Jun 18, 2021
Are you interested in Investing in Residential Assisted Living Homes? IF YES, don't look further, today we have our special guests Linda Johnson and Stefanie Womble who will help you exactly how to get started.
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Guest Bio(s):
Linda Johnson has been involved in Real Estate in one way or another since 1990. She started out with 2 Rental Properties, then built a Custom Home. She started Flipping Properties with her husband in 2004. They both felt that it is important to get more education and knowledge so they joined AZREIA, one of the best decisions they have made because It has given them the knowledge and networking necessary to involve themselves with all types of Real Estate Investing.
When they started Flipping, they had difficulty getting into Properties quickly with their Real Estate Agent, so they went to Real Estate School in 2011 and had her License in 6 weeks. Linda currently helps Investors, Buyers, and Sellers find Properties for Flips, Rentals, and Owner Occupied and Assisted Living Homes. They have Flipped nearly 45 Properties over the years while working a regular job. They have invested in Wholesaling, Flipping, Rentals, Multifamily, and Assisted Living Homes.
Linda currently attends the Phoenix Real Estate Club and Assisted Living Homes Subgroup to further education and networking. She loves helping Investors get started and working in the Real Estate Market.
Stefanie Womble started investing in real estate in May 2019. The desire to start began with listening to the audiobook Rich Dad, Poor Dad by Robert Kiyosaki. Education by listening to various podcasts like BiggerPockets along with joining networking groups like AZREIA took off from there. She owned half of a duplex in Flagstaff, AZ, and started renting it out as an STR in June. Another home was purchased in June. Her husband fixed up the home and by mid-Dec it was listed as an STR. Throughout her education, Stefanie grew interested in assisted living homes. She started meeting many others interested in the same and asked AZREIA if she could start a subgroup to continue with education and networking. Most of 2020 were spent working with Coconino County to get approval to open her first assisted living home. By Nov 2020, we had our third STR. In 2020, a substantial income was earned as a side hustle while working a W2 job, which has continued into 2021. Stefanie looks forward to completing the next deal and keep growing.
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Don't miss this new opportunity to learn the process of investing in Residential Assisted Living Homes.
Be sure to listen to the full episode
You'll learn:
- 02:44 Stefanie Wombie started their journey in 2019 with a short-term rental and their evolution
- 03:40 Linda Johnson started real estate in 1994 with the rental property and their evolution
- 07:20 AZREIA is the foundation to Linda’s success.
- 08:18 Stefanie and Linda’s introduction to assisted living homes opportunity.
- 10: 14 Three magical things you need to look for when starting an assisted living business.
- 13:05 The Opportunity awaits you when joining an assisted living subgroup.
- 15:29 - 20:19 How and what are the requirements needed to start an Assisted Living Home.
- 22:02 How can be Assisted living increase revenue - tips included!
- 25:37 Private Pay versus Healthcare provider insurance
- 30:05 Staffing Needs for Assisted Living Facilities
- 31:53 Operational cost of Assisted Living Homes- How to estimate
- 41:17 You are invited to join in Residential Assisted Living Subgroup
Connect with Stefani and Linda at:
Find out more about our guest at:
- Come and network with other investors operating in the assisted living space. What a opportunity to meet others and share the good and the bad about this investment option! We look forward to our meeting as we build out this group along with incorporating what you as a member want from this group. Bring your knowledge and ideas!
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Whether you are an experienced investor with a large portfolio, or just getting started and looking to secure income and wealth through real estate investing the AZREIA Show is here for you.
This podcast provides you with exceptional education, resources, and support to help you further your real estate career.
Our community consists of independent real estate investors who utilize a myriad of investment strategies. If you’re looking to learn from the most successful investors in the industry then you have found your new home.
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