Episode 114 | I Sold My Assisted Living Facility!

In this episode of the Assisted Living Investing Podcast, Brandon Gustafson shares his personal journey from reading Rich Dad, Poor Dad to owning and eventually selling one of his assisted living facilities focused on mental health care. With homes in both Idaho and Colorado, Brandon opens up about the challenges of staffing, financial planning, and maintaining occupancy, while offering key lessons and actionable advice for anyone looking to enter the assisted living space. He emphasizes the value of care, realistic planning, and steady execution, encouraging listeners to blend passion with business discipline. 00:00:00 – Introduction00:00:22 – Announcement: Selling My Facility00:02:43 – How I Got Into Assisted Living00:04:00 – Initial Assisted Living Research00:05:15 – Early Challenges & Funding00:06:16 – Advice from Mentor & Finding Existing Facilities00:07:31 – Purchase of First Facility00:09:07 – Operating During COVID-1900:09:53 – Facility Focus: Mental Health Assisted Living00:11:10 – Operating Out-of-State Challenges00:11:26 – Facility Details & Renovations00:12:34 – Location Highlight: Garden of the Gods00:12:56 – The Importance of Caring for People00:14:03 – Regulatory & Medicaid Complexity00:15:10 – Grant Funding Experience00:16:09 – Challenges: High Costs & Staffing Issues00:17:22 – Impact of Low Census on Profitability00:20:17 – Key Lessons Learned00:22:15 – Is Assisted Living Profitable?00:25:38 – Closing Thoughts Resources Mentioned: Visit our website, AssistedLivingInvesting.net, for additional resources, including our year-long mastermind program and free underwriting calculator. Get your free business plan checklist today: https://urlgeni.us/alibpc Learn about the Assisted Living Basics: https://www.assistedlivinginvesting.net/basics Learn about the Assisted Living Investing Mastermind: assistedlivinginvesting.net/mastermind Apply for the Mastermind today: alimastermind.com/application Join the Business Foundation Basics Workshop: Assisted Living Business Foundation Basics Learn the five steps to help you start an assisted living business: https://youtube.com/live/dRVCa80SOyM Get the 12 Week Year Book: https://amzn.to/4bAOpQf Marketing Made Simple by Donald Miller: https://amzn.to/3ECoNY5 Who Not How by Benjamin Hardy : https://bit.ly/whonothowbooklink Courses:- Do you need guidance on your journey to launching your assisted living business: https://urlgeni.us/aliala- Do you need help building your business plan: https://urlgeni.us/alibpg FREE Resources:- Business Plan Checklist: https://urlgeni.us/alibpc- Calculator: https://urlgeni.us/alicalc- Lease Agreement Template: https://urlgeni.us/alila- ProfitPath Analysis Tool: https://urlgeni.us/aliprofitpath- Grant Writing Template: https://urlgeni.us/aligrantNeed help with your payroll? Get Gusto: https://gusto.com/i/brandon9590 Follow Us: Subscribe to the podcast for more episodes.Leave a review to help us continue bringing you valuable content. Engage with us on our various platforms for further learning and support.Facebook | LinkedIn | X | Instagram