Hello there - Hope all is well.
I'll start by saying that I just stumbled upon this site tonight. It's exactly what I've been looking for and I am exited to begin networking with several of you as well as becoming a regular contributor here on the site.
As for my background, I've been running profitable side businesses since I was in my early teens. It's like a hobby honestly - always been the business-minded type. I love seeking out valuable connections and arbitrage opportunities in which products can become highly profitable across different markets around the world. At age 18 I went to college, and within 5 years, I was out w/ a B.A. in Finance and an MBA. For the past 2 years, I've been working as an energy trader for a small company. I love my job, but always have my entrepreneurial side cranking. I just love business and am ALWAYS looking to create new relationships and, in turn, new opportunities.
My latest idea is a bit different than any I've had before; but life puts us in strange situations - and entrepreneurs, whether it's an appropriate time or not, will likely find themselves looking for a way to improve on a process by making it more efficient. Over the last 2 years, I have found that my father, who we thought was taking care of my grandmother's finances, was actually draining her finances. One day, I located her checkbook, and her remaining lifetime worth in the account was just over $12k - down from several hundred thousand. The answer to how my father wasn't working, yet paying all bills except child support for my little brother were clear (yes, 5 years - not $1 of child support, no job, spending mother's money, wow) Long story short, I took over and created an revocable trust, removed my father's name from anything he could possibly manipulate, and put my grandmother on a budget in which she could begin building her nest egg back from scratch. Her two wishes were to be taken care of along with having the 220 acre farm stay in the family. The land is in a highly desired location that borders a National Wildlife Park; and is just on the outskirts of two fast-growing small towns. Land value has skyrocketed (if you can even find anything for sale). It is currently leased for cattle and hunting, bringing in minimal residuals.
With the planning involved in my grandmother's schedule as she has dialysis 3x's/week and needs quite a bit of help, assisted living was something we very briefly looked into. The reason being the following absurd costs:
Midwest = $4,000-8,000+/month.
East Coast = $6,000-12,000/month.
Considering she is on Medicare, which pays nearly $50k per month for Dialysis due to kidney failure, the costs of long-term care are not even considered in the plan. She is able to stay at home, which works well with the caretaker we've hired to transport her to all appointments and maintain other necessary health-related duties.
My latest idea, if the investment capital is to be raised, is to eventually convert the 220 acre farm into a retirement/assisted living community. A quick view on the details are as follows (all subject to change):
Let's say we are able to obtain the midpoint for the midwest; $6k per month, per person. 50 residents x $6k = $300k per month in gross revenue.
The goal initially would be a fully operational high-end retirement community with the following "amenities":
- 220 acres; most of which will be used as actual retirement community property.
- Roads, re-zoning, sewage, etc. - Mapped out and installed. I assume licensing, clearance, and various laws will not make this easy.
- 25 Duplexes - all ground level; overall capacity: 50 (with ability to expand further at any time).
- Community Center Building (Large meeting hall, Bingo Hall with various rooms, pool, gym, movie theater, bowling alley, game room,etc).
- Fence - enclosing entire area; gated community along with detailed landscaping.
- Large ponds for fishing : Currently 2 available; well stocked.
- Community-wide walking paths, bridges, etc.
- Full sized driving range with 2-3 putting greens. Due to the size of the farm, we have considered a full golf course, but due to being in the MidWest, the maintenance would outweigh the benefits.
- Hospital: < 5 minute drive; shuttle will provide rides several times per day.
- 24-hour Nursing Staff; atleast 'x' amount of nurses at all time, to meet standards and qualify for long term programs, Medicaid, etc.
- Options are on-going and I'm up for any other suggestions. This is a very general guide as far as 'things' to do. With this setup in mind, I honestly think there would be a waiting list (as baby boomers get older and demand increases), seniors these days don't want to be alone. Most want to socialize and avoid being isolated. There is ample amounts of evidence that proves that this can not only extend their lives, but also lead to higher quality lifestyle.
Overall, I'm looking to get in touch with certain individuals who have experience in this area. Input from those who have experience in constructing such communities would be greatly appreciated.
I appreciate your time in reading this post and look forward to hearing from you in the near future.