FORT LAUDERDALE, Fla., Oct. 10, 2024
FORT LAUDERDALE, Fla., Oct. 10, 2024 /PRNewswire/ -- Rather than renting to tenants who may not pay rent, real estate investors can create a profitable small assisted living facility that saves seniors money and provides care in a smaller more intimate setting, according to assisted living consultant Carline Cadet Francois.
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This is a great way for entrepreneurs and real estate investors to provide solutions to an already strained medical system and profit from our aging population. The assisted living facility (ALF) industry is valued at $140 billion and will get even bigger.
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By 2030, it's projected that 73 million baby boomers, the largest cohort in history, will be older than 65 in the U.S. and a lot of them will be requiring assisted living.
If you own real estate, you could start a small, assisted living facility with up to 15 beds.
On average, you could charge a minimum of $4,000 or more per person for a shared room per month. You can also charge more for private rooms. That makes better economic sense than just renting out your real estate," said Cadet Francois.
From personal experience operating a small, assisted living facility, Francois has helped clients navigate the complicated process of setting up their own facility. Even though 90 percent of her clients are from the medical community, anyone over 21 who passes a level two background check can do it.
Generally, smaller assisted living facilities offer a home-like environment, more personalized care, and better one-on-one services than some other options.
At the same time, residents have a better quality of life, enjoying the company of other guests, and the home with all its amenities in a small group setting.
Costs to convert to a small, assisted living facility vary upwards of $50,000 depending on the size of the house and what needs to be done to adhere to all government regulations.
"Costs depend on the size of the house. For example, a sprinkler system that would fit a four-bedroom house would not be adequate for a six or 12-bedroom house. There would also be different requirements for a duplex or a triplex," said Cadet Francois.
Also, houses that are on septic systems are more costly to bring up to code than houses that are hooked up to city sewers.
Cadet Francois can help you navigate the whole process. It starts by ensuring the building is properly zoned, walking you through the licensing process, doing the paperwork such as policies and procedures, and submitting it to the proper government agency on your behalf.
Policies and Procedures aren't boiler-plated since they're different for each facility. She will also ensure the facility passes all government inspections. The whole process takes five to six months and there are different regulations in different states.
Right now, she is focusing on Florida because she understands its regulations extensively.
"There's a lot of inspections and when you finally get licensed our relationship doesn't have to end there. I will help with hiring your staff, do your marketing, negotiate prices, and create contracts for you as part of a yearly membership for as long as you need it," said Cadet Francois.
You can download a free workbook that covers more of what the requirements are from her website. She also has a course that guides you on how to create an assisted living community in Florida.
For further information or to schedule an interview contact Carline Cadet Francois at +1 954-633-2929 or [email protected]
FOR FURTHER INFORMATION:
Carline Cadet FrancoisAssisted Living Consultantcarlinecadetfrancois.comInstagramFort Lauderdale, FLPhone: +1 954-633-2929Email: [email protected]
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SOURCE Carline Cadet Francois
