Assisted Living Network Podcast

When you are In Residential Assisted Living you're going to get sued. The reality is we understand what the liabilities and the risks are. We have insurance to protect ourselves from it. But when people move into our homes, they're being taken care of, their being loved on. We want them to live forever, but on occasion they do pass away. People do die and It's a matter of when, not if. 

Now again, I want you to get very real. Let's say that person living in the senior care home, the residential assisted living has five kids. Those five kids are 50, 60 years old. Those are the kids because mom or dad is 80 or 90 years. They've come to visit mom or dad everyday or every week. They see the caregivers. They know them by name. They've eaten the food in the dining room with mom or dad. They know the manager, they love the experience. Now they'd been there for three years. They fall, they break their hip, they go to the hospital and two months later, they pass away. That is sad, but it's not unexpected.  

So avoid those potential problems. Have the proper insurance, and do a good job. Dot your i's and cross your t's. But rest assured, if you do this right, that liability is truly a non issue.  

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Everybody wants to know how to make money in Assisted Living. There are three best ways to get started right now for you to make money. First, you can own the real estate, lease it to an operator. Two, you can just operate the business. The business itself is the ability to bring in those residents and caregivers. You're going to pay rent to somebody else in their real estate, but the business itself is incredibly profitable, or operate the business and lease the property from somebody else. The third way is both, own the real estate and operate the business. The entity that operates the business leases the real estate from this entity over here. We own the real estate, get the tax benefits, and over here on the business we had the operating entity that pays rent to leasing it from.

There is also bonus way number three, and that would bring those residents in the home and they're paying to live there. They contract out for their care. You have a high occupancy rate and tenant that's paying you but they're contracting separately outside of your company for the care that they need.

There's lots of ways to make money with assisted living. The key is to get started.

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There's a lot of people out there right now that are thinking unemployment is at a record low. How in the world am I going to find great caregivers or a great manager for my assisted living home? The key is not just getting a caregiver or a manager, but getting the best ones, the right ones, attracting them, training them, retaining them is all a part of what we show people how to do.

What you are looking for is somebody who takes charge. Somebody who's in control, who can take a system and implement it. Somebody who is genuinely nice to their family, to their spouse, to their coworkers. they need to be fair, but firm with their caregivers, What need is somebody that can be a great representative for you, your staff, your home. They are the face of what you do. They're the ones that are communicating directly with the family, meeting their expectations or not, and if they communicate in a positive, friendly way that goes a long way to making the family feel confident that their loved one is being taken care of. It's not impossible to find great people, but they need to be attracted to what you do and what you offer.

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Food, It's important for all of us. In assisted living, it's the number two, if not number one activity inside the home. If we feed the residents properly, they'll be healthier, happier, and more comfortable. They'll be a joy to be around. The amount of food, the quality of food. That is so easy to fix.

I always ask the residents when they come in, what's your favorite food? What do you love to have? If they say, I love seafood, shrimp, fish and so on. You can get jumbo shrimp the size of your finger that costs you very, very little and if they ate one, two or three of them, that's all they need. The high quality foods served on a special occasion is a real special event.

If you really want to have a home that people will wait in line to get into, have a chef. Do cook to order breakfast. Lunch could be a set lunch, or maybe two choices. In between breakfast and lunch, they're making a wonderful meal for dinner. You could charge a thousand dollars a month more because you have a chef. The chef is a feather in your cap, it’s what will bring people in and they'll stay with you for it.

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There's the saying that it takes 10,000 hours to become an expert. Now when you think about that, at 40 hours a week and 50 weeks in a year, that's 2000 hours in a year. So, if you devote five years of full-time effort to anything, you'll be an expert. So what is it that you're becoming an expert at 2000 hours a year? 10,000 hours is five years of your life. You could cut that time in half and make it 5,000 hours and get it done in one year by going to somebody else who knows what they're doing and is willing to show you how so that you can become an expert very quickly. Because it's not knowing something. It’s doing something with what you know.

Communication is one of the things that you need to become an expert in no matter what else you do. You have to ask yourself, what are you willing to do today that will allow you to be an expert in your field, is it your desire or your passion? I guarantee you're going to become an expert at something. Decide what it is you're going to become an expert in before you move forward.

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Despite the myth, you can absolutely operate a Residential Assisted Living home hands off. Your job is to hire a manager, who then hires the caregivers and finds residents for the home and manage that relationship with the family. You are looking for those high-quality people who love what they do. The type of person we're talking about is not just there to make a dollar. They're there because they want to be there. They love to work with seniors and this is a part of who they are. So if you do it properly your job is to manage the manager. You can even do it hands on if you chose to. There is no right or wrong way in those two options.

You should live where you want to live, but work and have your business where the numbers make sense. The reality is, if I have 10 people in my home and they're paying $5,000 a month, we can make a lot of money. But if I'm in an area where I can't fit 10 people in the home because maybe the home itself is too small, and maybe those people who are living there can't pay a lot of money. But the key is the location and having the right team setup.

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There are tens of millions of seniors in our country today who will need assistance with their Activities of Daily Living, according to AARP. That doesn't mean they're all going to move into an assisted living home or facility, but they will need help. They're at home all alone and maybe they can take care of themselves, but frankly they would much rather have people around them. They understand that being with other seniors their age is vital to their health and their mental stability and wellness as well, so it's a great thing.

You know, a lot of people think the government's going to take care of the long-term care needs of the parents or grandparents in their life, and the answer is, well, the federal government does give money to the state government. The state then comes up with a program. They may pay out $2,000 a month for long-term care assisted living, but that amount is going to be reduced by whatever income they have. They basically say to their citizens, show us that you're of age, let's say 65 and above, show us your assets, your income, your age, and we'll determine if you qualify for our program.

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The first myth that I want to cover with you, is whether Residential Assisted Living is considered commercial or residential. We talk about Residential Assisted Living because it's a single family home, in a residential neighborhood. Now the home itself might be a little bigger than your average home but we are using this for commercial purpose. I didn't say we're operating a business that's different because most places that have an HOA, and have covenants, codes and restrictions, are going to have some kind of wording in there that says you can't operate a business out of your home.

When we talk about Residential Assisted Living, it is a residential home and a group home for the elderly, so it's not a business. We don't have a lot of customers coming and going all day long. When it comes to the lending, It's a residential home. It's non owner occupied, so you could pretty much go to any bank as if you're just going to buy a house that you're going to use as a rental property, it's called non owner occupied because you're not living in the house. You can also use private lenders, investors and joint venture partners, people who will provide the capital that's needed.

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When you think about assisted living, most people think about a large institutional setting. Some of the new facilities have independent assisted living and skilled nursing all in the same area with a lot of amenities. The advantage of the big box could be that they start with independent living and then move to more advanced care options.

One advantage of the small Residential Assisted Living facility is it’s your own space, that bedroom is yours. There’s only a limited number of peers that they're sharing the rest of the space with. A bigger benefit is the consistent staff and more individualized care with the resident to caregiver ration. It is not just home like. It is a home.

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There are 77 million baby boomers in America alone. That is 4,000 people turning 85 every day, 120,000 every month, and 1.4 million this year alone. So when we are talking about 1.4 million baby boomers a percentage will check into assisted living. The fact is that 70 percent of us are going to need help with our Activities of Daily Living for an average of three and a half years. Whether they live at home and have help, or they go to a residential assisted living home, they are going to need that help. But when you do need to send them someplace, you want it to be a home, which is what Residential Assisted Living is.

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