Posted by Tobeykins on May 31, 2002 at 11:25:42:
Government programs are a bonanza. I know people who are cleaning up in child care. Check Health Services & Social Services in your state. Federal $$ is distributed through State & County programs.
Assisted Care Living - Anybody doing it? - Posted by Eric - FL
Posted by Eric - FL on May 31, 2002 at 10:24:42:
I came across some info on Assisted Care living in residential areas and found that the cash flow borders on unbelievable. Is anyone doing this? My source tells me that you can receive as much as $2500 per person per month. It might be a great way to have high end residential property actually flow. Thanks for your ideas.
-Eric
Assisted Care Living - U might be next !! - Posted by JohnG
Posted by JohnG on May 31, 2002 at 23:25:04:
It is a good way to ensure that “you” will be looking for assisted care in a short period of time.
Heres my story. I leased a number of houses to a guy that was doing this. The only problem was he was a con artist who was collecting the money but not looking after the people. One of the people he was not looking after was his landlord - I was not getting my rents.
I had to go into three homes - get rid of his “staff” and the inmates were running the asylum - and proceed to look after a whole bunch of people who were serious care patients. That 2500 a month started to look real low when you factor in 24 hour a day care, 7 days a week, meals, trips to doctors, medications etc etc etc. The meds alone are a lawsuit waiting to happen - when you have $8/hr people supposedly administering meds. Factor in the problems associated with mental health problems as well as serious physical problems, the situation becomes even more grim.
I would think long and hard about this “niche”.
Re: Assisted Care Living - Anybody doing it? - Posted by Julius Levai
Posted by Julius Levai on May 31, 2002 at 22:53:57:
Eric ! There is a guy out there, (Michael Warren) who used to sell a package on this subject. Check him out. This Country will need more and more of this service in the near future. I also know a person, who tried his system, but ran into to many burocratic brick-walls and gave up. Maybe you will be luckier?? Wish You Well… J.L.
Re: Assisted Care Living - Anybody doing it? - Posted by Mark
Posted by Mark on May 31, 2002 at 16:26:56:
My Mother in Law runs one (a 8 person) and is planning on building another (a 15 person). Very good potential but keep a few things in mind. You are spending alot on staff costs and food and your involvement is very hard to keep at a “passive” level. You will spend alot of time when one of your employees is out sick, marketing to refill vacancies and dealing with getting medical staff out to your site depending on the services you offer.
Will you be approved for the number of residents you want to accomodate? Can you or do you want just mobile people or will you be in a position to handle physically challeneged people? Your state may have stringent license requirements. Many questions to answer and only you know what you can deal with.
True, you can pull in good money per resident, varies by state, but taking anyone on govt subsidy is actually costing you money compared to market rates.
Go visit some if you are serious, get a feel for the challenges you will face. It does cashflow when it is full but only one or two vacancies are hard to cover. The competition for residents has definitely increased in the past 3 years or so (at least in the Balt/DC area), it is harder to get good credit worthy residents and waiting lists are getting hard to keep up.
Good Luck - There is good potential just examine your market and realize this is less of an investment and more of a business you are entering.
Mark