Assisted-living care is a real estate investment coupled with a business. Baby boomers are now officially senior citizens. Every state has regulations pertaining to the chair of senior citizens and their housing. It’s a straightforward process and finding out what those regulations are they can cover how many non-family individuals can be cared for in a single-family home. Arizona as an example, will not allow two assisted living care facilities next-door to another. There must be 1300 feet (about 396.24 m) of separation. The reason that this article stated it is a business is that you will need employees. In most states the average length of a stay is slightly over two years.
One of the more frequently asked questions about an assisted living care facility is...Do I need to have a full-time nurse on staff? The answer to that is no. The income that can be generated in terms of a gross number could be anywhere from $1800 a month per person all the way up to $8000 a month. Could it go higher than that? Absolutely. And in business-friendly states the number of residents could typically be higher than in non-business friendly states. This provides a great lifestyle for senior citizens that may not want to go into a nursing home. When setting up assisted-living care you need to consider who is going to staff it. If that is you the investor, then you will have to live there and provide the services. When hiring staff, it is best to do a background check on them for obvious reasons.
The price of real estate must come into play, as the more profitable assisted-living care facilities are closer to middle- or upper-income neighborhoods. Your customer is not just the senior citizen, they are the children of the senior citizens and their extended families.
The master bedroom can often be split to where you have two seniors sharing the same room so as an example if you were charging $5,000 a month per person in the master has two residents that’s $10,000 a month that would come out of the one bedroom the master, certainly expenses must be considered as well but that is a good gross number.
The ability to hire a person that can cook three meals a day is highly recommended. As well as a nutritionist to design the meals. It is nice to know in advance what the menus will be, therefore it is good to post a month in advance. It is also important to understand some religions do not allow certain foods, or it needs to be prepared in a certain way. Their personal preferences are especially important to them and that needs to be considered when designing a menu.
Memory care is also a subject that will come up when you have assisted-living care. You may or may not want to deal with adding a memory care unit, certainly the price that is charged for taking care of someone that has lost parts or most of their memory.
We have seen people immigrate to the United States that are hard-working people but do not have 100% of the language skills or the educational skills to land a high-paying job. Assisted living care facility gives them the opportunity to make a high-paying income without all the formal education and other attributes that might be required Traditionally.
The purpose of this article is to give you a brief overview of this real estate/business opportunity but obviously you need to do your homework. The kind of real estate you buy is important. Senior citizens are not going to enjoy going down four flights of stairs. Elevators are a bad idea for trying to get out of a building in an emergency, forcing elderly people to go downstairs. The bottom line is this is a great industry with a lot of incredible emotional rewards. If you decide to exit and sell, you are selling a business that has a piece of real estate. And the nice thing about this is you may not have to even own a piece of real estate you could do a long-term lease with a fixed price for an extended period to operate your business. Like any aspect of real estate, the more you know the more you can do and the more you do the more money you can make. This business and real estate investment gives you an opportunity to build your own and leave a legacy!!!
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