Tim Bell explains how to find properties through assisted living centers. Residents pay $6,500 a month or more, and 83-87% never return home. Center managers know which residents own homes and can connect you with families looking to sell.
Okay, now the next item on our list here of 50 ways to find properties is retirement homes and assisted living centers. Now, up to this point, you might say, wait a minute, Tim, I've been following you, and a lot of these things have sounded great, but are you telling me I need to go tap that nice little old lady there on the shoulder and ask her if she wants to sell me your house? No, please don't do that. Please don't. But there's two statistics. There's two things you need to know about retirement homes and assisted living centers. I hope and pray you don't know these things, but you might. Okay. Number one, they're outrageously expensive. Okay? My grandmother was in one until she passed away at 100 years old a couple years ago, and we were paying about $6,500 a month for her to live there. Yeah. And that was not considered expensive. That was considered normalish. Okay? So you can spend a lot more than that. So they're outrageously expensive. The other thing you need to know comes is a statistic that comes from the American association of Homes and Services for the Aging. These are the people that keep track of statistics for retirement homes, assisted living centers, nursing homes, things like that. Those folks tell us that somewhere between 83 and 87% of the people that go into an assisted living center for health reasons because they can't take care of themselves or they have health issues, the vast majority of those 87% will not return to their own home. There's only one way that they're getting out of that retirement home, and that's horizontal, in a hearse. It's very sad, but it is a fact. It's the way it works. So we combine those two facts. The fact that they have a big bill to pay every month, and the fact that that person is probably not going to return statistically to their own family home. That gives us an opportunity. Now, again, do not bother or harass the folks that are there. Here's who you want to talk to when you go there. You want to talk to the manager, the owner, or the operator of that assisted living center. Those folks have a big problem. Every month. Every month they need to collect that rent from these older folks. And they also typically know everything about their finances. Because when these folks become tenants at their assisted living center, their family. They and their family fill out a great big long form that talks about various different aspects. It talks about their health, it talks about their finances, and it talks about a bunch of other stuff. And so typically, the owner operator or manager of that assisted living center knows when this person has a home that they can sell. And they will often tell you about that and assist you in getting together with these people, because it solves their problem. They, meaning the manager or the owner of the operator. It solves their problem getting their big bill paid. And it solves the older folks problem of having to pay that big bill. And it solves the family's problem of having to pay that big bill by selling the home. So, again, this is a good, a really good source. Again, what if you had 20, 30, 40 assisted living centers that were telling you about some of their tenants who needed to sell? Could that be a good source for you? Yes, it could.
