Big thanks to Deirdre Vivo for jumping on this interview to help me understand more about how these assisted living facilities work and why they are going to be such an integral part of our society going forward. In this interview, I ask her what she has been up to since we were together in the Maverick Mastermind event. She says that since she is in the state of Connecticut they are considering real estate and construction essential. She says that it is fabulous for them because they have a lot of flips going on but she also has a residential assisted project going on which really has to move forward. So with flips, apartments, and residential living, she’s happy that they’re considering them essential up there with guns and alcohol.
To listen to Deirdre Virvo’s Alchemist Insight Podcast: #24 Alchemist Insights – Residential Senior Living with Deirdre Virvo
I further ask her how many flips does she have running and how often does she do this. She says that she currently has 4 flips and closing the 5th one on Wednesday. She says that her market is in Fairfield County, Connecticut where homes there are kind of expensive though the markets have slowed down a bit yet her sweet spot is first time home buyers. The first time home buyers fly off despite the market. So when they do expensive homes, it is a longer whole time and they don’t sell them quickly but first time home buyers’ are always people wanting to buy and real estate is so expensive in Fairfield County. She mentioned to me in the text that she had apartments and I ask her what she has for apartments and how effective is she seeing that business right now. She says that she has 17 multi-family and the business is affected in the way that some people don’t have the ability to pay rent. She further narrates how she sent out a letter to her tenants stating that she needed their rent to pay her underlying mortgage, so if they can’t pay rent, they let her know and she sees how to handle it.
Deirdre talks about how the pandemic is affecting is business as far as assisted living business is concerned where she says that these are trying times to open up a business because prior to this [Covid-19] she had a lot of seniors’ centre meetings and workshops set up to get the word out but all that has been kiboshed. So nobody is able to move out and take a tour meaning that people are concentrating on keeping indoors and keeping their seniors alive. The good news is that she going to start Facebook lives related to assisted living and it will have authoritative speakers on various topics.
Deirdre offers advice to a 20-year-old younger Deirdre on how to move and accomplish her mission much faster.
1) – At 22 she bought her first home then at 23 she bought her first investment property and the advice would be to keep them or sell them when you’re going to a bigger thing not to pay for college for kids or a vacation.
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Checkout other episodes of the Alchemist Insights Podcast on Spotify:
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