Two years ago my parents brought up the idea of starting an assisted living home. Buy a house, rehab, bring it up to code and move in 4-5 elderly patients. My mother has been a nurse for 30+ years and frequently travels to provide hospice care for the elderly. Her friend purchased a home and got all the licenses required for an assisted living facility and raved about how well she was doing. I brushed off the idea because I was uncomfortable dealing with the elderly. (falls, injury, death etc). My Mom went ahead and got all the required licenses she needed to run the business but was never able to purchase a home/rehab because of other financial obligations. For the last 2 years, my parents have been in my ear regarding this business and continue to push me to look into it- I of course didn't want to deal with it.
Fast forward to yesterday- I listened to one of the latest BP podcasts (#359) and they had a young lady who opened up a assisted living facility in Northern California. (you guys should really check it out)
It was as if a higher power was talking to me because this guest literally repeated every word my parents have said the last 2 years- the process, the cost, the profits. They guest went on to mention that this could become the new wave and not something many people know about. My Mother told me her friends profit each month after all expenses is about 20k. She charges anywhere between 4k-6k per patient and has caregivers she pays a little above minimum wage. This was EXACTLY the model the guest on the podcast was using. The numbers were literally identical. Now I'm seriously considering taking this route. I think is a great twist to house hacking
Has anyone ever looked into this? Anyone actually doing this? Lets chat!
