I am going to be acquiring a 16 bed 8 room ALF facility through foreclosure. It has I believe 4 baths and a kitchen and living room. I have no clue what to do with it. Because I'm not sure if anyone will want to buy a 8 bedroom building. Could I turn it into anotyer business that would be a cash cow? Or should I just sell it? The building is in a residental area so I'm not sure if the city will allow it to be used as a alf anymore. What should I do?
Depending on the layout, I wonder if there is a company that does inpatient rehabilitation of some type that would be interested. This could be a drug/alcohol rehab or a physical rehab facility.
You need a license to operate one of these - - check with your State.
Listen to Podcast 147 with Johnny Youssef. He bought a similar property, and did some pretty interesting things with it.
Thank you everyone!
Make sure to analyze the market before you put down any money on the property. And yes, understanding the local regulatory landscape is huge.