Residential Assisted Living with Michelle Pinkowski [Replay]

Have you considered investing in residential assisted living (RAL)? Do you see it as an opportunity to make money in the real estate space? Did you know that there’s several ways to make additional revenue in this area? Then, you’ll need an attorney who specializes in RAL because of associated liabilities. You could be sued several different ways because you’re taking care of other individuals. In this episode, Clint Coons of Anderson Business Advisors talks to Michelle Pinkowski, an attorney, about RAL. Michelle actually developed a system for finding the perfect location for an assisted living residence and strives to impress upon people the importance of asset protection. She’s a big proponent of having enough insurance to handle risks.

Highlights/Topics:

• Unlike flipping and fixing single- and multi-family homes, real estate investors need to understand the underlying land use for RAL
• Fair Housing Act: When looking for a location, identify if it’ll be assisted living for seniors, disabled adults, or recovering addicts; each group has protected disabled populations
• State regulations govern limits on the care you can provide, but the state licensing agency doesn’t have the jurisdiction or power to make certain determinations
• Besides licensing statutes, you need to understand zoning regulations that define how many people you can put in your RAL home
• Each entity (HOA, county, city, etc.) has its own rules; don’t get discouraged/give up because one entity tells you that you can do something, but another says you can’t
• Don’t find a house first; find the path of least resistance – the locale that will be the best place to start your search
• Educate yourself and do research before calling a planning department – may or may not tell you the correct information; know what questions to ask to avoid getting bad advice
• People open RAL homes because they want to help people and make a difference; they don’t want to be litigating cases in court or facing zoning enforcement actions
• Utilize a professional who specializes in RAL to overcome obstacles and get your house open, up and running, and making some money off it

Resources

Michelle Pinkowski

Zoning Hacks to Get You Started FAST Course

Michelle Pinkowski’s Phone Number: 303-803-4309

Gene Guarino’s Residential Assisted Living Academy

Fair Housing Act

Clint Coons

Anderson Advisors

Tax and Asset Protection Event