouldn’t it be easier to open an 8-bed and then open a second 8-bed later on? Brett goes through the numbers and compares the profits between a single 16-bed and two 8-bed assisted living.While they will make the same amount of money when it comes to rent every month, you will see the difference between the 8-bed and the 16-bed when it comes to expenses. From having to pay more staff and having more operational costs to run two 8-beds, you see a drastic difference in net profit due to the higher operating costs such as payroll.If you want to learn more about how Brett started his own Memory Care Mansion, then check out our Free Foundations Training!: https://palm.university/optin-freecourse#residentialassistedliving #ral #assistedliving Follow our socials!Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityFollow me:Follow me:Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityAssisted 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

In this episode, Brett Chotkevys has a special guest. He interviews his wife and business partner, Laura Chotkevys. Laura handles a lot more of the operational side of things when it comes to running their Assisted Living Memory Care Mansion. Because of this, Laura has a lot of experience in hiring and finding the perfect staff for their Assisted Living.Laura talks a lot about what makes the perfect caregiver. A common misconception is that you have to hire a nurse, someone with a medical degree, or someone with a ton of experience. However, this isn’t true at all. Brett and Laura have a conversation about how you can always teach the people you hire how to do their jobs. You can’t teach character.Listen in to this episode where Laura details the caregivers’ daily schedule, the interviewing process, the kind of questions she asks people, and what to do if you hired the wrong fit for your Assisted Living#Investing #RealEstate #AssistedLivingInvestingFollow our socials!Facebook: https://www.facebook.com/brett.chotkevysYoutube:  https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityFollow me:Follow me:Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityAssisted 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

In this episode, Brett talks about getting your first huge loan. Getting a million dollar loan may seem really intimidating, However, Brett talks about why it is actually a lot easier than you think. The first step you need to do is to take a look at your team. Who are your partners? Are you starting this business with your spouse? Are you doing this by yourself? This is the first step because the bank will look at the deal as a whole, with everyone involved.First, Brett talks about what the bank would look for. The bank wants to know that the money they are giving out will be safe. Having a good business plan and financial plan, showing how they will get their money back, and where their money will be going will help you get that first loan. Also, make sure that your team is financially responsible. If your team has credit issues, debt issues, or previous bankruptcy issues, that could be a potential deal breaker.#Investing #RealEstate #AssistedLivingInvestingFollow our socials!Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityFollow me:Follow me:Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityAssisted 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

In this episode, Brett talks about finding the perfect managers for your Assisted Living. Brett has created a business model that lets him work only 3-4 hours a week in his Assisted Living Business. The only way this is possible is because he created a system to have the best possible managers who can operate his Assisted Living Memory Care Mansion without him or Laura constantly needing to be working in the business.The trick here is having a manager with heart. Brett stresses the importance that you, as the owner, have to be able to do everything you will ask your manager to do. This is so you can train them. Your manager doesn’t have to know everything right off the bat. The really important thing is character and heart. If your manager can love on your residents as much as their own family, then they’ll be the perfect fit. It is on you to train them on everything they’ll need to do.Eventually, after you’ve trained them and they have the confidence to start working on their own, that is when you can hire another manager, and your first manager can do the same thing you did. Train them. Watch this episode to learn who your manager should be and learn how the two-manager system has given Brett time freedom.#Investing #RealEstate #AssistedLivingInvestingFollow our socials!Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityFollow me:Follow me:Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityAssisted 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

In this episode, Brett walks us through the 5 steps he takes when opening a new Assisted Living home. Brett has created a business model that gave him financial and time freedom. He practically structured his Assisted Living to be almost passive, with only working a few hours a week. However, to get to that point, that will require some work on the front end. That’s why Brett lays out the 5 steps that carry him to financial freedom.The most important step is to first hire a good manager. By hiring a good manager, they will be able to take all the small tasks that add up and eat away at your time. Your manager can handle paperwork, emails, hiring, training, and more. By them taking these tasks, that will give you time to work on the next 4 steps to reach financial freedom. By the time you’ve done these 5 steps, you will be able to be an owner and not a slave to your business. This system has allowed Brett to do what is most important, spend time with his family.#Investing #RealEstate #AssistedLivingInvestingFollow our socials!Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@assistedlivingmansionCheck out some FREE Resources HERE: https://www.PALM.UniversityFollow me:Follow me:Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityAssisted 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

In this episode, Brett talks about the benefits of adding Memory Care to your Assisted Living Home. Brett’s niche is a Memory Care Mansion. His mansion is a 16-Bed purpose-built home for memory care. He created this business model to compete with the big-boxed Assisted Living Facilities while being way more profitable than a small Residential Assisted Living. While creating this niche, he learned about the huge benefits of memory care and how there weren’t a lot of drawbacks.For one, he learned that there wasn’t really a lot of added work for adding memory care to his Assisted Living. If you are already handling end-of-life care in your Assisted Living, your staff is already prepared to handle memory care. The only thing you really need to handle both end-of-life care and memory care is more care. If your staff is already proficiently trained in end-of-life, adding memory care won't really require anything else from you.Also, Memory care is more expensive. When you solve memory care, you are solving a bigger problem. Because of this, you should receive a bigger reward. By having memory care in your Assisted Living, you are reaping a bigger reward without really spending all that much more than you would operating end-of-life care. We hope that after listening to this episode, you will know if you are ready to have memory care in your home.#Investing #RealEstate #AssistedLivingInvestingFollow our socials!Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@assistedlivingmansionCheck out some FREE Resources HERE: https://www.PALM.UniversityFollow me:Follow me:Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityAssisted 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

In this episode, Brett Chotkevys reveals his marketing strategy that helped his Assisted Living Business create a waitlist of over 60 people! When Brett started his business, he was told by industry experts the best way to fill your beds, but he disagreed. Brett took a look at the industry and thought they were doing it wrong. This caused him to look outside of the industry and look at other marketing techniques. Brett’s creative way to fill his assisted living beds and start to create a waitlist is a system that he calls the Strategic 20. The first part of this system is finding industry influencers. These influencers can be doctors, nurses, senior care managers, or anyone in the industry who has some sort of relevance and pull. By creating a strong relationship with these industry leaders, Brett has been able to get constant referrals, new leads, and new people on his waitlist weekly without ever spending any real money on advertising.Brett’s strategy for filling his beds has been extremely successful for him and his business. This is why he wants to teach all of you! We are hosting a workshop for marketing in December! In this workshop we will discuss this topic more in-depth, diving deeper into the Strategic 20, and taking any questions you may have. This workshop is completely free! Sign up with the link below!Marketing Workshop: https://palm.university/marketingworkshop#Investing #RealEstate #FinancialAdviceFollow our socials!Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@assistedlivingmansionCheck out some FREE Resources HERE: https://www.PALM.UniversityFollow me:Follow me:Facebook: https://www.facebook.com/brett.chotkevysYoutube: https://www.youtube.com/@Brettchotkevys1Check out some FREE Resources HERE: https://www.PALM.UniversityAssisted 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