Assisted Living / Independent Living Communities

[Jon Q.]

I'm interested in exploring conversion of my properties into "independent living communities" aka assisted living.  They would provide CNAs and other medical professionals dressing, eating, cleaning, etc and other basic living and health and medical services.

I'm interested in connecting with anyone who's successfully converted SFRs or MFs into independent living community rentals.

What's been your experience?

Please provide details. market, size of property, regulations you had to work around, cost to convert, rental rates, etc...

Please feel free to message me directly.

[Dave Reese]

I have a friend that did a conversion. They did not do it as a rental though they did it as a business. They make very good money but it is a lot of work and a 24/7 job.

On the building side: There are lots of building codes you have to follow, once he thought he was done did another 20k in code work. It also gets inspected annually and he is always complaining about having to do more expensive upgrades to the building as well. This was a 4/3 house in a regular neighborhood turned into a 6/3. He cut the master and the garage in half for extra rooms/income.

My only advice would be add extra Cush to your budget than you would a typical flip for the inspections.