When John Daley, 55, wanted to start investing in assisted living homes, he didn’t go the traditional route of borrowing money from a bank. Instead, he looked to RealtyeVest, the premiere real estate crowdfunding platform, to raise capital for real estate that he needed in order to purchase his next fix and flip project. Thirty days later, RealtyeVest had raised $215,000 from various investors around the country and Daley had his property.
Under construction now, the Sweet Water Park project is a residential assisted living facility in Jacksonville, Fla… The project build out will consist of three phases, which will take place over the next several months.
“The first phase will be licensed for 15 beds and is under construction right now, and should be completed by July. After that, it will take between 60-90 days of licensing and we should open our doors for business by September,” Daley said.
“The second phase will include adding another 15 beds in a new construction project on the property. Phase three will include expanding the current structures so in the end there will be a total of 50 beds at this location. The structures are being built on 5.8 acres in a park-like setting that features a one-acre pond, trees and benches. There will be front porch seating so the residents will be able to enjoy the gorgeous view of the pond in the Florida weather. Residents will also enjoy one-on-one care, organic produce and fresh ingredients in all the food provided.”
Originally from Biloxi, Miss., Daley, 55, has been living in Florida for the majority of his adult life. His interest in real estate peaked seven years ago, when he saw a Carleton Sheets’ infomercial on television. From there, he joined a real estate investment club in Jacksonville, where he spent eight months learning the intricacies of real estate investing.
Since, Daley has been involved in several renovation projects, including six single-family homes, three of which have been sold.
Q: What is the secret to your success and how have you been able to secure financing for those projects?
Mr. Daley: Actually, I have now sold five of the six single-family homes. I only have one house left and that should be on the market in about two weeks. After that, I am going to concentrate on my Assisted Living project until it is up and running. As for the secret to my success, it is all about buying right and not taking any short cuts. Once completed, my houses sell within a week because I purchase them at a low enough price that sets me up to make a profit. Having said that, we do not take any shortcuts when it comes to making renovations. The last house I sold, the buyers home inspector stated on the home inspection that it was the best renovation by an investor he had ever seen.
Q. Tell me about your next project(s) and where you see yourself in five years?
Mr. Daley: Once the Sweet Water facility is up and running, I have plans to open several more Assisted Living Facilities in Jacksonville and several other locations. As for the Florida market, I have plans to open another four to five Assisted Living Facilities in the Jacksonville area within the next 5 years.
Q. How has your experience raising capital through crowdfunding platforms helped expedite the timeline of past, present and future projects?
Mr. Daley: My ability to raise capital for real estate through crowdfunding platforms has helped me move much faster on obtaining my first Assisted Living Facility. I spent many months jumping through hoops without any approval for a small business association loan before I was approached by Dan Summers of RealtyeVest about crowdfunding. As I mentioned, through crowdfunding, I was able to get the perfect property under contract and purchased within about 30 days.
Q. How has your business been received since partnering with RealtyeVest?
Mr. Daley: Everyone I have spoken with about Sweet Water has been extremely impressed with the design and speed of the project, which might not have happened without RealtyeVest and the funds they have raised for the project.
Q. Lastly, would you recommend RealtyeVest to other developers and real estate operators?
Mr. Daley: I have financed several real estate projects using crowdfunding through RealtyeVest and would recommend RealtyeVest to any real estate investor or operator. They have come through for me in raising funds on every project that I have done with them.