I've recently purchased a 15 unit building that was originally built to be an assisted living facility. The previous owner started renting out the units like apartments and that is how it is being ran today. Over the last couple months I've heard Gene Guarino and other guests talk about assisted living on multiple podcast which really got me interested in it.
The property is a 15 unit, 15- 1 bed 1 bath units. Located in a rural town in South Louisiana. Each unit has it's own kitchen, living room, bedroom and bathroom. The main entrance has an office, multi purpose room, bathroom and coin-op laundry room. All units are interior so you have to walk through halls to get to the units. All units are individually metered.
The goal is not to actually operate the ALF. I would like to lease out to an assisted living operator. Before I actually begin to pursue an operator to lease, I would like to know if the building would be a good fit the way it is now. Being that it was built as an ALF, I will assume it is up to code.
Main questions I have are what are the day to day duties of the caregiver? Are they there just in case someone needs them or do they actually check on and interact with the tenants multiple times a day? Do the tenants cook for themselves or does the operator have to supply all the meals? Maybe supplying all the meals is a perk to be able to charge more per bed? This building doesn't have a kitchen, but one could be added fairly easily. What is the best way to find ALF's that are actively looking for more space? Any other info on this subject would be greatly appreciated.
Thanks in advance for the help. Sorry if I didn't supply enough details as I'm still trying to educate myself on this.
@Justin Guidry how far is the facility from any major city? The only concern I would have is that it was originally an ALF but was converted into apartments so that suggests that the market could not support the business as running an ALF can be costly. Just my opinion, but if I were going to start an ALF I would find a company that manages them (i.e. all the hiring, scheduling, etc) so practically everything is outsourced. At the very least, you can consult with them and ask about their services and what the state requires to get an idea of what you would need to do without hiring them. Also, depending on how long ago the site was an ALF you may need to make updates due to code changes. Best of luck!
It is 30 minutes to a mid sized city and an hour from a major city being Lafayette. I did have concerns on why it was switched to apartments. I can't get any info on the property prior to the previous owner. It was built 10 years so I wouldn't think anything major would have to be done to bring it up to code.
I'll probably start reaching out to other ALF's and advertising it for lease to see what happens.
A 15 unit apartment is too small for a commercial ALF operator and its not a "home" for the Residential model. It doesn't sound like a great fit for AL. IT COULD be a good one for a Golden Girls model. Senior friendly but not assisted living. There is a lot to know of course. I think I have already shared some resources with you so let me know if you would like to get some training before you take that leap into the unknown.
Good Morning Justin,
Very new to investing, but I have been a caregiver in two ALF in Lafayette.Day to day duties were to check on every resident every two hours, assist them to and from activities if needed, such as the in home salon, church, etc. taking the residents to doctor's appointments and the light houskeeping of the rooms. There was usually breakfast, lunch, and dinner served in the dinig room for those who wanted to attend and socialize.That being said there was a kitchen and staff that prepared food for every resident. I a resident wanted food from the kitchen but not attend, we delivered their order to their rooms. Other than that, we would sit with the residents, administer medication and answer calls from the residents. Depending on the shift there was always more to do but that is really the bulk of it besides personal care.
Hope this helps and let me know if you have any other questions.