Last fall I attended a financial seminar where I gained a lot of new information about various aspects of finances. Here are my notes on Residential care facilities as a real estate income.

–          You will need to obtain the care certificate to manage one.

–          The difference between residential care facilities and a rest home is that rest homes of the ones that provide medical care, such as IV feeding, etc. Nurses made the on-site at a rest home while they only come to visit at residential. And medical help will be provided to third party. One technique to improve accuracy of medicine, distribution is to provide each dosage the seven little bad they be taken by the patient.

–          RCS required no zoning restrictions.

–          Usually permit up to 2 to 14 residents. There are single rooms and private rooms. The average resident stays from 2 to 5 years. When you hear a price quote for home. It usually gives the quote for a double occupancy of the room.

–          RCS provide food and shelter

–          there’s usually a six-month application certification process. This time can be used for finding an appropriate home to transfer into this type of scenario. Homeowner associations Object to having such a home in the community because of the anti-discrimination act.

–          The standard of living comparison between RCS and rest home, are usually quite different. RCS usually have a much higher quality of living.

–          There’s a growing clientele because the aging population is growing due to the baby boomers. There is a large need of these types of facilities

–          The average resident is about 70 years.

–          The number one cause of illnesses, depression, for older people. This is influenced by a lack of relationships. RCH provides a community.

–          Don’t put up a sign that identifies this as a RC H the residents don’t want it, and the lack of the site provides a better image of a normal home. You may have a van in the front seat and transport people to different activities.

–          In marriage, relationships, when the husband dies, the wife is he lives 3 to 7 years after.

–          90% of residents are female, 70 and above.

–          The waiting list for such a facility issues. The two years.

–          The older population were usually housed in multigenerational houses. That’s becoming less and less popular.

–          Article: pent up seniors demand predicted, despite recession / demand for senior assisted living

–          In 2030 tribes of the population, Bill 65 years old

–          places to find homes for use for retirement care facility:

–          HUD.gov shows properties that are in foreclosure. On the website, click on by a home, then want to buy a home, so you can get a list of the homes that are in foreclosure

–          reo: means real estate owner.

–          Home sales.gov gives a list of FHA homes.

–          You don’t have to be a veteran to buy the VA property.

–          Exclusive means that you need to be the homebuyer who live in the home. After 10 days, an exclusive home will be open for purchase by everyone else.

–          Owner occupied: is when you want buy a home that you want to live in.

–          Lottery: if you’re in an area that has an underutilized need for certain types of employees, such as those that are police officers, teachers and firemen, HUD will sell a house for 50% off. This is on the condition that the homeowner will live and work in the area of need for at least three years.

–          A seven room house means all rooms of the building, such as bedrooms, bathrooms etc.

–          203K program means a second mortgage. It means the FHA will back a second loan.

–          In addendum     of the hub site: this property inspector report of the home.

–          PCR: means property condition report. This report on the hub page gives a list of all the things that I looked at to make sure the house is appropriate condition for new occupant.

–           Foreclosure properties may not be winterized.

–          trollio.com: will let you see an area map of the neighborhood. Another source is still low.com. This site will let you see what the other houses in the neighborhood cost. You want your house to be the least expensive and have the others being the worth of your house up. You can also use Google’s Street view to the house and Microsoft’s maps as bird’s eye view of different positions of the house.

–          HUD has programs that support underutilized need such as lottery

Have ideas to add to the list, please add them to the comment section of this blog.