Existing Boutique Facilities and Community Care Houses can offer Five Hundred Dollars per day / bed.

"Let's get down to business. We do not have the time to mess around... what is this?" -Eminem

Business brass tacks suggests risk assessment must remain low, while success yields appreciation. Does it make sense to retrofit to a modern Congregate Living (where body rehabbing is practiced) while living in assisted beds are also offered? Many times a resounding YES! Other times, not so much...

Retrofitting a home to accompany elderly care (including living) is worth it, as it can pay $500 / day per bed (up to 6) so a house can gross $30,000 per month rather easily.

It is unrealistic to assume rehabbing the body ($500 / day) and elderly living (average $3,500 / month) care pay outs would both be at full capacity every month.

If so, it would far exceed expectations to a soaring $111,000 / month gross.

(offered as illustration)

$500 x 30 days x 6 persons = $90k body rehab $3,500 x 6 beds = $21k elderly care living

Sub total: $111,000 / month gross income.

These retrofits are being done to a small amount of homes in a highly desired location in Orange County, California ( Coastal Region ) with some of my long term clients. The business owner (s) include a past President of the Orange County Association of Assisted Living (who is also an attorney), and the owner of several of those properties would be happy to talk to you (as would I). We all together (including you)can work with many others to do just this. Open more beneficial and productive community care homes.

Interesting to note that retrofit amounts are not that expensive...

Why Bigger Buildings May Not Work Out...

Considerations of many larger scale facilities include the hallways may be too long for the elderly persons to walk down to get to their rooms (or to common areas like kitchen or dining areas). Also, getting closer to the completion of the many zoning or construction and concessions from the city to grant the facility an offering of a certificate of occupancy (issuance) may tally up to a far than greater cost of time and money; than originally bargained for. Hence, the risk assessment must remain low "statement" made in the opening of this blog post.

... Even in the case of where a large building was purchased for ONE DOLLAR, the tally of total costs (including medical personnel) can far out-weigh the two year threshold exit strategist plan...

Many projects of retrofitting / re-purposing hotels, schools, apartment and / or small office buildings that are granted to (or bought) for a bargain (taxation / non-profit) due to a lower cost compared to new construction still must consider overall timeline and cost.

The covid - 19 pandemic offered us the ability to see the outcome desired from the end user, the client, they deservedly chose the boutique style care in homes. Not buildings. Appreciation in smiles.

Every market and city is different; yet federally applied, it is similar. For example, in Missouri, it is not called Congregate Living... it is called skilled nursing facility. While also, in part, defined as social model of care; yet does not have to be completely seperate for each care performed for or by, your project.

The number of homes or lots assigned to each can be very rewarding when compared to a small or even mid sized commercial building.

It is often a feature and a neccessity to have commercial adequate kitchen (range hood) and common areas; where loss of living in (beds) square footage is concerned.

This amplifies the sincerity of an overall cost factor. Once realized upon a projects completion, can include proper insurance (s), payroll and operating costs (such as utilities) all factor in the project after a rehabbing or construction phase has begun.

Overall cost considerations can help you evaluate a projects worthiness... even for a 2 year exit strategist investor's standpoint. Validity of a choice: houses can yield $30k / mo.

Each State / City Areas (and their inspectors) can have overlapping code enforcements that effect money spent

on specific materials, as well as anticipated timelines to complete sufficient " up to code " check offs. Sometimes these can effect financing, repairs, property rehabbing and even budgetary or payroll considerations. Neccessary planning should be in order. Again, it is suggested this blog is not meant to be considered as legal advice. It is listed as many answers to many questions asked for illustration purposes. Information is deemed reliable, yet not guaranteed, and no warranty is either expressed or implied. This blog is meant to be suggestive and offered as answers to questions proposed. Please consider reaching out to local and various professionals in your specific area (s).

Please update us as to your progress and your success'. We value the opportunity to offer positive reinforcements of community care. Together we all can offer care considerations for those in need.