Letters - The Operator's Exchange
"Too Busy to Sell Properly"
Anonymous from West Coast writes:
"I own a 97-bed facility on the west coast that I'd like to sell, but honestly, I'm drowning in operations with my other properties and don't have the bandwidth to deal with the usual broker circus.
You know how it goes - endless meetings, tire-kickers asking for 47 different financial reports, people who want to 'tour the facility six times' and then disappear, brokers scheduling appointments during survey week, etc. I just don't have time for that nonsense right now.
The facility runs well, decent census but census is going down and I need to focus my energy on my other assets.
I know this sounds lazy, but sometimes the best deals happen when two operators just talk directly without all the middleman BS."
"Looking to Break Into SNFs - Advice Needed"
Shlomy from NY writes:
"I'm a multifamily broker looking to buy my first SNF. I'd start as a syndicator until I have enough capital to own outright with partners. Closed a few $8 and 9 figure real estate deals at 23, so I'm not afraid of big numbers, but SNFs feel like a different beast entirely.
I'm thinking about chasing high reimbursement rates in places like Oregon, but what happens if things change and I'm stuck with a facility in the middle of nowhere? I feel lost on where to start but have plenty of connections.
What are the 5 most important things to get in line? Which states or areas would you suggest? I'm based in NY but willing to go anywhere. Any advice from operators who've been there would be appreciated."
Industry Veterans - What Would You Tell him?
Send your responses, advice, warnings, or encouragement for someone looking to break into the SNF world. What do you wish someone had told you before your first facility? What mistakes should he avoid? Which states are worth the risk?
Next month we'll publish the responses and any follow-up questions.
How to Respond: Send your letters to our anonymous tip line thesnfshmooze@gmail.com. Keep it real, keep it helpful, and remember - we've all been the new guy once.
