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Updated 3 days ago on .

User Stats

102
Posts
35
Votes
Matt Ridenour
  • Rental Property Investor
  • Michigan
35
Votes |
102
Posts

Uh oh, time to pivot my STRs to Assisted Living. Anyone want to talk me out of it?

Matt Ridenour
  • Rental Property Investor
  • Michigan
Posted

Here's the quick and dirty. My township is working up regulations to oust my style of STR. I run 2 large stay STRs in this township and am 6 weeks from completing a build to rent, which would have been my 3rd. (Bummer too, because this one had an indoor pickleball court.)

So......... 

I'm exploring converting to assisted living, but I have no interest in the Guarino model of creating my own business.  I just want to lease the property to an operator.  I'm aware of the fire suppression, ADA needs, etc.  I've started calling local operators but so far they are one off operators not interested in expanding.  Facebook was suggested as a means to find groups of operators in my area.  I'm wondering if anyone here has had any experience with this model and wants to try and talk me out of it, or if not, can point me to the right people?

Just a quick description of these properties to cull the herd on comments about viability:  2 single story ranch homes within 30 yards of each other.  They sit on 14 acres with a beautiful pond and nature trails I made myself.  I hired a gardener who has made amazing flower beds around the patio, which has a nice water feature.  House number 2 will have a big fire bowl on the roll out patio with amazing sunset views. The indoor pickleball court (30x60 garage with 23' vaulted ceiling) can double as a gathering space for both homes, making it a kind of community center for activities.  I have 2 more lots ready to build to suit on this property, so it could end up being a nice little community.   Pretty sure it could be an awesome spot to run a facility!

Thanks as always for the most helpful forum ever created.