Assisted Living: Another Niche

Assisted living has become a niche for beginning investors. Lets take a look!

What to do. Converting a single-family or multi-family home into a living quarter for the elderlies. This method, however, would undergo many city ordinances. The burden can be heavy but once those passes, the fruits of labor are great!

What to consider. It often takes much resource and funding to build up an assisted living quarter as we consider all the renovations with city codes and regulations. We should consider to first acquire the property at a price that is big bank for our buck. The property ideally should be at a reduced price with maximized square footage as well as a good location with all the conveniences. The property should start out with all basic amenities such as electricity, water, and natural gas hookups. Always remember about the location!

To start. First consult with the city regarding zoning, planning, building codes, and city ordinance. Investor should also consult Zillow or Bestplaces to identify good neighborhoods and learn about home values. Once a good neighborhood is identified and knowledge of city ordinance are known, one can make his/her way through to find the best suited property- the best bank for the buck.

On the lookout. Pay attention to city noise, busy streets, vehicle emissions, constructions zones, air pollutions, work zone odors, etc. Those are not ideal to live in or nearby since you might not want to live there yourself. We do not want a train passing by at 2 o’clock in the morning which takes ten minutes to complete the run which honking its horns. The location should be clean, quiet, and safe which is ideal for elderly-service business. Lastly, also keep in mind a place to dedicate to 24-hr staffing.

In summary. Assisted living can be a long and arduous process. However, the return on investment is great once the system gets into gears. The key to run this business is patience and consider all the small pieces as well as pitfalls.

Topics: real estate, investment, assisted living

Work-cited: Creonline; https://www.creonline.com/assisted-living-the-ultimate-in-creative-deal-making/