Is now the right time to get your care home?
Or is it the right time to start one?
A care home business can be the American Dream or a personal nightmare. What makes the difference?
There are a lot of ways to make profit care home business. Is it best to buy an existing care home or start your own?
Buying an existing care home can be a good idea or it can put you deep in dept and deplete much of your liquid assets. Creating a Pros and Cons list for both buying an existing care home and starting a care home can yield great insights.
Starting versus buying an existing care home
The Pros and Cons
Buying a current care home property and business.
– The property has been through the licensing process.
– The business systems are in place even if they need to be improved.
– Sellers want a premium for all work invested.
– Buying an investment property requires 20% to 30% percent down
– Buying a business is difficult to get loans and will require even more money down. This will use more of your liquid assets.
Starting a care home
Find a property which has the ability to be licensed with the least amount of money to upgrade is the goal of the care home property.
The goal of the care home is personal. It means creating a care home business model that will be profitable to meet that goal.
– Low down payments possible if planning on living in the property.
– There is no added value business cost. It will cost the business asset needed to start your type of care home.
– Buying the correct business assets to meet your business goals.
-Licensing process can be difficult if not working with professionals to get through the process. (Coffee Real Estate helps connect you with the professionals to evaluate the property and get your care home license)
– No current care home business means a lack of business cash flow. (Coffee Real Estate has some ideas for cash flow before your care home is licensed)
This list of pros and cons is not comprehensive. Also, it is hard to rate the value of each pro and con for your needs. We hope we can work with you to achieve your care home ownership dream.
What makes the difference?
Understanding what is best for your vision and current assets. If you don’t have $100,000 to over $500,000, buying an existing care home may not be an option for you. There may be ways to use other people’s money (OPM) to buy the existing care home.
Starting a care home with $10,000 to $50,000 may be possible if you have a clear vision and work out a clear and realistic budget. It means more work, but you keep more of the profit.
How can we help you achieve your care home dream?
We are ready now to get started. Let Coffee Real Estate help with a buyer’s credit of $500 to $3,000*.
We are ready now to get started now.
*Buyer’s credit depends on price of property, listing agent and Coffee Real Estate representing you as buyer’s agent.