Anderson Business Advisors Podcast

How To Start An Elderly Home Care Assisted Living Business

May 11, 2019

Do you know about RAL? What it stands for? You probably should because you or a loved one may need it someday. Today, Clint Coons of Anderson Business Advisors welcomes Gene Guarino of Residential Assisted Living (RAL) Academy. It’s never too late to start an RAL business, which provides a tremendous service and peace of mind for residents and their families.  

Highlights/Topics:

  • When and how Gene got into real estate business; no money down, no credit, no clue
  • What’s not RAL? Old-folks home, hospital, skilled nursing facility, nursing home, or independent living
  • What is RAL? Single-family home converted to house seniors who receive 24x7 care; about 98% of them are moving into the last place they will ever live
  • Conversion can include grab bars, smoke detectors, wider doors, and other changes
  • Real estate investor can lease home to an operator as a long-term, low-impact tenant
  • Location, Location, Location: Buy new vs. repurposing existing property into RAL
  • Do good, and do well; protect assets and generate income
  • Finding a home to buy for RAL is easy; find the tenant/operator first
  • How much can you earn with RAL? Avg. $4,000 per month/person to live in home
  • Potential Risks and Liabilities: Do you operate properly? Do it right, don’t get sued
  • Professional Liability Insurance Policy for RAL costs less than $1 per day/resident
  • Dispelling RAL Myths: Doesn’t need to be multifamily or commercial setting; residential and commercial financing is possible
  • 3 things needed: Senior-safe house, standard operating procedures (SOPs), and qualified manager
  • 3-legged Stool: Residents, caregivers/staff, and business

Resources

Gene Guarino

Residential Assisted Living Academy

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)

Robert Kiyosaki

Edward Griffin

Tom Hopkins

Russ Gray

Fair Housing Act

Clint Coons

Anderson Advisors

Tax and Asset Protection Event