Senior Home Care Business

[WIL84911]

What do you think? I feel it is a noble business of helping people while I try to maintain my financial commitments. I am not a business person though I an willing to adapt. How much capital is required? Pros cons? Thank you kindly.

[URY914]

Good luck with that one.
- State regulations
- Insurance reimbursements
- Client law suits
- Finding qualified employees
- Competition from large and small companies

I worked for a company that had a Home Health Care division and would buy out smaller companies. Dog eat dog world.

Enter at you're own risk.

[MRM]

It is a highly regulated industry that has consultants and developers who specialize in that area. There is a difference between developers who build the facilities and operators who run the facilities. Then there's a difference between the levels of senior care, everything from 55+ housing developments to independent living apartments to various levels of assisted living facilities, to outright nursing homes. Each type of care has its own market and regulations. Most developers build a facility and lease it to the operator. It's challenging to make money in senior living because most of the big players are nonprofits.

If you don't have significant experience in the industry I would strongly recommend not getting into it until you've either worked on the investment, development or operator end of things for a while. If you're just looking for an investment that allows you to do well while you're doing good, I would suggest a Real Estate Investment Trust (REIT) that focuses on senior living.

[Evans, Marv]

My sister in law operates a business caring full time (live ins) for physically & mentally challenged people in CA. They bought a house maybe eight or so years ago for somewhat over $300K and modified it for this purpose. They can have a max of six people at a time, taking care of them full time with one or two staff on full time and my SIL working there full time. She takes good care of them & is always taking them on shopping trips, field trips, movies, etc. and has a waiting list. I remember she got over $6K/mo. for each, and that was several years ago. Now she's had a couple (few?) of them since opening the business. That kind of model might be better than a business caring for seniors. Don't know what the regulatory atmosphere is where you are, but New Jersey is infamous for taxes & regulations.

[WIL84911]

Originally Posted by URY914

Good luck with that one.
- State regulations
- Insurance reimbursements
- Client law suits
- Finding qualified employees
- Competition from large and small companies

I worked for a company that had a Home Health Care division and would buy out smaller companies. Dog eat dog world.

Enter at you're own risk.

Thank you. I had those in mind and they are really what's stopping me.

[WIL84911]

Originally Posted by MRM

It is a highly regulated industry that has consultants and developers who specialize in that area. There is a difference between developers who build the facilities and operators who run the facilities. Then there's a difference between the levels of senior care, everything from 55+ housing developments to independent living apartments to various levels of assisted living facilities, to outright nursing homes. Each type of care has its own market and regulations. Most developers build a facility and lease it to the operator. It's challenging to make money in senior living because most of the big players are nonprofits.

If you don't have significant experience in the industry I would strongly recommend not getting into it until you've either worked on the investment, development or operator end of things for a while. If you're just looking for an investment that allows you to do well while you're doing good, I would suggest a Real Estate Investment Trust (REIT) that focuses on senior living.

You know I read and thought about REIT as well and I am more for investing rather than getting into all sorts of legal issues. Thank you

[WIL84911]

Originally Posted by Evans, Marv

My sister in law operates a business caring full time (live ins) for physically & mentally challenged people in CA. They bought a house maybe eight or so years ago for somewhat over $300K and modified it for this purpose. They can have a max of six people at a time, taking care of them full time with one or two staff on full time and my SIL working there full time. She takes good care of them & is always taking them on shopping trips, field trips, movies, etc. and has a waiting list. I remember she got over $6K/mo. for each, and that was several years ago. Now she's had a couple (few?) of them since opening the business. That kind of model might be better than a business caring for seniors. Don't know what the regulatory atmosphere is where you are, but New Jersey is infamous for taxes & regulations.

This was exactly what I had in sorry if I wasn't clear.

[Mark Henry]

Originally Posted by Evans, Marv

My sister in law operates a business caring full time (live ins) for physically & mentally challenged people in CA. They bought a house maybe eight or so years ago for somewhat over $300K and modified it for this purpose. They can have a max of six people at a time, taking care of them full time with one or two staff on full time and my SIL working there full time. She takes good care of them & is always taking them on shopping trips, field trips, movies, etc. and has a waiting list. I remember she got over $6K/mo. for each, and that was several years ago. Now she's had a couple (few?) of them since opening the business. That kind of model might be better than a business caring for seniors. Don't know what the regulatory atmosphere is where you are, but New Jersey is infamous for taxes & regulations.

^^^this.
We thought about it many moons ago as my wife is in the mental health field. We know people who owned one of these group homes, very successful, just sold after 20yrs for a good profit.
It can be done you need a poopload of research and a sound business plan.
It's best if you or your spouse is a professional, at least an RN, social worker, etc. background.

[Paul_Heery]

One of my friends was one of the original franchisees for Senior Home Care and Elder Care Services | Visiting Angels Living Assistance Services

He worked his butt off. the most difficult thing that he had to deal with was the recruiting and scheduling of the aides that would go to the senior's homes. A few times, he found himself in a bind when one of the aides would call-in sick. It was a scramble to get someone to fill in.

He sold his franchise about 3 years into it and walked away with a very decent profit.

[WIL84911]

Originally Posted by Paul_Heery

One of my friends was one of the original franchisees for Senior Home Care and Elder Care Services | Visiting Angels Living Assistance Services

He worked his butt off. the most difficult thing that he had to deal with was the recruiting and scheduling of the aides that would go to the senior's homes. A few times, he found himself in a bind when one of the aides would call-in sick. It was a scramble to get someone to fill in.

He sold his franchise about 3 years into it and walked away with a very decent profit.

Thanks. I thought about those things I would have to deal with.

[Por_sha911]

Work as an attendant at one of the places for a few months and then decide. There is a very high turnover of low-paying jobs so it won't be hard to find one. This will open your eyes to what is really involved mentally emotionally physically AND legally.

[WIL84911]

Originally Posted by Por_sha911

Work as an attendant at one of the places for a few months and then decide. There is a very high turnover of low-paying jobs so it won't be hard to find one. This will open your eyes to what is really involved mentally emotionally physically AND legally.

I like this idea!