Updated October 3, 2021
You’re looking for reliable information for a residential assisted living business plan because the senior-aged group is exploding and so is the opportunity!
The facts are in the stats.
Senior citizens are going to account for nearly 20% of our nation’s population by 2030. That’s an 7.6% jump from 12.4% in 2000. It’s likely that, by 2050, the number of people who are age 85 and over could very well quintuple to a staggering 21 million.
Watch and learn as two of the nation’s top real estate investing and tax attorneys, Toby Mathis & Clint Coons, walk you through the steps you’ll want to take when starting your own residential assisted living business, also referred to as RAL.
RAL can be extremely lucrative for real estate investing and investors looking to diversify their portfolios, beyond apartments or residential real estate. Diversifying into the residential assisted living space can provide greater monthly cash flow than a typical month’s worth of rent.
If you’d rather gross between $3,000 and $5,000 per month per senior resident than the standard single family home rental of $1,250, grab your favorite beverage and something to take notes.
In this first short video on starting a residential assisted living business, Toby Mathis talks about three areas you can be involved in, as well as taxation to be considered, in residential assisted living businesses.
In this video, Clint Coons talks about how, as an investor in RAL or any kind of real estate investment for that matter, you’ll want to be sure you’re covered both personally and professionally from any potential liability.
There’s a myriad of other potential liability issues that come with a residential assisted living business because you’re dealing with elderly individuals and you’re having to bring in caregivers to take care of them.
Not only are you responsible if the elderly people hurt themselves on the property, but you also have the risk of the caregivers doing something wrong.
Clint & Toby have provided you with invaluable insight and expertise regarding the fantastic opportunity of starting and running your own RAL business.
After you’ve watched these videos, it’s possible that you’ve got everything that you need to create your own residential assisted living business plan, especially if you’re already investing successfully in real estate on some level.
Should you want more information, or if you’d prefer to have our in depth help and guidance along your path to investing in a residential assisted living business, reach out to us now.
Submit the short form below if you have any questions about starting your own profitable RAL, or if you’d feel more comfortable having the decades of experience that Anderson Business Advisors can provide you.
One of our dedicated and experienced advisors will be glad to talk with you and show you exactly what you need to do to launch your way to RAL success!