Anderson Business Advisors Podcast

How To Start An Elderly Home Care Assisted Living Business (Prt 2)

June 15, 2019

Every day, about 4,000 people become 85 years old. Every year, thousands of them need help. Many people are turning to residential assisted living (RAL). Not only entrepreneurs and business professionals who see it as an opportunity to make money, but for those needing help as they get older. Today, Toby Mathis of Anderson Business Advisors talks to Gene Guarino of Residential Assisted Living (RAL) Academy. Gene’s interest in RAL became real when his mom needed help. It was no longer all about a business opportunity to invest in and make money, but creating a perfect place for mom and making a community and worldwide impact.

Highlights/Topics:

  • Entrepreneurial path that led Gene down the real estate road to RAL
  • First property purchase as a real estate professional: No money down, no credit, no clue
  • Keeping-it-all-for-myself mentality vs. willingness to share, teach, and answer questions
  • What is RAL? Converted single-family homes that provide aging population with basic or advanced care, depending on their needs
  • Moving in with your adult children, or going into a nursing home aren’t the only options
  • Perception vs. Reality: Nursing home is 24x7 medical care; most don’t need such care
  • Taking care of aging parents isn’t practical for most families; caregivers can suffer significant health consequences due to added pressure and stress
  • Nursing home provides 24/7 medical care via doctors, nurses, and gurneys; RAL offers 24/7 assistance from qualified caregivers for basic, non-medical help
  • Average cost for RAL is $4,000 per month, per room; what matters most is the quality of care, location, and price
  • Three most common mistakes made when looking for RAL property: Wrong location, wrong type of real estate, and trying to do it all - instead of hiring others
  • RAL Academy: Educates and connects investors, operators, and owners interested in senior housing projects

Resources

Gene Guarino

Residential Assisted Living Academy

Family Legacy Homes

What is residential assisted living (RAL)? Learn about the greatest real estate—and business—investment for the next 25 years!

Insiders Guide to Investing in Senior Housing (Amazon)

Second Wind Success Radio Show

NAREIT

Fair Housing Act

The Golden Girls

Brookdale Senior Living

Sunrise Senior Living

Atria Senior Living

Toby Mathis

Anderson Advisors

Tax and Asset Protection Event