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Turning Your Home Into An Assisted Living! - How To Convert Your Home Into A Memory Care Mansion - Ep 41
Manage episode 412197314 series 3491895
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In this episode, I break down converting your home into an Assisted Living. This is something I’m sure we’ve all heard about before, people converting their garage into a bedroom and having a 6-bed Residential Assisted Living. However, I don’t think the small RAL really works anymore. You can’t have a ton of profit running a small RAL, you will be a slave to your business. That is why I prefer a larger deal, like a 16-bed Luxury Assisted Living Mansion. In this episode, I talk about the pros, cons, and some action steps you can take to convert your home into a memory care mansion.
There are certainly a lot of pros when it comes to converting a house. Generally, it costs less than a New Construction and can be faster. It can also be easier to raise the funds because the home is already an existing property, you can use this as collateral for loans. However, The pros aren’t that much better than the alternative. For example, sure it may cost less generally, but there are so many unknown factors to remodeling or adding a home addition that the cost may be similar to a New Construction. You could spend a lot of money having to change support beams and foundation issues. The same goes for time, it could take longer due to issues with the house. Watch the rest of this episode to learn more pros and cons of converting your home into a memory care mansion.
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Assisted living investing, Residential Assisted Living, small facilities, passive income, myth debunking, challenges, limitations, active involvement, owner-operators, staffing, emergencies, quality care, scalable business model, 16-bed luxury memory care mansion, informed decisions, behind-the-scenes insights, thriving niche, One and Done, Financial Freedom, Active Income, Making a Difference, Long-Term Exit Strategy, Real Estate, Retirement Planning, Memory Care Mansion, Investment Opportunities.
Intro Music by Alex_Kizenkov via Pixabay
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