Residential assisted living

[Shawn Luong]

Investment Info:

Single-family residence commercial investment investment.

Purchase price: $625,000
Cash invested: $85,000

convert a 5-bedroom SFR into a residential care facility for the elderly focused on memory care.

What made you interested in investing in this type of deal?

One in 7 Americans over the age of 70 has some form of dementia. The investment would be to serve the needs of this growing large population and perhaps my own retirement home if I need it.

How did you find this deal and how did you negotiate it?

County Tax sales

How did you finance this deal?

Cash investor

How did you add value to the deal?

install a fire sprinkler system, a firewall between kitchen/living room/dining room with the sleeping area, an emergency escape door in the sleeping area, handicapped bathrooms.

What was the outcome?

Passed fire inspection, waiting for state licensing.

Lessons learned? Challenges?

State licensing usually takes 9 months and with the pandemic, it is taking forever. It has been 10 months and we have not heard from the state agency.