Hi Diane,
Happy New year! Well let me answer your response.

1. No. I plan on being the person to fund the venture. I have a
friend who will be the administrator and partner. She has 7yrs
experience as an administrator in a Skilled nursing facility.
2. Yes, see #1 above.
3. No, my partner does.
4. Yes.
5. yes, I've calculated tax and insurance, except remodeling
cost? How do I calculate that?
6. No, I don't know how to do a "real" P&L.
7. I've only seen ads and some advertise they will provide some
training.
8. yes.
9. I don't know but I am sure you are correct.
10. No. I have only looked at ads. I am sure the 3yrs tax record
is to analyze their profit and loss?
11. No. How do I check out the owners/facilities repuation?
12. I am not a member of providers.

2yrs on hand cash is a lot of money.

Thanks for the detailed reply. I look forward to more of your
response.

Joseph


--- In AskDianeProvidersWeb@yahoogroups.com, "Diane Morrow"
<feathrstar@...> wrote:
>
> Hi Joseph,
>
> Thank you for writing. The answer to your question is not easy.
In
> order to answer I need more information from you.
> 1. How much experience do you have taking care of people?
> 2. Do you have family or friends that can help you - that do have
job
> experience in caring for others?
> 3. Do you have any experience in marketing?
> 4. Is the primary reason you want to open an RCFE is to
make "good"
> money?
> 5. Do you have a home in mind to buy? If so, have you calculated
the
> monthly payment, plus insurance, taxes and the cost to remodel?
> 6. Have you ever been in business for yourself and do you know how
to
> do a real profit and loss statement?
> 7. If you were to buy the existing home, how much training will
the
> current owner provide for you?
> 8. Since the current owner's mortgage payments, taxes and
insurance
> will be based on when the home was purchased, have you factored in
> the increases you will have to pay in your projected profit and
loss?
> 9. Is the current owner paying the live-in staff according to
> federal and state law requirements? (In many cases, I have found
> they are not. Check out ProvidersWeb's past newsletters for info
on
> live in wages.)
> 10. Have you reviewed the last 3 years tax records of the business
> you want to buy?
> 11. Have you checked out the reputation (from outside sources) for
> the business you are interested in buying?
> 12. Are you a member of ProvidersWeb.com?
>
> By the way, if you are starting your own business, the rule of
thumb
> is to have enough money to carry your business for 2 years on
hand,
> and that is very important. You cannot run out of money for food,
> staff, utilities, etc.. when you are taking care of people.
>
> As for the questions about my two lawsuits, I will share more
about
> those in ProvidersWeb's January Newsletter.
>
> Sincerely,
> ~Diane
>
>
> --- In AskDianeProvidersWeb@yahoogroups.com, "Joseph_LD"
> <joseph_ld@> wrote:
> >
> > Diane,
> > I plan on starting an RCFE as a business owner, and hire an
> > administrator to run the facility. From a cash flow stand point,
> will
> > I net more monthly income if I purchase a 6bedroom RCFE that
> already
> > is 100% occupied or buy a home and turn it into a 6bedroom RCFE
and
> > have it fully occupied?
> >
> > Also, may you elaborate on the 2 lawsuits you had?
> >
> > thanks,
> > Joseph
> >
>