029: Assisted Living: Huge Profits and Good Deeds!

No one wants to get old but it's better than the alternative. Imagine getting to that age when you are unable to take care of yourself and you start feeling like a burden on your kids. What do you do? These days, most people in this situation end up at an assisted living facility. When you think of assisted living facility, what kinds of images come to mind? Personally, I think of a sterile Soviet Union style building built in the 1960s with a faint smell of urine covered up with a flower scented cleaning agent. I imagine anonymous cafeterias and care givers who don't know your name and who are just there punching the clock. But maybe it doesn't have to be that way. In most states, a growing asset class known as group homes are becoming more prevalent. Instead of that institutional vision, now imagine a regular house in a regular old neighborhood. Imagine that you know all the others living in that house and all the caregivers know you by name. Maybe that would cut down on the high rates of depression seen in the elderly right? Now, imagine owning one or two or three of these and making 30 percent return on investment. Imagine owning something like this where the demographic for your customers is exploding. The opportunities out there are endless but on this week's episode of Wealth Formula Podcast, we discuss this lucrative, feel good business with Gene Guarino of Residential Assisted Living Academy.