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A Look Into Real Estate In Assisted Living And Memory Care Service Businesses w/ Loe Hornbuckle

Apartment Investor's Club Podcast

Release Date: 01/11/2023

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Loe Hornbuckle, 40 of Dallas Texas, is the CEO and founder of Sage Oak Assisted Living and Memory Care.  Founded in 2015, Sage Oak isn’t just another assisted living company, Sage Oak is “the boutique assisted living company” with 5 locations in Dallas and a total of 40 beds. Sage Oak provides small, intimate, home settings that allow those who need a little extra care to receive the love and dignity that they deserve. 

Sage Oak also has two ground up boutique assisted living/memory care developments now open in Texas and Louisiana totaling just under 300 beds with an estimated dollar value of 45mm dollars

"I don't think assisted living or memory care, in most cases, is a real estate play. It's a service business with a real estate component.”

In episode #20 of Apartment Investor’s Cub, you will learn the following:

1. How did Loe Hornbuckle stumble into his passion for assisted living and memory care? A story of his own family having a negative experience in the pas
2. What is the difference between independent living, age restricted communities, skilled nursing, and assisted living/memory care
3. The particular economics of real-estate in the assisted living space: increased labour costs, the need to focus geographically and problems of scaling

Some key points:

(02:35) Low operates both in the assisted care scene as well as the multifamily markets. How did he get into it in the first place?
Loe shares a personal story of his family's poor experiences with assisted care facilities which led Loe to look into the area
(04:59) From initial idea to actual execution: Loe is mostly self-taught in the business. He also made use of mentors and connections and ultimately used his skills in leadership to get things off the ground.
(08:39) Some considerations when it comes to dementia care in particular: an area that requires you to relate to not only those who are affected by directly but also their families
(10:30) Defining assisted living and memory care
Assisted living isn't strictly speaking an real estate play, it's a service business with a RE component
(13:23) What's the actual difference between age-restricted apartment communities and assisted care facilities? Assisted living provides in-house services for people that need help; in independent living, the same services would need to be provided by a third party
(15:20) Compared to something like multifamily, assisted care is VERY labour intensive
(17:19) Paying for assisted living services: Loe's clients are primarily wealthy clients who make private payments. Medicaid can help those who are unable to meet private pay demands. The services may not be as high quality though
(19:37) The economics and cost structure of assisted living real estate. For every dollar you bring in, expect to spend 30-50% on labour.
(21:12) Loe has taken the leap and started developing his own properties:Assisted-living properties need to be developed with specific architectural considerations in mind, so taking control of the process gives you optionsAssisted living also enables Loe to practise conscious capitalism and provides him with a way to impact people's lives in a meaningful way
(30:47) Loe's vision for the future: expansion! You don't want to stay a midsize company for too long. Loe goes over the the pros and cons of trying to franchise an assisted care service business
(36:51) In Loe's mind, to sell a business like his, one needs to achieve SCALE first
(44:35) How to reach out to Loe & closing thoughts

Reach out to Loe Hornbuckle
Sage Oak Website https://thesageoak.com/our-team/ AND https://www.thesageoakcompanies.com/
Loe’s Personal Website: https://loehornbuckle.com/
LinkedIN: https://www.linkedin.com/in/loe-hornbuckle-76b6aba

Reach out to Jonathan Twombly
LinkedIn: https://www.linkedin.com/in/jonathandtwombly

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Make sure to also check out some of our previous episodes:

Going From Working In Hospitality To Multifamily Investing & Hotel Conversions With Charlie Rushton