Rental Property Investor · Bluff City, TN · Member since 2016 · 59 posts · 26 votes
My husband, Joe, and I listened to a podcast this week with Gene Guarino and was very impressed with his Residential Assisted Living model. This makes so much sense. We were just told this week that the reason most of our offers (full price and above!) are getting beat, is because there are so many seniors moving here to retire. It's true, Tennessee rates as one of the top places to retire. In Johnson City, we have the Quillen School of Medicine, the VA and a large medical industry. The cost of living is reasonable and the weather is very tolerable. (average year round temperature is 65 degrees, never too hot or too cold) It's a beautiful place to live and visit. We never get crazy snow here because the mountains deflect the bigger storms.
I think it could be a good fit. Anyone have any thoughts?
We are builders and would love to do the real estate side, but also have interest in the business side.
What do you do if someone dies on your property, someone without any immediate relatives or family?
Call the Sheriff or Police. They will send a detective over to investigate and should arrange for quick removal of the body.
Meet them there to let them in, and possibly secure any firearms into your or their possession.
Easy process.
Good Luck!
That's more or less what happened. The guy had dementia and had escaped from a hospital. We ended up calling the Veterans Administration to give him his final resting place. I put his clothes in one of those Goodwill dropoff containers.
My husband, Joe, and I listened to a podcast this week with Gene Guarino and was very impressed with his Residential Assisted Living model. This makes so much sense. We were just told this week that the reason most of our offers (full price and above!) are getting beat, is because there are so many seniors moving here to retire. It's true, Tennessee rates as one of the top places to retire. In Johnson City, we have the Quillen School of Medicine, the VA and a large medical industry. The cost of living is reasonable and the weather is very tolerable. (average year round temperature is 65 degrees, never too hot or too cold) It's a beautiful place to live and visit. We never get crazy snow here because the mountains deflect the bigger storms.
I think it could be a good fit. Anyone have any thoughts?
We are builders and would love to do the real estate side, but also have interest in the business side.
I'm not familiar with the specific model your talking about. However, in our REI meetings, we have talked about the growing need to cater to the older generations who are coming in to the area. It's certainly something that's becoming more prevalent as bigger assisted living facilities are being constructed and opened up. I believe you rsvp'd for our meetup on Monday. I won't be able to make it but bring this up. Look at Don Fenley's reports on CoreData. He's done a couple reports on it and spoke about them at our meetings.
If you do decide to dive into assisted living, then keep in mind it's really two things in one: buying (or renting real estate) and operating a regulated business. If you don't have the background in these regulations or relevant experience, ideally you'd want to find a partner who does or take the time to learn it or even take some exams to get the certifications yourself. So think long term learning prior to be able to take action.
@Wendy Fate a big reason many people retire or move to Tennessee is because there is no state income tax. That saves them a ton of money retirement withdraws.
@Greg Junge I would love to connect with you regarding your recent ALF project. As of this November I will be a licensed Multi-level Nursing Home Administrator with the hopes of opening my own ALF facility specializing in memory care. I assume when you say Assisted Living you mean a licensed facility (vs. residential care home)? Does Arizona require you to submit a Certificate of Need through the Dept. of Health prior to obtaining your facility license? Are you private pay or certified for Medicaid reimbursement? Most states on the North East have a moratorium on dual-licensed beds for Medicaid reimbursement and they have only be acquired through purchasing existing beds from current owners...
If you are will to connect please let me know and I will PM you my contact info. Happy to provide any assistance to you with your current project as a reciprocation. Thanks and good luck! - Logan
Assisted living homes of today are luxurious homes with chefs, amenities, built-in clubs and activities, fitness clubs you’d want to work out in and high costs for services. Residents drive and can come and go as they want. No maintenance, no homeowners, no cooking, no planning. From what I see, the seniors have dropped their kids off at college and want what they’re getting. As a result, a whole new industry was born.
What do you do if someone dies on your property, someone without any immediate relatives or family?
Call the Sheriff or Police. They will send a detective over to investigate and should arrange for quick removal of the body.
Meet them there to let them in, and possibly secure any firearms into your or their possession.
Easy process.
Good Luck!
That's more or less what happened. The guy had dementia and had escaped from a hospital. We ended up calling the Veterans Administration to give him his final resting place. I put his clothes in one of those Goodwill dropoff containers.
Read up on fully accessible residential ideas and ADA laws. My wife and I are under contract right now on her prior home b/c she had an accessible mother in law suite built for her parents. No step showers, no step entrance, extended doorways, etc., etc. Buyer had a family member who needed this use, and we had the only one available in an upscale price range.
If you need more proof Tri-Cities is a good place for your idea, my brokerage just sent around a nationwide survey listing the Tri-Cities as one of the top 10 places in US to retire b/c the Almighty $$ goes farther.