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Where Should You Build Your Assisted Living? - Strategies For Building In A Competitive Market - Ep 44
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In this episode, I discuss choosing the location for your Assisted Living. Whether you're operating a Residential Assisted Living (RAL) or a larger facility, one of the most crucial aspects of a successful Assisted Living is its location. It's essential to see if there's a viable market for your Assisted Living in the desired area before proceeding with construction. However, I often hear people express reluctance to select a location near competitors. I believe that, particularly for my niche in End-of-life care, it can actually be beneficial to be situated near other Assisted Living facilities.
My focus is on End-of-life care, and I prefer to be close to independent living and other Assisted Living facilities because there's a high likelihood that residents from these places will eventually transition to my Memory Care Mansion. I refer to this as the "Big Box Funnel" - residents start at the top of the funnel and gradually require more specialized care as they age, potentially leading them to my memory care mansion. Being situated near competitors can thus be advantageous. It allows us to provide more personalized and intensive care to families at a similar price point since we're a Luxury 16-bed mansion located next to a larger facility, providing comparable care and amenities.
In summary, this episode aims to underscore essential considerations to ponder before finalizing the location for your Assisted Living facility.
#Investing #RealEstate #AssistedLivingInvesting
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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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