You’re a young but experienced nursing home administrator who's ready to make a go of it and become an operator, but how do you acquire a facility?
Jeffrey Davis explains how to navigate the nursing home real estate market and find an economical deal with a partner willing to back them financially.
Jeffrey is the founder and CEO of Cambridge Realty Capital, a real estate company centered around the nursing and senior care market that has made over 500 transactions in that space.
From his own experience, he states that those looking to make their first nursing home real estate deal and become an operator often possess experience in the industry but lack the funds.
For this reason, it is essential for first-time deal-makers to find a good investing partner to make the purchase with them.
Firstly though, they must be sure to make an economical deal with the seller that is written down in the form of a tangible document.
This will allow them to show the deal to different parties without being worried about people going behind their back. Maintaining this control is the most important part of making a deal.
Next is the question of loans and finding a good lender to work with.
HUD Loans, supplied by the Department of Housing and Urban Development, are an excellent resource but require the assistance of a HUD Lender who can interface with the department.
Lastly Jeffrey states the market is very lucrative and for those experienced in the administrative side of senior care, it's always a good time to break into the business.
FOLLOW JEFFREY AND CAMBRIDGE REALTY CAPITAL
Sponsor an episode of The Nursing Home Podcast for super targeted exposure to senior care decision-makers!