Real Estate Networking Meetup Group of Newark New Jersey

How to Estimate Your Rehab Cost on Real Estate Purchases & Where to Find Trusted Contractors

What You Will Learn:

• What is the quickest way to get all repair cost estimates?
• Where do you get trusted rehab contractors?
• Where is the best and most cost-effective place to buy building materials?
• Anyone attending will receive a subcontractor agreement to use along with a cheat-sheet rehab estimation sheet.

Golden Graces by Majestic, Doctor specializes in the extremely lucrative field of Assisted Living facilities. If you want to maximize the rental income from all of your properties, you don't want to miss this meeting!

• - The video features Eddie Williams and his business partner Mark Mofin hosting free real estate investment training, with Dr. Shaw as the speaker for the month, focusing on assisted living facilities.
• - Dr. Shaw, an expert with over 30 years of experience in healthcare business management, discusses the under-tapped niche market of assisted living, particularly for aging populations.
• - Assisted living facilities require state licensing and approval from city building and zoning departments. Dr. Shaw highlights innovations like "dry queue" technology to streamline care processes.
• - He emphasizes compassionate healthcare, including telemedicine, and offers consultation services for individuals interested in converting their properties into assisted living facilities.
• - Dr. Shaw outlines potential returns on investment, suggesting that even a small property with six beds could yield $10,000 per month.
• - He discusses partnership options with his company for licensing and consultation, with fees ranging from $30,000 to $155,000 to $75,000, depending on the scale of the project.
• - Properties can be converted into assisted living facilities, with customization options based on the level of care and services offered.
• - Dr. Shaw discusses the profitability of entering the assisted living business with real estate investment, particularly focusing on the Western suburbs.
• - He mentions a facility in Hassett, Michigan, where he's consulting, which charges $6,000 per bed, aiming to develop another 12 beds on a 2-acre lot adjacent to it.
• - The state requirement is 85t per bed, with the option to split larger rooms into two beds.
• - Dr. Shaw offers to handle day-to-day management and licensing for property owners, charging a higher fee in addition to a licensing fee.
• - He discusses potential problems with tenants and conversion issues but emphasizes pre-screened senior residents minimize problems.
• - Structural requirements for converting buildings into assisted living facilities are outlined, including elevator access, sprinkler systems, and wide hallways.
• - Dr. Shaw emphasizes finding properties already suitable for assisted living to minimize investment.
• - The process of obtaining a license is explained, starting with temporary licensing and progressing to permanent licensing with one resident.
• - Realtors are encouraged to become certified placement agents, potentially earning substantial income from referring residents to assisted living facilities.
• - Dr. Shaw offers mentorship and assistance in becoming a certified placement agent.
• - He details the services provided for a consulting fee, including filing applications, creating operating agreements, hiring staff, and training.
• - Operating capital requirements are discussed, with an emphasis on having at least $50,000 liquid capital to start.
• - The meeting concludes with announcements about upcoming events and opportunities in real estate investing.