In this short video, Jay’s special guest, Philip Vincent the Co-Founder of Mom’s House discusses senior living’s real estate market.
Over the last 22 years, Phillip has bought hundreds of houses and has a passion for working with families. Creativity and care are his go-to when it comes to buying houses and helping families solve some of their biggest problems.
It’s his entrepreneurial spirit and commitment to making the home selling process easier for seniors that led him to create his nationwide network of Mom’s House Certified Buyers.
Click on this link to watch the complete episode: https://youtu.be/yQg_7DHJwtg – “Massive Tsunami in Senior Living Real Estate Coming Fast! – with Jay Conner & Phillip Vincent”
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Jay Conner:
So, you know, you've bought a ton of these houses over the past 10 years, at least from this market. Roughly what approximately what percentage of the people that you're, that you talk to that are in this situation have got to sell that house before their parent or parents can go into the assisted living. And on the other side of that coin, what percentage are are ready in assisted living, but they gotta sell the house.
Philip Vincent:
So it's like a dice game, right? Every family is different. That was a pretty broad question you asked, right? So every family is different. Let's say mommy has a $2,000 a month pension, but the place we chose is 8,000 a month. So that's six grand a month is going to come from somewhere. So in the industry, there are band-aids out there. There are short term loans that the family can pull at a high interest rate against their equity to pay for that difference. Why are they pulling that loan? Because remember how I said it could take a few months to clean it out and a few months to list it and get it ready. Even though the market's hot, it could still easily be six months down the line. So if you have a six grand a month deficit and you go that full six months, even when mom sells a house six months from now, she has to repay all that $36,000 back.
Heaven forbid, it's one of the family members. There's always one brother or sister that's doing better than the rest. So they might write the check to float that six grand until mom's house sells. You know, when they here's the problem, when they put mom in there not knowing where the six grand is gonna come from, it starts the clock on the pressure. Remember a daughter, Judy getting quartered that is pressure on her to figure this out. And so when they find out that they can in three weeks have mom's money ready? You know, nobody's mad at mom because she has to move into senior living. And the cool thing, what I found, you know, we talked about Probate earlier. If it's a Probate and mom's passed away, those children, daughter, Judy, and the brothers and sisters fight for every single dollar, because what's in it for them, it's their inheritance.
But with mom moving into senior living, whether they get 92 grand or 80 grand or 96 grand, it kind of doesn't matter because why that money is going to go sit in an account and mom's going to ratchet it down six grand a year, or I'm sorry, six grand a month until it's gone. And then Medicaid kicks in. You see the fundamental difference in the thinking there, right? And so that's why the families rarely, you know, if they Jay if they really wanted to rehab the house, I'd probably never even get that lead.
You know, and I might frontline, you know, people, these stakeholders, they're in the house with the family, they know the family lives 400 miles away when they're sitting there in that aggressive collector's house. And they know they're only there for the weekend and they say, Hey, I've got a guy that makes all this go away. You better believe they gave me that at bat. You know, they want to hear what Phil has to say.
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