I have read most of the posts regarding Assisted Living facilities, and I have heard Gene Guardino talk about thie venture, it is an area that I have great interest in developing, and it is a great financial venture , more importantly it is helping people of the Baby Boomer generation who are in the millions and getting a lot older, like me, that need this type of assistence. I have been working in medicine as a physician assistant in Internal Medicine with an emphasis in senior health care, for over 20 years, I see patients in skilled nursing facilities and assisted living facilities every day. I have the expertise in how these facilities are run, I need investors willing and able to fund the land and/or the structure/house and I can run the business side the investor gets the property and the leasing fees.
I am open to further discussion, I should note that this type of venture should take place in states like Utah or Arizona as working with regulators is much easier than California. It appears to be a great way to get into Real Estate Investing with the extra incentive of helping seniors that we will all soon become.
I noticed that no one has responded to your post from July 23rd? I too am interested in owning and operating an assisted living facility. I've heard of Gene Guardino before. He came to North Texas and spoke at a local REIA group. He had some sort of training program. It may be worth looking into what he has to offer.
I have a degree in Social Work and I've seen my own Mother in Law be disregarded in so many ways at her existing Assisted Living Facility in Louisiana. It really irritates me to see how the staff treat them. And you ought to see the kind of food they serve! It's so unhealthy.
But back to no response......maybe the avenue to take would be to go back to some of the existing facilities that you've worked and find the owners? Maybe start a conversation with them to see if they want to open another location in one of those states you mentioned?
I'm going to try some different Networking angles and see what I come up with. I'd like to keep in touch with you if for nothing else than to share our findings with one another.
Best of Luck!!
In my market, all assisted living is constructed or bought out by national conglomerates, and I can't imagine the west coast is much different. I'll be interested to keep up with this thread, but despite the obvious market, as people age, competing in this segment would seem to me to be akin to opening up a private department store next door to Wal-Mart.
I have made many posts on Bigger Pockets regarding various types of senior housing, including small, converted homes. Just search using my name and you should be able to find them.
@Richard Licon I wonder if you can share with us any further updates since your last post. I recently heard about the subject, and noticed that there are not too much resources covering the subject.
@Stacie Meeker do you have any experience with such matter, and how are the regulations in the state of Texas.
@Dan Brewer I read some of your posts, and I'm seeing that you are only focused on the big numbers unit. how do you see small investors like myself fit into the picture?
I am researching about ALF...
I am still not sure, return on investment based on work involved.
I visited few of such properties and they are 60-80% occupied, with that numbers i can see they just break even. need 90% occupancy with around 10 resident to get good return.
How can we compare ALF / Public storage considering return, work involved, success rate and future growth.
Looking forward to hear from some expierenced person.
Stacy, have you had any success with your assisted living facilities? I am currently planning to renovate 2 in Denison. It would be great if I had my end buyer in place and could renovate exactly to their specs...
I have done some research, found an existing facility for sale as a business and am working on taking over the existing operations. This facility is licensed for up to 20 residents and operating for 20+ years profitably. Did our homework and put together a team of people to work with me. I have a Doctor, couple of Physical Therapists in our team. I cannot get into the Big players space to start with, but we thought we can start with this. Learn the business and scale it up.
There are a lot of smaller mom and pop operations where they have license for 6 residents and they have multiple locations. I don't see myself doing that.
I recently met with a builder who has built up a portfolio of 12 Assisted livings (1000+ units) and doing it really well.
I see the potential and the growth in this sector, obviously there is a lot to keep up with regulations.
Hi, this area is very intriguing to me as well. I have been on the other side of the coin for a long time, as I have been renting my property to an ALF for 8 years now. I probably should have followed my husband's advice and hopped on board a long time ago!
I think there is a need for the big huge institutions and also the smaller ALFs (that are in single family homes). They provide services for different needs and interests.
This is a great thread! It's nice to find other BP users that are interested in assisted living & skilled care facilities. We are currently developing our next project - 68 bed skilled care facility with a 48 bed assisted living phase 2. We are extremely excited to be part of a new generation of operators that will deliver a new quality of care (and quality of life for our residents )...we are building both phases on the Eden Alternative format. Which is very patient /small group centered styles of living that keeps our patients still in charge of their lives.
Has anyone else read into this style of care?
Hi Charlie, Thank you for bringing attention to the Eden Alternative format. In my years of providing care in nursing homes, geriatric clinics, ALFs and hospice, I had not seen that before. I will review the Eden Alternative format and compare it to the models with which I am more familiar. Thanks for posting!
Another name that it goes by is 'green' housing. Basically tiny private room/bath (8-12 of them in a pod) centered around common living and dining space. Each pod controls their menus etc. basically leaves some choices in patients lives and preserves dignity. Which personally i find important for residents to keep their self respect and power to live. ....which if translating purely into operator speak, translates to increased cash flow stability and customer scarification.
Hello @Richard Licon , thanks for starting this interesting discussion. My company, Blue Sky Homes, is currently remodeling 2 residential homes in metro Phoenix into 10 bed assisted living facilities. We're finding the Arizona market ripe for assisted living development.
In addition, we are looking for equity investors interested in partnering with us on future assisted living projects. Send me a PM if you're interested to chat further about that or about assisted living in general and we can connect. Thanks!
Anyone buy a hotel and remodel it for senior living?
Land and construction costs are so expensive here, I am thinking of this approach.
Love reading your assisted living facilities stories!
I am interested in ALFs. I placed my mother in a Korean centered one in Koreatown Los Angeles called Elim Silvertown. It was a beautiful facility, the caregivers and LVNs were wonderful, the food was excellent and they had many planned activities for memory care, outings, etc. I would stay there if I could. It got me thinking that this would be a good business investment not only financially but socially as well. I am very interested in providing quality care and facilities for our aging population.
I am looking for an assisted living center for my mother who only speaks Korean. Does your mother still reside at Elim Silvertown and do you feels she is well-cared for? Ideally, I would like to find a place in the Torrance, CA area where most of her family and friends are, but it has been difficult to find any which caters to Koreans. Any insight you have would be greatly appreciated!
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