Investor · Asbury, IA · Member since 2018 · 80 posts · 29 votes
Hello,
A year ago, maybe two, I listened to a BP podcast about these properties that housed adults needing nursing care. The nurses would come stay at the facility and care for the adults for a period of time. The numbers on these deals claimed to be amazing. It sounds like something I could do here in our town of Dubuque, Iowa. I don't recall the specific name of these facilities and cannot find the podcast. I know it's a stretch, but does anyone know what strategy this might be and where I can find out more about it?
Assisted living, memory center, continuing care, rest home, independent living, ambulatory care are all terms for what you might be looking for.
This will involve operating a piece of real estate and starting a business inside that piece of real estate. You'll need the skills of a landlord and a business owner. You'll also need to learn a lot about the adult-care industry - insurance and licenses needed, how to find employees, budgeting, how to find tenants/patients, etc.
Assisted living, memory center, continuing care, rest home, independent living, ambulatory care are all terms for what you might be looking for.
This will involve operating a piece of real estate and starting a business inside that piece of real estate. You'll need the skills of a landlord and a business owner. You'll also need to learn a lot about the adult-care industry - insurance and licenses needed, how to find employees, budgeting, how to find tenants/patients, etc.
In addition to what Melanie listed I would add, you need to find out about the local, state, or federal guidelines (if any) that impact the setup of the property. Do local ordinances or ADA guidelines require changes to the property such as:
- accessible ramps
- sprinklers, fire alarms, fire escapes, etc.
- bathroom upgrades
- modifications to size of types of doorways, windows, etc
My husband and I own and operate Platinum Resort Assisted Living in Georgetown, Texas. We also help other individuals all throughout the U.S. who want to start their own Memory Care Mansion. We would love to help guide you through the process.