Posted by Martin Greenberg on February 18, 2003 at 11:46:33:
Dear Fred:
I hope the biggest mistake I will ever make was getting involved in an AFL. You would not think there would be a shortage of old people in Ft Lauderdale. In the three years I owned the ALF there were 600 additional licensed beds in the county. Raddison and Marriott have gotten involved in this. I am in the process of filing bankruptcy.
The business is a hands on one. We weree responsible for providing care 24/7. If a resident couldn’t afford the place I had to ptovide the medication and care for the resident.
I would not recommend this business. Stict to real estate investing.