Assisted Living Network's Podcast: Recent Episodes
Gene Guarino
Assisted Living Network: Learn about Assisted Living through the expert Gene Guarino! Gene is the President, CEO & Founder of RALAcademy.com. Gene has over 30 years experience in real estate investing and business. Today, Gene is focused on just one thing… investing in the mega-trend of senior assisted housing. Having trained tens of thousands of investor / entrepreneurs over the past 25 years, he now specializes in helping others take advantage of this mega-trend opportunity.
Are you ready to discover a vital, yet affordable necessity for your Residential Assisted Living (RAL) home? How to protect yourself in the residential assisted living business!
You don’t want to miss this episode. It is packed with essential insights to help you safeguard your RAL business and ensure its long-term success. Isabelle shares this vital component that protects you, your seniors, and your staff.
Find out how to secure your future and protect those in your care by prioritizing this essential coverage. For more tips and resources, visit our recommended asset protection companies and take advantage of the special perks available to our community.
Resources Mentioned:
Prime Corporate Services - https://www.primecorporateservices.com/
Anderson Advisors - https://andersonadvisors.com/
RALNA - ralna.org
NCH (Nevada Corporate Headquarters) - https://nchinc.com/
💰 Want to get started in residential assisted living? Now is the BEST time! Check out our virtual and in-person training options at: https://residentialassistedlivingacademy.com/training/
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Are you ready to discover a vital, yet affordable necessity for your Residential Assisted Living (RAL) home?
You don’t want to miss this episode. It is packed with essential insights to help you safeguard your RAL business and ensure its long-term success. Isabelle shares this vital component that protects you, your seniors, and your staff.
Find out how to secure your future and protect those in your care by prioritizing this essential coverage. For more tips and resources, visit our recommended asset protection companies and take advantage of the special perks available to our community.
Resources Mentioned:
Prime Corporate Services - https://www.primecorporateservices.com/
Anderson Advisors - https://andersonadvisors.com/
RALNA - ralna.org
NCH (Nevada Corporate Headquarters) - https://nchinc.com/
💰 Want to get started in residential assisted living? Now is the BEST time! Check out our virtual and in-person training options at: https://residentialassistedlivingacademy.com/training/
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Are you curious to know how a Residential Assisted Living (RAL) home compares to an Airbnb in terms of cash flow?
Today we’re diving deep into why RAL homes are a game-changer for property investors. Isabelle highlights the growing potential of RAL homes and the growing challenges facing Airbnb owners.
We’ll unpack the superior cash flow potential of RAL homes compared to Airbnb and share real world examples of the pitfalls of investing in Airbnb properties.
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Are you ready to master the art of pitching to potential investors and secure funding for your residential assisted living home?
Join Isabelle as she breaks down the essentials of preparing for investor meetings, what documents you need to have prepared and how to build your confidence.
This episode is packed with actionable insights to help you prepare for investor meetings, secure funding, and successfully launch your residential assisted living home. So let’s get started!
Resources Mentioned:
- Money.com
- RAL101.com
- The Real Estate Guys Radio Show event, Secrets of Successful Syndication - https://realestateguysradio.com/
Pitch Masters Academy - https://pitchmastersacademy.com/
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Ever thought about opening a niche care home for seniors? In this episode of the Assisted Living Network podcast, we explore how catering to specific lifestyles and interests can make your Residential Assisted Living (RAL) home stand out in a growing market. With 76 million baby boomers facing housing challenges, this could be your opportunity to create something truly unique.
We’ll cover niche home ideas such as vegan dining, art therapy, wellness centers, religious communities, language-based homes, and even homes focused on specific exercise routines or genders. Discover how meeting the unique needs of seniors can set your RAL home apart and secure your financial future.
Tune in to learn how niching down could be the key to success in the senior living industry. Follow the Assisted Living Network podcast for more innovative ideas on the future of senior care!
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Work 5 Hours A Week And Cashflow $10k Per Month?
Today we are going to answer the question, how do I generate passive income through residential assisted living?
While the business requires 24/7 care for seniors, it doesn't have to be you, the owner, doing the work. Isabelle breaks down what your limited involvement would look like.
Set up your business for success from the start, and you can enjoy the financial freedom and time flexibility you desire.
Resources Mentioned:
- RAL101 - ral101.com
- Money.com
- Residential Assisted Living Academy (RAL Academy) - https://residentialassistedlivingacademy.com/
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Are you ready to explore a unique and profitable way to enhance your residential assisted living home?
We're delving into the innovative concept of adult day care and how it can benefit your RAL business. We’ll discover how integrating adult day care can secure your financial future and provide exceptional care for seniors.
Join us as we explore this innovative approach and discover how it can help you achieve financial success and offer exceptional care.
For more insights and strategies, make sure to listen to the full episode and learn how adult day care can transform your residential assisted living business.
Resources Mentioned:
Elderwell - https://elderwelladultday.com/
Activage - https://www.activagecare.com/
Townsquare - https://www.townsquare.net/adult-day-care/
Residential Assisted Living Academy (RAL Academy) - https://residentialassistedlivingacademy.com/
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Are you ready to avoid costly mistakes and ensure your success in the residential assisted living industry?
Join Isabelle as she uncovers the top three mistakes to avoid when opening your first residential assisted living home; mistakes that could cost you your entire business.
These errors have led to devastating consequences, including financial ruin and personal hardship, for many aspiring RAL entrepreneurs, but this doesn’t have to be you! Tune in today and let us help you on your residential assisted living journey.
Resources Mentioned:
Residential Assisted Living Academy (RAL Academy) - https://residentialassistedlivingacademy.com/
Predictive Index Test - https://www.predictiveindex.com/
Fill Your Home Fast Course - https://members.ralacademy.online/courses/fill-your-home-fast/
RAL 101 - RAL101.com
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Are you curious about how to achieve financial freedom and minimal work hours in the residential assisted living industry?
In today’s episode, we're unveiling the secrets to being hands-off while ensuring your business thrives. Isabelle shares two key strategies for becoming a hands-off owner while still maintaining cash flow.
Let's dive in and discover how just one residential assisted living home could secure your financial future forever.
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Are you ready to uncover the secrets to thriving in the residential assisted living industry?
We're diving into the critical demographics and care needs of your ideal residents. But this isn't a Golden Girls scenario; these seniors are moving in because they require essential care and support and today we'll discuss the various care options available.
Tune in to discover and understand the economic and emotional considerations of different care options and how to cater to the unique tastes of the baby boomer generation.
Whether you're new to the industry or looking to expand, this episode will provide valuable insights to help you succeed. Join us as we navigate the exciting and ever-evolving world of residential assisted living.
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Can I run a residential assisted living business remotely?
Join us as Isabelle explores the exciting possibilities of owning a residential assisted living home remotely. We'll discuss how to live where you want while investing where it makes sense, leveraging technology and systems to manage your business from afar.
Isabelle highlights the process of building a reliable team and empowering them to handle day-to-day operations and shares valuable tools to accomplish your remote goals.
Let's dive in and discover how you can secure your financial future with a hands-off approach to RAL ownership!
Resources Mentioned:
Grove Menus - https://www.grovemenus.com/
Pantry Tech - https://techpantry.com.au/
eMars - https://emarsinc.com/
Care Predict - https://www.carepredict.com/
Sling - getsling.com
When I Work - https://wheniwork.com/
QuickBooks - https://quickbooks.intuit.com/
Trainual - https://trainual.com/
Loom - https://www.loom.com/
Zoom - https://zoom.us/
RALA - ralaacademy.com
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What are the best states to run a residential assisted living home and business?
Today we're exploring a crucial question for anyone interested in starting a residential assisted living home: What are the best states to do this in?
With the growing number of baby boomers needing housing, there’s a significant opportunity for RAL entrepreneurs. We'll discuss which states offer the most advantages, the potential challenges, and how to decide what's best for you.
Join us to hear Isabelle’s expert insights on the pros and cons of starting an RAL home in various states.
Resources Mentions:
RALNA - www.ralna.org
Residential Assisted Living Academy - https://residentialassistedlivingacademy.com/
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How can I find the right residents for my home?
Today’s episode features the essential steps in vetting potential residents for your residential assisted living (RAL) home.
We'll explore the interview process, the importance of references, and the role of family dynamics in making informed decisions. These key areas will help you make informed decisions and maintain a harmonious environment in your home.
Tune in as we help you navigate finding the right fit for your home’s culture, care staff and other residents!
Resources Mentioned:
The Katz Index of Independence - https://www.alz.org/careplanning/downloads/katz-adl.pdf
"Fill Your Home Fast" course by Michael Marlowe - https://hello.ralacademy.com/fill-your-home-fast/
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In this episode, Isabelle highlights that most good residential assisted living (RAL) deals are off-market. Soooooo, how do we find them?
We'll explore the power of building relationships, the importance of sensitivity in negotiations, and the secrets to securing the best deals.
Listen in to hear stories from real students who faced real challenges when selling their RAL homes. Learn from their experiences so you won’t repeat the same mistakes! For more in-depth training and insights, join us at the Residential Assisted Living Academy.
Resources Mentioned:
BizBuySell - https://www.bizbuysell.com/
Residential Assisted Living Academy - https://residentialassistedlivingacademy.com/
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Does location matter when starting or purchasing an assisted living home?
The short answer, yes! Today, we're diving into one of the most critical aspects of starting a successful residential assisted living home—location, location, location.
With 76 million baby boomers in the U.S. facing housing dilemmas, this episode is packed with insights on why the right location is key to securing your financial future through RAL.
Discover the pitfalls of starting small, the importance of demographics, and how to choose the perfect area to attract your ideal clientele. Let’s jump in!
Resources Mentioned:
"Is Your Home a Fit" Quiz - https://residentialassistedlivingacademy.com/my-ral-home-profile/
Pinpoint: https://www.pinpointcommercial.com/
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How much money can a single family home bring in every month?
Isabelle unveils her strategy for transforming a single-family home into a thriving residential assisted living facility. Discover how Isabelle generates $10,000 per month from a luxury home in Arizona!
This isn't just about financial success—it's about creating a supportive environment for seniors in need. Isabelle's story showcases the immense potential within this growing industry, where compassion and entrepreneurship intersect.
Whether you're considering entering this field or seeking to enhance your current operations, there's much to explore and learn. Stay tuned for more episodes where we continue to uncover innovative approaches to senior care and business success.
Resources Mentioned:
- Genworth Cost of Care - genworth.com/costofcare
- RAL 101 - ral101.com
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In today's episode, we'll be discussing the recession-proof nature of residential assisted living (RAL) as a real estate investment opportunity.
Find out why residential assisted living is a smart, recession-resistant investment opportunity that aligns with the growing needs of the aging population.
With the aging population and the increasing demand for high-quality senior care, discover how RAL has stood the test of time, even in the face of economic downturns and why it is poised to continue thriving in the face of future challenges.
If you're ready to make a difference while securing your financial future, the time is now to consider the power of residential assisted living.
Resources: Forbes https://www.forbes.com/sites/davidwestenhaver/2022/07/12/recession-proof-reits-senior-housing-demand-bounces-back-after-two-catastrophic-years/
www.forbes.com/sites/forbesbooksauthors/2023/09/05/investing-in-residential-assisted-living/?
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In today's episode, we'll be diving into the crucial topic of fire suppression and sprinkler systems.
We'll share information about valuable resources available through the Residential Assisted Living National Association, which can help care home owners navigate the process of installing these crucial safety features.
Join us as we discuss the costs, benefits, and strategies for leveraging fire suppression systems to set your residential assisted living home apart from the competition.
With the right approach and mindset, you can create a safe, thriving, and profitable residential assisted living home that makes a positive impact on the lives of seniors in your community.
Resources: RALNA https://ralna.org/
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It can happen; and what do you do if it does in your care home?
In today's episode, we'll be tackling the sensitive yet important topic of sexual relationships among seniors in residential assisted living homes.
Tune in to discover our expert tips on handling sexual relationships in assisted living homes, including when to alert families and how to prioritize the safety of all involved.
This episode offers valuable insights for care home owners and caregivers alike, to create an environment with open communication and proactive measures in addressing this sensitive topic.
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Many care home owners may be tempted to maximize their occupancy by offering shared bedrooms, but is this really the best approach?
In today's episode, we'll be discussing a crucial aspect of senior living: privacy. While shared bedrooms may seem like a quick fix to increase revenue, there are several potential pitfalls for both residents and care home owners.
Tune in to discover expert insights on the ideal percentage of shared bedrooms in a care home and the potential impact of shared spaces on your bottom line.
In the world of residential assisted living, sharing may be caring, but privacy is key.
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What is the best way to start a care home or enter the residential assisted living business?
In today's episode, we'll be discussing the top four ways to get started in this rewarding field. Whether you're a seasoned real estate investor or new to the world of assisted living, understanding these options can help you make an informed decision and take the first steps towards securing your financial future.
Each method has its own advantages and challenges, and the best choice for you will depend on your unique circumstances, goals, and resources.
-
Ground Up Build
-
Leasing a home
-
Converting a single-family home
-
Buying an existing business
When deciding which method to pursue, it's essential to remain open to opportunities and seek guidance from experienced professionals. The Residential Assisted Living Academy offers training courses to help navigate these options and avoid common mistakes. By understanding the pros and cons of each approach, you can make the best choice for your unique situation and goals in the rewarding field of residential assisted living.
Success in this field requires a combination of knowledge, passion, and adaptability.
Resources: RAL Academy https://residentialassistedlivingacademy.com/
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Do you need to be a doctor or nurse to open and operate a successful residential assisted living facility?
In this episode, we'll examine the benefits of having a medical background in this field and provide insights for those without a healthcare-related education. So, whether you're a medical professional looking to start a care home or a passionate entrepreneur eager to make a difference in seniors' lives, this episode is for you.
While having a medical background can provide numerous advantages when opening and operating a residential assisted living home, it is not a prerequisite for success in this field.
By understanding the responsibilities of your staff, partnering with healthcare professionals when necessary, and focusing on providing the highest quality of care, you can create a thriving and reputable care home that gives seniors and their families peace of mind.
Remember, your passion for helping others and your dedication to creating a safe and nurturing environment are the most essential ingredients for success in the rewarding world of residential assisted living.
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What happens if a resident stops paying for their care? Do you have to kick them out onto the streets?
When a senior moves into a residential assisted living home, it's typically not the resident themselves paying - they've assigned a Power of Attorney (POA) to handle their finances and care decisions. The POA, often an adult child, signs an agreement with the home and is responsible for making payments. So what happens if they stop paying?
In this episode, we cover:
- How a lapse in payment is considered elder abuse, similar to abandoning a child at daycare, and the legal repercussions the POA could face
- Options the care home has if a resident's family starts to run out of money, such as moving them to a lower-cost room or facility
- Cases where the home may work with the family to keep a long-term resident at a reduced rate
- The importance of balancing compassion for the resident with the business interests of the home
While extremely rare, especially in high-end homes, a complete cessation of payment could lead to authorities getting involved. However, most families communicate proactively if facing financial issues, and the home will seek solutions to avoid resident displacement.
Tune in to understand how to handle this sensitive situation if it arises. Discover how you can do right by your residents while protecting your RAL business.
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Are you prepared to afford the care you or your aging loved ones may need in the future?
In this episode, we explore how to navigate the rising costs of senior care, especially for the 76 million baby boomers facing housing dilemmas. Listen in as we break down various payment options, from government programs like Medicare and Medicaid to personal assets such as savings and long-term care insurance.
Discover the importance of proactive financial planning and the potential need for adult children to support aging parents. We'll also discuss innovative solutions like the Assisted Living Waiver Program in California, which provides beneficial options for low-income seniors and individuals with disabilities.
It is imperative to be financially prepared for the growing "silver tsunami" and the care needs of aging loved ones. Whether it's tapping into VA benefits or considering starting your own residential assisted living home, you'll come away with valuable insights on securing your financial future.
Don't wait until care is needed to make a plan. Tune in now to learn how you can take charge of your long-term care costs and face the challenges of aging with confidence. Your future self will thank you.
Resources:
California Assisted Living Waiver Program:https://www.dhcs.ca.gov/services/ltc/Pages/AssistedLivingWaiver.aspx
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Did you know that a staggering 70% of family businesses fail when passed to the next generation?
For the millions of baby boomers grappling with housing and elder care concerns, this is a daunting reality. But what if there was a solution that could provide significant income, care for loved ones, and secure your legacy?
In this episode, we'll dive into the world of residential assisted living. Listen as we discuss how these homes can generate substantial cash flow while requiring minimal time to operate. Discover how they simultaneously solve the pressing need for quality elder care within your own family.
Learn the keys to creating a lasting legacy through generational planning and documentation. With the cost of elder care continuing to rise, you'll hear how residential assisted living can protect your assets, fund your retirement, and leave a blessing for your children and grandchildren.
If you want to learn more about building a thriving residential assisted living business, be sure to check out the RAL National Convention, where industry experts and owners share invaluable insights.
Resource:
Get your tickets at ralnatcon.com.
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Have you considered working with hospice agents to connect with residents to fill your home?
In today's episode, we'll be discussing hospice care and how it can benefit both seniors and assisted living homeowners. We'll explore what hospice is, where it can be provided, who pays for it, and how assisted living homeowners can build relationships with hospice agencies to help fill their beds. Whether you're a senior looking for end-of-life care options or an assisted living homeowner looking to expand your network, this episode has something for you.
Hospice care, also known as palliative care, is for people with a serious illness or approaching the end of life. It's not just for the last few days or months of life, and people can receive hospice care for years as long as their condition remains serious. Hospice care is an approach to care, not a location, and can be provided in hospitals, nursing homes, residential assisted living homes, or at the person's own home.
As an assisted living homeowner, building relationships with hospice agencies can help you fill beds and provide an extra level of care to your residents. If you're looking to learn more about the residential assisted living industry and how to succeed in this growing field, be sure to check RAL101 on our website. You can find the link below in our resources section. There, you'll find a wealth of resources and tips to help you on your journey.
Resources:
https://residentialassistedlivingacademy.com/ral101/
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Wondering how to fill your residential assisted living beds quickly - and keep them full?
In this episode of the Assisted Living Network podcast, we're sharing top strategies for marketing your RAL home. With 76 million baby boomers facing housing dilemmas, opening a RAL home presents a tremendous opportunity... if you know how to get the word out.
Listen as we cover the most effective ways to build trust and attract residents, from hosting open houses that showcase your home's unique appeal to positioning yourself as the go-to expert in your community. We'll highlight success stories like a RAL owner who literally wrote the book on assisted living and another who leverages social media to introduce her home, staff, and residents.
We also dive into the power of participating in local events, nurturing relationships with key referral sources, and genuinely giving back to your community. While tools like email newsletters and placement agent partnerships play a role, you'll learn why authentic relationships and a stellar reputation are the true keys to RAL marketing success.
Tune in for advice on crafting your marketing mix with heart. Discover how to become THE assisted living resource in your area - and keep a waiting list long after your doors open.
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"Using your own money for investment is a lazy approach."
That is the sentiment of famed author and businessman, Robert Kiyosaki.
In this episode, we'll dive into the importance of using other people's money (OPM) to fund your assisted living ventures and why relying solely on your own resources can be a lazy approach. Listen as we discuss three key ways to leverage OPM and take your investments to the next level.
- Private Money - Who wouldn't love to earn 10-15% on their money?
- Bank Loans - Think local.
- Syndication - Sometimes two or more lenders partnering together is better than one.
Using other people's money is a smart and effective way to kickstart your residential assisted living journey. Whether you opt for private money, bank loans, or syndication, remember that preparation is key. Have your business plan, pro forma, and pitch ready to go, and don't be afraid to build relationships and ask for introductions.
The assisted living industry is ripe with opportunities, and by leveraging OPM, you can secure your financial future while providing a valuable service to your community. Stay prepared, stay persistent, and keep pushing forward – your success in residential assisted living is just around the corner.
Resources:
Secrets of Syndication Seminar: https://realestateguysradio.com/soss-anl/
RALAcademy 3 Day Fast Track Training: https://residentialassistedlivingacademy.com/fast-track-live/
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The housing dilemma facing the 76 million aging baby boomers is creating new opportunities in residential assisted living facilities.
In this episode, we’ll discuss the pros and cons of having live-in caregivers to help inform the staffing decisions for your own assisted living home. We will explore various perspectives on managing this unique employment relationship that provides constant care for your residents but has some significant risks. We will also consider area norms and tips to minimize drama and turnover when building your team.
There are pros and cons to having live-in caregivers in an assisted living facility. Pros may include knowing there is always someone at the home, and if your home has a basement, it could be an efficient use of space. However, the cons include the possibility of some extremely sticky legal issues if their employment needs to be terminated.
Finding and retaining quality caregivers is key to an assisted living facility’s success. Listen as we consider the benefits and pitfalls of live-in staffing models to make the best decision for your residential assisted living home to maximize your income potential. Your caregivers are the heart of the service you provide, so implement strategies to keep drama low and tenure high.
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Should assisted living homes allow seniors to bring their pets?
In this episode of the Assisted Living Network podcast, we're exploring an interesting question. Pets can provide comfort and emotional support for older adults, but they also come with some practical challenges in a care home environment. We'll weigh the pros and cons so you can make the right decision if you choose to open your own assisted living residence.
When considering pets, RAL homeowners must balance benefits and practical concerns with residents’ well-being as the priority. Companion animals profoundly reduce isolation and boost mood for many older adults. Yet they also pose fall risks, may trigger allergies, and create caretaking burdens in facilities. As operators, our role demands thoughtful compromise through a compassionate lens – perhaps allowing certain pets or structured visiting programs.
Listen as we discuss creative solutions that can allow seniors access to pets while addressing safety needs.
Resources:
Joy For All - https://joyforall.com/
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The COVID-19 pandemic reshaped many industries, but one of the most profoundly impacted was senior and assisted living facilities.
In this episode, we discuss the effects of the pandemic on big-box facilities versus smaller residential assisted living (RAL) homes and what that means for residents and investors today.
As the virus spread rapidly through nursing homes and large big-box assisted living centers, leading to many devastating deaths, a light began to shine on the significant differences in care between these corporate facilities and smaller RAL homes.
During the pandemic, big-box facilities struggled with a variety of challenges. They experienced frequent staff turnover, struggled to maintain oversight over visitors, and had to cope with the isolation of residents. In contrast, RALs managed to uphold a semblance of normalcy with stringent visitor policies and efficient tracking of potential infections.
While the death counts at larger facilities were alarming and heartbreaking, RALs fared much better. With less than 8% of COVID cases, they provided better care and staff-to-resident ratios. As a result, RALs became much more popular while the reputation of big-box facilities took a significant hit.
With the baby boomer generation transitioning into senior living in the coming years, the demand for RALs, offering comprehensive wellness and compassionate care, is projected to skyrocket. This presents a prime opportunity for small providers to cater to this expanding market of potential residents seeking alternatives to big-box facilities. Seizing this opportunity now and aligning with the shift away from traditional nursing home models could pave the way for long-term success.
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Did you know there are no mandated staffing ratios in the assisted living industry? Concerned? You should be.
In this episode, we discuss why resident-to-staff ratios are central to providing high-quality care and provide some insights into appropriate and recommended ratios for smaller residential assisted living homes.
In many typical big-box assisted living facilities, ratios are around 20-30 residents per caregiver during the day and 40-50 residents per caregiver at night. These poor ratios contribute to bedsores, injuries, and death. The stressful work environment and long hours lead to high staff turnover and inconsistent care for the senior residents. However, in smaller residential assisted living homes, you can rest assured that better ratios are maintained, usually around 4-5 residents per caregiver during the day and 8-10 residents per caregiver at night.
Listen for smart tips on marketing your own residential assisted living home. Showcasing significantly faster response times to resident needs versus large corporate competitors will help you stand out. Get ideas for highlighting your dedication to safe ratios and quality care.
If you’re looking to place a loved one in a setting focused on personalized care or want to open your own caring residence, this episode is a must-listen. You’ll walk away better informed about the pressing need for regulating staffing ratios and the solutions residential assisted living homes provide.
Resources:
Mercury Alert - https://www.mercuryalert.ai/
CarePredict - https://www.carepredict.com/
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With 10,000 baby boomers turning 65 every day, many families are facing difficult decisions about eldercare. Is it cruel to move your loved one out of their home into an assisted living facility? In this episode, we’ll explore the compassionate and practical reasons why you want to consider this option.
Most dual-income households simply cannot afford to quit jobs to provide 24/7 at-home care. At the same time, the costs of hiring an outside caregiver can equal those of assisted living facilities, which provide specialized senior housing and trained support staff. Retrofitting a home for senior living needs is also prohibitive, as adding ramps, walk-in showers, etc., takes both time and money. And for those attempting to be full-time caregivers, the physical and emotional strain can damage health and relationships.
The choice to move a senior loved one into assisted living is complex and emotional. But with trained professionals, specialized care, and social engagement, these facilities allow families to ensure their loved ones’ needs are met with dignity. As the sandwich generation struggles with competing priorities, assisted living often emerges as a difficult yet caring solution. There are no easy answers, but understanding the rationale behind this choice is the first step.
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Are you considering opening a Residential Assisted Living home but not sure where to start or how long it will take to get up and running? Good news! In today's episode, we’re diving into the nitty gritty of timelines and preparation methods for getting a residential assisted living facility up and running.
There are four viable options, each with its own pros, cons, and timelines. Listen as we break down the details of leasing, buying existing businesses, new construction, and renovation so you can determine your best path forward to start serving seniors in your community.
And remember, no matter which option you choose, the key is being educated on the requirements and considerations for your state and local area. By getting the proper training upfront, you’ll be able to avoid costly mistakes and speed up the process.
As always, reach out to us here at the Assisted Living Network Academy if you need guidance in exploring the best preparation method for your assisted living facility dreams. The rewards of providing quality care to seniors makes all the planning a worthwhile endeavor.
Resources:
Residential Assisted Living Academy - https://residentialassistedlivingacademy.com/
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Have you considered opening your own assisted living facility? With over 76 million baby boomers in need of senior housing, it can be an incredibly lucrative move. However, costly mistakes in the startup process could derail your plans and rapidly drain your funds. In today's episode, we reveal some inside tips on the most common costly mistakes made by new assisted living homeowners, along with simple solutions to avoid them.
From overlooked plumbing issues to poor construction planning, missed timelines to not understanding local regulations, we’ve seen owners lose tens of thousands from small oversights. But you can dodge these pitfalls by educating yourself, investing in good guidance to prep your property, and managing your budget. Learn how you can set yourself up for success well before taking in your first resident.
Resources mentioned in this episode:
Assisted Living Network: assistedlivingnetwork.com
RALAcademy 3 Day Fast Track Training: https://residentialassistedlivingacademy.com/fast-track-live/
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Deciding if your loved one needs more advanced memory care can be an incredibly difficult decision. In today's episode, we’ll break down the key differences between assisted living and memory care to help you determine what level of care may be required. We’ll also provide some telltale signs that it may be time to transition to memory care and tips to make that move as smooth as possible.
Here are a few signs that it may be time to transition a loved one to memory care:
- Safety is at risk (getting lost, unsafe living conditions)
- Needs are not being met (bills not getting paid, hygiene being neglected)
- Losing track of time and destinations when leaving home
Here are the main differences between assisted living and memory care:
- Staffing & Licensing: Memory care staff require additional training and higher level licenses to be able to provide appropriate care. They are paid more as a result.
- Safety: Memory care facilities have locked and obscured exits, keypad locks, and doorbell alerts to keep residents safe.
- Licensing: The physical building needs a different type of license to house memory care residents.
- Cost: Memory care costs $1,000-$1,500 more per month than regular assisted living.
Activities for residents in a memory home are also going to be specifically tailored to their needs. When structuring activities for memory care residents, it's important to provide engagement while supporting their retained abilities. Matching activities directly to what residents can successfully participate in ensures appropriate cognitive and physical stimulation.
Failure-free activities without strict metrics of winning and losing also help reduce frustration. Cooking, gardening, textured balloon volleyball, and adaptive technology like the Tovertafel system all provide ways for memory care residents to engage without the stress of reaching quantified targets. Focusing on enjoyable involvement rather than specific outcomes offers activity opportunities they can genuinely achieve.
As difficult as it may be, understanding when a move to memory care is necessary can bring great peace of mind that your loved one is getting the appropriate level of care in a safe environment.
Equipped with a better knowledge of what sets memory care facilities apart from traditional assisted living, you can make the best decision for you and your family’s situation. Be sure to tap into resources like specialized memory care training for practical guidance. Most importantly, don’t forget to also prioritize self-care during this challenging time.
Resources mentioned in this episode:
Tovertafel: https://www.tover.care/us/
Teepa Snow - A Positive Approach to Care Pack: https://teepasnow.com/
Memory Care Training through RAL Academy: https://residentialassistedlivingacademy.com/memory-care/
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The number one reason to have a business plan is for you, so that you have clarity of vision of who you are, what you're doing and where you're going. The second reason for a business plan is to help raise capital. No private investor or a lender is going to give you the money you need without a business plan. You need to be able to show to other people that you know what you’re doing and where you’re going, where it starts, where we break even, where we're profitable, what's my reserve and all of the details. You want to give them a clear vision so they can buy into or lend to you. But that lender wants to know that they're going to make money, and that they will eventually get out of that deal.
You also need to consider the 5 Ps in your business plan. They are People, Position, Product, Projection, and Plan. We go over all of these individually in more detail in our Blog. There's a lot to know in a business plan, but the two keys are clarity of vision for you and the ability to raise capital
You can turn your home into senior housing anywhere from independent living up to Assisted Living. Independent living is senior safe. I mean grab bars, smoke detectors, wider doors, trip hazards removed. That home itself maybe has four bedrooms. There's four different people living there. Now if you have a home right now that is maybe on a single level that could be converted to four bedrooms and maybe there's at least two bathrooms, so there's two people to a bathroom or maybe you add some extra bathrooms. Being close to different activities as well. Libraries, grocery shopping, movies, those kinds of things are more important for independent living, That could be a good transformation or conversion from your current home into some senior housing.
Assisted Living means somebody is there to take care of them. We provide a service for them, and you need to get it ready because Assisted Living means there's going to be caregivers that there. They're not necessarily living in the house with them, live in caregivers, but if you are doing it that way, there might be a room that's designated for the caregivers. The conversion itself is fairly similar, senior safe, but there may be a few more requirements to make sure it's appropriate for assisted living.
As our family ages they start to need more. Their independence is gone and they don’t want to admit that they may not be capable emotionally or physically. So I think a lot of times we just assume that we should take care of our own mom, our own dad.
The reality may be we just aren't designed for that or have the time and ability to do so. So assisted living provides the care, the home, and the opportunity for us to take care of our parents without physically doing it ourselves.
There's a lot of people that will have Alzheimer's or dementia issues, memory care issues. The idea of memory care and understanding how to handle that is just as important as the physical contact. Assisted living is not just physical, it's also in memory care and brain change.
You know there's so much to learn, but the reality is we're all going to have to. We are all aging. Assisted Living is going to affect each and every one of us. You're either going to own the real estate the assisted living home is in, you're going to own and operate the business that is taking care of those seniors, or you or a family member may be living in a home, writing a check to somebody else who does. So how will you be a part of it?
A long time ago Assisted Living meant a big institution. Today it is completely different. When you think about living at an Assisted Living home, it has all of the comforts of home and there's other people in that home. It's a group of 8, 10, to 12 seniors in a home with peers their own age, living in that home together. It’s a community. Having a community of people to be with is incredibly important. It's not just your physical health, it's your mental health, your attitude.
Assisted Living is for when somebody has an event, they move into Assisted Living after that event where they need additional help or monitoring. They need help with their medication, bathing, feeding or whatever it may be. They move there because they have to. And it's a home setting and that's specifically what we do with residential assisted living.
Let's face it, we're all going to pass away. The question is when, not if. The family will come and they'll spend the last few days saying their goodbyes. 9 times out of 10, they pass away in the middle of the night. The opportunity to care for them and share with other people during that time is incredibly powerful. The families are thankful that we were there to take care of their family member all during that time.
Offline Marketing is having brochure, flyers and business cards. The brochures should match your website and your online presence. You only get one chance to make a first impression.
One of your biggest and probably the most important way to market your business is referrals. Referral marketing is the best way to get new business in Assisted Living and Residential Assisted Living. We need to have those relationships.
There are professional referral sources, placement agents that refer seniors to homes, attorneys that specialize in working with seniors, insurance agents that work with long-term care insurance, and financial planners that specialize in working with people's estates as they get older. They went out and created the relationships.
Hospitals and doctors offices are your two other primary sources for referrals. It could be something as simple as having your brochure in the waiting room or building a relationship with the nurses and staff.
Imagine if you show up once a week and bring in a flat of coffee, a small box of chocolates and a handful of brochures. Everything I just described costs about $100 per month. You're going to get one, two, even up to 22 referrals from that. Every one of them is worth thousands of dollars to you.
Hospice provides benefits for people at end of life care.The money that pays for it is provided through the government, which comes from our tax dollars. When somebody is on hospice, the services are provided to them at no cost to them. That company that is providing them the hospice provider, they'll bill insurance and the government to get reimbursed.
We're all getting closer to the end of life every day. But somebody who is really truly closer to end of life now could be on hospice for years. Hospice provides all of the care, equipment, supplies, care, nursing visits and so on. They may need 24 hour care, maybe even a few visits a day or per week. Some people come in on hospice and they're with us for months and years.
Assisted Living works hand in hand with hospice providers. They give us referrals and we give them referrals. One of the things I truly appreciate about hospice is their heart's in the right place. They really want that resident, who needs to help, to get the care that they need.
Hospice is a wonderful service that we do fully utilize in Residential Assisted Living. Someday you or your family member may need exactly that. Don't hesitate to call them.
You probably haven’t even considered putting mom or dad into a home. You just got to a point where it was harder than you thought and you didn't have the time, the skills or maybe the heart. You weren't designed to be that caregiver. You needed that help and you know they did too. In your heart, you know it's the right thing, When it comes to a home, it's not just their physical need, it's their emotional needs, their spiritual need.
A lot of older people have gotten to the point where they're not social anymore. Sitting and watching TV isn't very social for you or me. It's certainly not for them. But maybe there's games that can be played, puzzles that can be put together, or playing cards. Maybe it's artwork or crafts. Maybe it's dancing. When was the last time you saw your parents dance? They even had some really cool dances that they did.
Bring some music that would have been from when they were younger. Ask them did they ever go to a speakeasy or an after hours club? Some of the stories that will come out will tickle their imagination and bring life into their eyes and conversation. And the biggest one, just sit and talk. Ask them, “where did you travel? Where did you meet your spouse? Tell me about your kids.” If you start thinking about those things differently, you may just find that your parent is in the home you always dreamed of.
Learn from other people's success. Learn from other people's mistakes. Learn from other people's experience who's actually doing it, not just talking about it. The most expensive lesson is the expense of doing it ourselves, getting to the end and saying, “I wish I knew that before I started.” You could save yourself a lot of money, but if you save yourself weeks or months or years. Saving time is even more valuable than saving money.
When you have a business you typically have standard operating procedures, SOPs. In Residential Assisted Living, we call those policies and procedures. It covers everything from bringing somebody into the home, medication management, menus, scheduling of the caregivers, record keeping and everything in between. Even checking a resident out of the home.
Lastly, you have to have backup plans. So that when something doesn't go right what's the backup plan? What do we do in every situation? If this doesn't work, then this is what we do next. How are we going to do this if we can't get it done that way? If you have systems in place and you have the backup redundancy, you can pretty much handle anything that comes your way in Residential Assisted Living or virtually anything that you do.
20 years ago when we first heard about assisted living, we all heard about the silver tsunami that was coming.They were sharing it from the business perspective but there was nobody there to show how it's done. But when it comes to real estate, it's just bricks and sticks. You can fix it, flip it, buy it, hold it and rent it. But it's kind of cold and meaningless.
You have to take care of business, but you also have to have a heart. We're taking care of people, but it's okay to make money. Making money is why we do it, but we can choose to do it in a way where we can make money and help people. The more money you make, the more you can give and it flows through and the faster it comes.
All of us have parents or people who are older within our family that somebody is going to need to take care of. So you can start your own home and they can move in for free. Or you can charge them money or whatever it is that they can afford. You want to have a little bit of control over the caregivers and managers, but not be the caregiver or manager. By owning the residential assisted living home, you can have that control, you can help them do good and do well. It is truly the best of both worlds. Make money and help others.
You're going to work at something, you're going to get good at something, the question is what. And what are you willing to do in order to get the return that you say that you want?
If you could create a business where you're making all the money you need to pay your bills, well then you can do whatever you want with the rest of your time. Right now a lot of you are working 60 or 80 hours a week doing a job that you hate. And you're working for somebody else. 10,000 hours is what they say it takes to become successful, to become an expert. What are you going to invest the next 10,000 hours in?
If you have just one home, not only would it provide the income for you so you are financially free. But now when mom or dad need that help or an aunt or an uncle need that help, it's not a burden on the whole family. And if they or you have long-term care insurance, you can now bill the insurance company for that longterm care.
I guarantee you're going to get involved in assisted living one way or the other. The choice is yours right now, but it's up to you If you want to get started.
There are 3 main signs that it is time to move to assisted living.
Number one is that there there was an event, maybe they fell and the doctors say they could fall again and if they do, who's going to be there in the home to see it and pick them up or bring them in or call 911.
Mobility issues are there more activities that they can't do? I mean really slowing down to the point where they need a cane, a walker or even a wheelchair.
The second sign is that they're lonely. They're at home, alone, and they're not engaged anymore. If they're all alone at home, what's going to stimulate them? They need to be engaged and just need to do something where they're part of a community. But if they're quieter, they're staying in, they don't leave the house anymore. That turns into the social constriction, and isolation.
Third one is, are they meeting their own needs when it comes to medication, are they forgetting to take it or taking too much? Food, they forget to eat, or they eat and forgot they eat and eat again. And taking care of themselves, they aren’t bathing or washing their clothes. Those kinds of personal functions are what we call activities of daily living. When they start to need help with those things, well you know that it's getting close to time.
Staying active is incredibly important. If you just simply lie on the couch things are gonna slow down. They can still do something, but maybe it's volunteer. Maybe it's where they're passing on their wisdom or helping somebody else reach their goals. They're at the point in life where they're giving back, not taking from. And frankly there's no reason to have given up or be physically incapable of taking care of yourself unless there is a true major medical condition.
In our homes when somebody moves in, we try to keep them active, exercise, senior yoga, music, pet therapy and so on. You need to stay active physically and mentally. What you're looking for is that community, the other people that are around them. Can the mom or dad, or the person who's looking to move into your home, relate to the other residents in that home. And if they used to do something or want to do something, you can bring that activity in.
When you talk to somebody that has different ideas and they share what they believe and you share what you believe and you have that interaction and exchange of ideas. That is empowering, it's growing It gives you power, juice and energy. Seniors need that too.
You're going to have the conversation with the parents about moving into assisted living and if you really focus on what's good for them it’s good for you. Many times older relatives will sell their house and move after all of the kids are out of the house. They want to move to a warmer environment and retire. Some do want to do it and plan for it. They may go visit for a few weeks during the winter. They can get comfortable with the fact that there's a place they can go. For them, this may be the right thing.
It may be time to hire somebody or move mom and dad into assisted living. That transition can be smoother if somebody comes in to help in the home, but that's more expensive. Or they move into a home with this small group of seniors.
The closer it is to you the more you can visit. Many times that relationship gets deeper and closer because they're making the time and the effort to go see them and spend time. Those caregivers are trained and it allows you to be the son, the daughter, the granddaughter, the grandson. It allows you to play the part that you were designed to play. Whether it's in your own home or in that facility it’s good for them and for you.
It's important to have the conversation with your parents when it's time to move into assisted living. It’s going to be very awkward and feel uncomfortable and a lot like the roles have reversed. At some point, they may need assisted living. Let me show you the conversation that you need to have.
That adult has been independent and they're not gonna ask you for help. Many times a senior, when they're younger and not as in need, transitions better into senior housing. That's more of an independent living situation where they're in their own townhome or apartment but they also have access to a cafeteria and group activities. Most seniors would rather stay in their own home. They'd rather have their own independence.
One good way to transition is to have them volunteer at a home. They can go in and play cards, make a puzzle, or read to those people. They become friends with the residents, and then when it comes time to move into the home it's not as foreign to them. Another way is that you sometimes need a break. You bring somebody into the home on a respite, from a couple of days to a week, and if they have a good experience, that later transition could be natural At some point something has to be done and that decision made. So you really do need to have that conversation.
There's a crisis out there. And there is the opportunity to help, to be a part of something big and important. The question is, are you going to be a part of the solution or part of those who complain about it and do nothing?
One of the saddest things In our society today is that more than half of people polled feel lonely. We look at our phones and those things that take us away from talking to each other. There's a lot of seniors who would just love to have somebody stop by and say hello. It really doesn't take much. If you're sitting at home watching golf, why not go sit with them and watch golf? Then ask them a question, did you ever play golf? What kind of clubs did you use? Before you know it, you're going to find out about wooden clubs and how they used to play with just three clubs, and that was it, and they played the whole round with three clubs and a ball.
Have those conversations take that time. The greatest generation, the silent generation is needing your help by you being a part of the solution. Volunteering your time is one way. Starting a residential assisted living home with excellent care is another. It’s totally up to you, but you can do both.
We're losing our seniors one senior at a time, and I don't just mean physically, but their history, what's in their mind, their head, their thoughts, and their heart. Grandma's still here, but some day she won't be. I wonder how many of their kids or grandkids have even heard their stories, They're going to say, what about Grandpa? Where was he? What did he do? Who was he? And there’s not going to be anybody there to tell them that story.
One of the things we do in assisted living is we record that history, It could be on audio or video. We have those conversations with those seniors. To have them explain where they were. How did they meet their spouse? What languages do they speak? Where do they go on missions? Imagine talking to somebody of that age where you can have the conversation about what were you doing and thinking, what happened during the Great Depression, what was going on in the street and in the home? That history is being lost, because once their gone it’s also gone. But being able to record it and preserve it and give it to the kids. It can be life changing and valuable for them.
The top three criteria are location, price, and the staff. The resident is going to move in once, but the family is going to be the ones going to visit them, so it has to be conveniently located. Usually, 20 minutes so that way somebody can drive over after work and get home, and it only takes an hour or two to have that visit to be able to come and go a couple of times a week or a month. Unlike the big box facilities that start with a base rate then go up based on different options. One of the things to keep in mind is that when you have the Residential Assisted Living model, it's one side and it includes everything.
The caregivers are the ones who are face to face, day to day with your mom or dad, Do they communicate with love? Are they well trained or certified? Are they good at what they do? How do the managers treat the caregivers? Do they give them the resources they need, the tools they need? Do they provide inside and outside activities? Do they provide good food and nutrition? The most important consideration is this, would you trust them with your own mom and dad? Because that's what you're doing.
I'm sure a lot of you have heard that AI, artificial intelligence, robots in homes, is coming. They have robots in hospitals right now and we do assisted living in a residential setting. But imagine, a senior having something around their wrists that would geolocate where they are and at any time a robot that has intelligence to communicate, could find them based on that location device, and roll right up to them and say, "Hi Mary, what is it you need? How are you feeling?" And Mary can communicate, and that robot can now communicate back. They can do a lot of things that the caregivers do now.
Then the hands on, special touch, the real deep communication, can be done by the human caregiver. If they're in the hospital, that doctor would actually read those vital signs, read the charts, have all the information at their fingertips. Now think about the efficiency and the effectiveness of that. The doctor getting their eyes on that patient, resident right there without being there. They could go throughout the whole house, see 10 people very efficiently and effectively in less time than it would require to take a single resident to the doctors office. It just makes sense.
When we talk about the look and the feel of Residential Assisted Living, it's a home so it should obviously look like a home. Usually, there's a roof, a door, windows, it looks like a house. It should have landscaping and driveways where people can pull up with walkways so somebody can get from the car to the front door. You should put a ramp in so if they have a walker or a wheelchair, or to avoid any trip hazard at all.
When you walk in It's open and It should smell like a home with special air purifying systems inside to make sure the air is circulating all the time. The only extra smell I want there is the smell of home cooked food, something that smells good when you walk in.
The colors should be neutral colors. There should be shades or curtains on the windows. The front room has nice furniture and artwork on the wall. The floors are smooth and easy to clean. The bathroom has grab bars by the toilets and showers. You should display the license, the code of ethics, phone numbers for them to call in an emergency. There should be books on tape, or music from their generation playing. It's boutique assisted living in a home setting. If you put all of that together, you'll have a winning combination for a very successful Residential Assisted Living home.
There's two primary things or reasons why you have a business plan. One is for you, you need a roadmap, directions to get to where it is that you're going. It's a map showing you how to get to where you're going. If we have the map, you know how to get there faster, accomplish more, and go farther in the same amount of time.
The second reason to have the business plan is for the banker, lender, investor, or partner, whether they're lending to you, investing in you, or working with you. They need to know what the goal or vision is and where it is you're headed so they can decide if they want to stay on your bus and come with you, or get off and go on somebody else's bus.
Raising capital for assisted living is the easiest thing I've ever raised capital for, but you need to have a business plan in order to do that. Don't expect anybody to give, lend, or invest in you or be a part of what you're doing financially unless you have a written plan. But if you do and your clear, you surround yourself with the right people, and you've got a plan, you absolutely get it funded and be successful.
I want you to think about where you're at today. Some of you are at a point in your life where you're just going through the paces. You're not quite sure what you really want or how to get out of the rat race. You're saying you want more but you're afraid to start something new. You are scared because you could lose money. But you should be more afraid of losing time. Money can be replaced. What you can't replace is your time. And every day you put off doing something, is a day that you'll never get back.
So I want you to think about, what is it you really want. You don't have to do it on your own. I can help you. The Residential Assisted Living Academy is all about teaching people how to do this. Some of you are afraid to ask for that help and yet I'm here for you. I definitely can help you with starting a business, doing something new, senior housing, raising capital, getting this to all of those elements that take what we do and bring it all together. I can't make you do it. But I can encourage you. I can give you the information. You just have to make up your mind to do it.
When we talk about overbuilding, five years from now are we really going to need this? Let me help you with some math right now there are 77 million baby boomers, 10,000 people a day are turning 65, but more importantly, over 4,000 a day are turning 85. That is 1.5 million people turning 85 every single year. Not all of them are going to survive to 86 or 90. And not all of them are going to need assisted living. But if just 20 percent of them need assistance with their activities of daily living for an average of three and a half years.
So 1.4 million 85 year olds that will need additional help in the next five years. And most people would rather live in a home, where the care is five residents to one caregiver, where the food is fresh and it's coming from a kitchen that's 25 feet away. Where they can live in a room, maybe a private room, but live in a home. The reality is they are looking for friends and companionship. They're aging and they are coming and we have an opportunity to take advantage of providing for them this home, help, and service. And the need is only going to increase.
You as an entrepreneur can do anything that you want to do. However just because you can do something yourself doesn't mean you should. There is no ceiling, there is no lack of opportunity. So when you look at your own life and you look at your own opportunities and capabilities, you really have to decide, is this something that you can do and should do, or something you can do, but you choose not to.
So let's talk about surrounding ourselves with the right people. The best thing you can possibly do is surround yourself with a team of people that have done it before, who are not only experienced, but they know what to do, and more importantly what not to do. A team of people that are willing to contribute something that you don't contribute. That have skills that you don't have, that have the time that you don't have. As soon as you say to yourself I'm the best, you're kind of defeating the whole purpose. Because frankly, when it's all said and done, doesn't matter how many houses you have or how much money you have in the bank, it's the people and the relationships. Those things are magical and they last forever.
The three ways to simplify getting started in assisted living right now. The one most people really would love to do is buying an existing home that's already up and running and operational. If I can buy the right business and the right location, paying for that business up and running right now is definitely the best way to simplify the process of getting started in residential assisted living.
The second way is to partner with somebody who's already doing it. You bring something to the table, they bring something to the table, could be perfect. Partner with somebody who's done it before, who's doing it now, who can get you up and running faster.
The third way is to focus on the real estate portion. You're the one that buys the home, ties it up with the lease. You're the one who does the renovation and now you're going to lease it to the operator. So what you're going to get is that long term lease. But also do it with a profit share so you're getting a share of the profit. Let them do the work that you get your rent, plus a share of the profit.
At the end of the five year lease, you now have a choice. We will talk more about that.
The three things that could absolutely wipe out the need for assisted living, one the plague, I don't think it's coming back. Two, when you hit 50, they'd knock you off. But I don't think they're going to do it in real life. And the third would be everybody stops growing old. The reality is none of those things are gonna happen. When we talk about the opportunity and where assisted living is going in the future, nobody wants to live in a big box. They want to be at home in their own home, but they do need assistance. People who are at home now aging 80, 90 years old, they want to stay at home.
They'd rather stay at home but they can't and they don't want to move to the big box. So the solution is residential assisted living. You know right now governments are encouraging assisted living. They're actually changing rules, laws and regulations to make it better. There are too few beds, too few homes. They need people like me and you to help be a part of the solution. Assisted living is moving into the home in the residential setting. It's preferable to the senior into their family. You and I, we are the solution.
What's the day to day life like owning an assisted living home and business? No day is the same. What you're looking for is the manager to take care of business, find the residents, take care of the family, hire the caregivers. The day to day life that you have within your assisted living business is going to depend on how you want to operate. You can be hands off and the manager is the one that finds hires, trains and retains the caregivers, the manager is responsible to make phone calls, bring in people who need the assisted living, do tours, bring them into the home, do the assessment of the resident that day to day, filling in the agreement.
And when those residents come in and drop off a check for five, $6,000 a month and 10 of them get dropped off on the same day, that's a wonderful day. So the day to day life will depend on how you want to own and operate this home. We have students all over the country that are more hands on. If you have your management team in place, your job is to oversee and manage the manager. And day to day varies day to day.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
The Golden Girls Model is a real concept in true independent living. There are 2 sides:
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The user side, the person living in the home.
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The Business side, the opportunity.
The users are the people living in the home. They want to continue living their life as independently as possible. We are talking about a group usually all women or all men, there are no caregivers, cooks, or housekeepers. They generally have a private bedroom but may share bathrooms, living room, kitchen, shared porch or deck, and maybe they share the garage or driveway. This is true independent living.
The business side is easy. You may have a three bedroom, two bath home for rent, You could rent it out by the bedroom and focus on seniors who want to live in that community. The have private bedrooms and possibly a private bath or half a bath. You include utilities such as heat, A/C, water, and cable. You maintain the home and charge $1500 per month per bedroom. In a three bedroom home this would be $4,500 per month, and seniors typically live in a home for many many years. Someday these Golden Girls may need assisted living, which is a great opportunity to transition into a Residential Assisted Living Home.
When the recession hit the market changed in regards to commercial investments and assisted living. The big builders finished the projects they were currently working on and then stopped all new building. However the need for assisted living didn’t stop. People were still aging and moving in and needed it. Those large facilities filled up as no new facilities were being built.
So when we are talking about overbuilding, let’s think about it differently. These big box companies have done their research. They know that where they are building is the perfect location based on the number of people there, the amount of money they have, their age, the demographics and the ability for them to pay. If you see a big box facility coming to your town that is a good sign.
If you can locate at the end of their driveway that is awesome, but within a few miles would be ideal. They have already done the market research for you. You know the people are there and if they know you are there, you become the alternative, the boutique home with 10 to 12 beds, versus the large institutional building with 212 beds. You have the better product in the right location. So let them overbuild.
In a Mom and Pop Model there is a family living in the home. This option is for people who want to be completely hands on 24/7/365. They have the desire to take care of people and want to be the manager, caretaker, cook, baker, candlestick maker, etc. They will have their food and housing taken care of by the money they generate from this model. If being completely hands on is what you want, then this may be the best option for you.
The RAL Model is for those who want to be the business owner. You focus on purchasing a home in the right location, and of adequate size to give plenty of space for the residents. You hire a manager, who then hires the caretakers, and is in charge of the daily management of the RAL home and ensures that the needs of the residents are taken care of. You have the freedom to enjoy the income that is generated, and to open more homes. After all, if you can do it once, you can do it twice or possibly three times.
What are the many differences between Memory Care and Assisted Living?
Memory Care is for those who have been diagnosed with memory issues or dementia. There are typically fewer residents in the facility. The facility is a lockdown facility with either a magnetic lock or a combination lock for safety and security of the residents so that they can not leave the facility on their own. The locks are tied into the emergency systems so that they unlock if any of those systems are activated, to allow the residents and caretakers to leave safely. And the caretakers usually are required to have more training including memory care, sometimes over and above state regulations. Assisted Living is for those who need help with the activities of daily living, such as bathing, dressing themselves, eating, taking their medications, or they want the companionship of other peers their own age, And may be recommended based on an incident such as a fall. The Assisted Living facility usually has 12 to 15 residents. The security is minimal with resident access as well as the safety of lock release in case of emergency. And the caretakers may only be required to have minimal training according to state regulations.
Your longevity, how long and well you live, is a projection of your health. Part of that is genetic, but the other part is how well you treat your body, what you do with it and what you put into it.
One of the things to pay attention to is the food you eat. Think of the food as fuel. Is it high octane or low octane? Vegetables, lean meats, fruits and other fresh foods are full of rich vitamins and nutrients. Foods high in sugar and fat aren’t and can actually have a negative impact on health. Also, if you're taking in too much fuel, you won't burn it off, the body will store it. Don’t forget to hydrate with plenty of water!
Another important part of health is moving and staying active. Your body needs to do more than sit around in front of the TV. It needs consistent activity or exercising. In fact, studies show the more active you are the healthier you will be. The third component to health and longevity is social interaction. Engaging and connecting with other people helps add that spark to life. Health, longevity, social interaction all work together as we age.
Activities for seniors come in two main categories: mind and body. Activities that engage the mind are ones that offer the seniors social, spiritual or intellectual interaction, with themselves and others. Activities that engage the body are physical ones. Having both kinds of activities are incredibly important for healthy aging. Here’s a quick look at some types of activities in each category.
Mind - the mental activities for seniors should engage their minds. Some examples of great activities that fit the bill include arts and crafts, reading a book or listening to an audiobook, playing board games, or listening to music - especially music from their generation. Activities like these help seniors in both a social and mental aspect, bringing calm and clarity.
Body - the physical activities seniors can do are limited, but it doesn’t change their need to stay moving and active. Stimulating the muscles helps blood flow. It can be done via exercise like senior yoga, water aerobics or low resistance band training. It can also be done with therapeutic machinery.
Seniors should be engaging in activities from both categories each day, consistency is key. It is incredibly important in order to help keep them vital, active, happy and healthy!
Before you begin choosing an assisted living home, perhaps for a parent or grandparent, there's some key points you need to know! First is price. In America, the average cost for a private room in an assisted living facility is $3,600. That's a lot. But you get what you pay for, and you do not want your relative living in average. A reputable facility costs closer to $6,000 a month.
The second key point is location. For the best choice, you’ll want to have a location that is conveniently located for you. The facility should be easy to get to and close to home or work. You're the one who's going to come to visit, make that easy on yourself!
Finally, what’s the home like? Is it clean and inviting? Check out the physical space; the private and public areas. Are rooms shared or semi-private? What services does the kitchen offer? Is the dining space appealing? What other amenities and activities are offered by the home?
Those are just the basics - there’s a lot more to consider. We’ve been through every step of the process and can help you understand everything you need to know about assisted living.
What do you have a passion for? Making money? Helping others? Food? Travel? Whatever your passion, it is incredibly important! There’s a method to finding out what you love:
Explore - give yourself a chance to explore some different things.
Talk to People - ask some other people who are successful about their experiences with things you’re wanting to explore. Take them out for lunch or a coffee and just have a chat.
Learn More - utilize all of the resources you can to learn more about the subject you’re interested in. Read books and articles. Go online to check out forums and blog posts. Learn all you can.
Attend Seminars and Conferences - expose yourself to people and thought leaders in the realm of what you’re thinking of pursuing. You’ll learn more about the subject and if it’s really right for you or not.
Just Start - give whatever you’re interested in doing a try! Even if it’s just one step or just something small. Give it a go and see if it’s really your passion.
Your passion is very important. Not just to you, but for other people. Perhaps Residential Assisted Living could help you enjoy your passions more - or even be your passion!
A lot of people today are talking about overbuilding in assisted living and senior housing communities. But what is overbuilding and does it really exist? Seniors that need help and care, they are unable to live alone, need a bed in some type of senior housing facility. Right now there’s a boom in senior housing being built all over the country. Facilities and beds are being built in some places more than others. There are a few areas that are overbuilt, which mean they have more beds than they do seniors to fill them, but most are under built and there are many areas where senior living facilities are nonexistent.
There’s an average of 4,000 people turning 85 each day -- that’s 120,000 a month or 104 million people a year turning 85. The baby boomer generation is aging. It’s a silver tsunami of people that will need help and care in the form of a senior living facility. This means there is a huge opportunity! A golden opportunity to do well and do good at the same time. The Residential Assisted Living Academy is here to help you take advantage of this opportunity with exclusive resources every step of the way!
When it comes to senior housing facilities, there are generally two types: Big Box and Residential Assisted Living facilities. Here are some of their main differences. Big box facilities feel like a hotel. They try, but it is hard to get that homey feel in a facility for hundreds of people. Residential assisted living homes are single-family homes converted to house a few seniors.
One obvious difference is one is big while the other type of facility is small. This difference plays a big part in the caregiver ratio, which is the number of staff compared to residents. In a small facility an average ratio is 10 residents to 2 caregivers, very reasonable. In a big box facility, the ratio is closer to 20 residents to 1 caregiver. Big box facilities have more people for residents to interact with, while smaller homes offer more freedom.
The cost difference is notable as well. Smaller facilities generally charge a reasonable flat rate for residents. Big box facilities charge a monthly rate and bill additional services. Looking outside, small homes are in a residential neighborhood while their bigger counterparts are commercial buildings surrounded by parking lots. One fe els institutional, one is a home.
Go here for more information:
http://www.assistedlivingnetwork.com
The silver tsunami is coming and it’s not a wave in the ocean. It is the 77 million baby boomers that are aging. There's 4,000 people a day are turning 85 and many will require care in the form of a senior living facility. Today in America, there are about 1.4 million beds for these seniors. But there are 1.4 million new 85 year olds every single year!
This silver tsunami that is coming can either be a crisis or a golden opportunity. The average cost for a room in a reputable facility is $7,500 a month, which comes out to $90,000 not including other life expenses. That’s a lot! But you don’t have to burden yourself, your family or your children with these expenses by owning your own residential assisted living facility.
At the Residential Assisted Living Academy, we’re showing others how to take advantage of this silver tsunami of seniors. We are teaching people how to open their own homes and turn a crisis into an opportunity to do good and do well. You're going to get involved one way or another.The question is, what are you going to do about it?
Go here for more information:
http://www.assistedlivingnetwork.com