Hello! I am under contract on my first investment property, and it happens to be an independent senior living facility (the plan was to start with something simpler but this deal came across my desk and was too good to pass up so I'm diving in!). It's two residential buildings rented out by the room, with 12 total doors. Currently being used as full on assisted living, but the tenants and business are not for sale; it will be vacant when we close so we will be starting from scratch. Purchase price $450k, with projected gross rent at $14k/month at full capacity.
As I understand it, since we are not providing any medical care or medication management, we are not subject to the same laws and regulations as an assisted living facility, nor do we have to have certified staff on-site 24/7. We would basically operate as a glorified long term rental situation that caters towards independent seniors through the "Golden Girl Model" of living. We will provide grocery service, some meal preparation, and housekeeping services (cleaning/laundry).
Does anyone in Georgia have experience opening and operating a business like this? I would love some insight on how best to prepare while we're under contract. Thanks so much!!
