Assisted living investing means owning properties that provide housing combined with personal-care services for seniors who need help with daily activities but do not require full nursing care.
Log in to followI buy things I intend to hold for twenty years and this one taught me something I hadn't priced. Two purpose-converted 8-bed homes in the same suburb, bought as a pair, $610k and…
Total cost was three weekends and about $18 of gas. My state posts survey and complaint inspection results for licensed care homes online. I pulled everything for the 14 licensed…
I'm back to building a list instead of buying because the last one took 14 months and about 180k off me, and I'd rather write down why than pretend it was the market. Twelve bed l…
I've been looking at hold-and-wait plays and this came in from an agent who knows I'm patient: a 1,900 sf brick ranch, four bedrooms, priced about $60k under the comps, described…
Two houses under contract review, one of them has to go. House A: 3,200 sq ft, 4 bed 3 bath, single story, 0.4 acre. Asking 465k. Layout gets me 6 residents in 5 rooms if I conver…
Working through the management agreement on a 44-unit AL, $9.8M ask, 88 census, blended rate around $4,850, T12 revenue $2.24M and EBITDAR just under $780k after a 5 percent base…
Last March I closed on a 4 bed 2 bath ranch in a first ring suburb, 310k, 25 percent down. The reason I bought that particular house was an operator I'd met at a local investor me…
Three homes, 18 licensed beds between them, 7 occupied when I started working with the owner in March. All 18 full now with four names on a wait list that I'd call two-thirds real…
I've been building a small service business around real estate and a friend of a friend runs two 6-bed care homes. She keeps telling me the money is in the care company, not the b…
Building a list and this one keeps coming back to me. 32 licensed AL units, single story, 2004 build, asking $4.6M, so $144k a door. T-12 revenue $1.9M against T-12 expenses of $1…
This is the question I'd have been too embarrassed to ask out loud. Every article about residential assisted living talks about it as a real estate strategy, and then somewhere in…
I am underwriting a 10-bed conversion and the exit assumption is doing more work than anything else in the model, so I want to see how this room handles it. Version A, real estate…
I'm reading the paperwork on a licensed 6-bed home before I get too far in. The residents sign a "residency agreement," 30 days termination either side, and there's a separate rat…
The clause I got stuck on last night says the tenant operating company "shall maintain all licenses and approvals required for the permitted use," and then five pages later says t…
I said in my intro I was planning the first purchase carefully and this is what carefully turned into. Posting it because most of what I read about this category is people running…
I manage a handful of houses leased to care operators and the maintenance split is where every one of these relationships goes sour eventually. Option one, operator carries it. Le…
I'm pricing a conversion rather than buying a running home. 2,400 sf ranch, and I've got two sprinkler retrofit bids at $18k and $31k for the same scope, which already tells me I…
This closed out last month so I can write the whole thing down. Two houses, one sponsor, plan was to convert both into 6 bed licensed homes in a metro with genuinely long placemen…
Four homes in and I have hit the thing everyone warns about. My second house is my best performer and my third is dragging because the manager there is stretched. Adding a fifth 6…
I own small multifamily and every unit I've added has taught me something, so I'm trying to read a 6-bed RAL the same way and it won't sit still. House is $520k in a decent suburb…