Could my Rental House be an Assisted Living Residence? with Chuck Bongiovanni

What other things can you do with your property aside from turning it into a short-term rental property? For example, did you know that it's possible to turn it into an assisted living residence? Let's hear the details from someone who has developed the system to do this kind of thing.

In this episode, Joey and Russ interview Chuck Bongiovanni, CEO and Co-Founder of Majestic Residences Franchise System, a senior residential care home franchise. Chuck was the founder of CarePatrol Franchise Systems in 2009, the largest franchised senior placement company. Today's conversation will give you a different perspective on real estate investing.

Top 3 Things You’ll Learn:

Why assisted living is a profitable business
The benefits of being a franchisee of Majestic Residences
Understand the pros and cons of engaging in this type of business

About Our Guest:
Chuck Bongiovanni is currently CEO and Co-Founder of Majestic Residences Franchise System, a senior residential care home franchise. Chuck was the founder of CarePatrol Franchise Systems in 2009, the largest franchised senior placement company. He has an Administrative Social Work background, making him a pioneer in the senior placement and referral industry for the last 29 years.

Connect with Chuck Bongiovanni:
Website - https://www.discovermajesticresidences.com/

Take Advantage of a Free Financial Strategy Call:
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4:00 - What was going on in Chuck's mind as he was in the middle of bankruptcy?
4:45 - What led to the foreclosure of Chuck's property?
5:31 - What was the next step for Chuck after his bankruptcy?
7:18 - What is an assisted living home?
8:32 - How does one become a lessor for Majestic Residences franchisee, and where did this idea come from?
9:28 - What does the accountability look like for a Majestic Residences franchisee?
10:05 - What rate of return can a real estate investor expect when he leases the property as an assisted living home?
11:20 - What do Majestic Residences franchisees get from taking this business route?
14:31 - What is the estimated revenue from running a 3-bedroom assisted living home?
18:19 - What are the city limitations regarding turning a property into a business facility?
19:16 - Is there any limit to the number of people that can stay in the house?
20:01 - What's the downside to renting your property to an assisted living franchisee?
21:17 - What does a typical day look like for a franchisee?
22:21 - What is the ideal number of homes a franchisee can have to make a decent living?
23:37 - Is our house a good house for this type of business?
26:03 - What is the average stay of a tenant in an assisted living home and the average time to fill a vacant bed?
26:34 - Chuck describes Majestic Residences as high-tech facilities. What does it mean?
27:53 - Is this market saturated? What is the demand and supply forecast?
28:59 - Where does someone go to find out the city or state regulations for this setup?

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