As the population of elderly persons in this country is ever increasing, so too is the
need for housing to accommodate this portion of the population. This is one reason why if I acquired $150,000 cash to be used specifically for a distressed real estate purchase, I would open up an Assisted Living Home. In the state of Arizona an Assisted Living Home is defined as: “a facility that provides resident rooms to ten or fewer residents.”
Upon receiving $150,000 cash, I will strategically go about purchasing a single family home in an up-scale neighborhood, preferably with five bedrooms. Following the closing of the sale transaction, I will proceed with obtaining the proper city zoning and state licensing permits to open and accommodate this type of facility.
Senior care residences are commonly opened and run out of single family residential homes located in average neighborhoods. The properties must first get properly licensed by their state department of health services and receive city zoning clearance to operate legally. Private Assisted Living Homes typically house seniors who are no longer able to live alone or care for themselves, and whose family members are unable to provide them with 24 hour care and supervision. Assisted Living Homes provide residents with balanced and nutritious meals and snacks, catering to individuals with dietary restrictions. In the state of Arizona, caregivers are permitted to distribute prescribed medications to their patients. Many of these operations also provide entertainment appropriate to the enjoyment of their residents such as piano music, singing, and games; and welcome volunteers into their site to entertain live-ins as well. Family members of residents are invited to visit during established visiting hours.
Within this industry there are companies that specialize in patient referrals to Assisted Living Homes. When these companies know of a good care home that provides patients with optimal care, they will continue to refer patients to them. Therefore, if I
owned and operated a facility that is well known for great patient care, my home would have a good reputation in the business and have no problems staying full of residents. Good word travels fast! As my major of study in college is healthcare, and being a very sensitive and kind person, I would thrive on providing residents in my care-home with high quality health care; hence anticipate always being full to capacity with patients. This would allow for a great return on my investment by providing a healthy monthly income. In addition, if I ever wanted to cut back on the amount of work that I had to do, I could always choose to reduce the number of patients I accommodate in my home. The number of patients I house at any given time is up to me, the property owner. Not only would owning an adult care home be a very satisfying and rewarding line of work for me, it also provides a variety of investment options.