Has anyone considered converting their property to a Residential Assisted Living home?
The other day I came across what seems like a really good concept, Residential Assisted Living. I am looking for some feedback from anyone who is doing/has done this. Seems like the cash flow opportunities are fantastic.
The concept is to convert a single-family home into a multi-Tenant senior living facility with 8 to 16 unit rooms staffed with a home director and care assistant(s) to assist seniors with their needs. Not for seniors who are not self-sufficient and require a nursing home.
Thanks for any feedback.
If you are interested, I can put you in touch with a company that organizes and finds appropriate types of properties for this need.
Depends on location. Permit process probably includes getting neighbors to sign off/agree. What is the parking capacity? Guests, employees, food truck, and others will be coming and going during the day. You also need a license to operate. U.S. Department of Health and Human Services along with the local state Department of Social Services. The Local State Department of Public Health inspects. You will need ADA hallways and bathrooms (generally 36 inch clearance for a wheelchair to do a 360 or more) You'll need the electrical to exceed code and add carbon monoxide and smoke detectors that are commercial flashers for hard of hearing and blind. There are MANY companies that charge a fee to help you get the rules rolling or sell a franchise, if it's your first one get library books, go to some free seminars, tour local open facilities. As population ages we need safe and excellent places but there is liability so be prepared.
I would be interested in this company for going forward. Thx.
I appreciate the feedback, seems pretty much as I would have expected. Definitely seems like a good bit of compliance and health regulations i's and t's to dot and cross.
Hello David. I have experience with operating residential assisted living facilities (RAL's). The concept of managing them out of single family homes has been around for a while. A few things to keep in mind,
1) Each state, city, county can be very different from each other with regard to RAL requirements.
2) I personally have never seen a traditional single family home renovated to the extent to accommodate 16 residents, but of course it is possible. At that size, it's generally a good idea to acquire a facility dedicated for this use, but the numbers and opportunity dictate this.
If you have any questions, please reach out. Also, I would be interested in this company you are referring to.