B&B DEVELOPMENTS, LLP
1315 South Walnut Street
Philadelphia, Pennsylvania 19107
According to a report by the U.S Senate, there are 76 million “Baby Boomers” aged in their 60’s retiring in 2010,s. The economic landscape of the United States will change during this period.
Saavy business investors look for demographic shifts to make entrepreneurial plans. One potentially profitable endeavor to consider that of senior housing.
Building senior apartments that meet the many needs of this demographic will require some careful planning, but, given the population shift, maybe worth the consideration.
Draft an impressive business plan that lays out the model for your senior apartments. Explain clearly and statistically your cash flow including startup cost. List expansion plans, liabilities and other business concerns that demonstrates that you have done due diligence in planning this venture.
Create an entity and apply for IRS EIN.
Evaluate your community for a location for your apartments. Look for as flat an area as possible with access to major road or highway. Consult your local planning and zoning board for possible locations.
Contact architects and general contractors that specialize in senior apartments. Meet with each professional to development a plan for the community layout. Include a recreational facility as far as a meeting room with pool tables and a large television. Include one unit for apartment management.
CONTACT LENDERS THAT SPECIALIZE IN MULTI UNIT HOUSING and present your business plan and blueprints. Search for lenders with experience in GOVERNMENT PROGRAMS such as the Department of Housing and Urban Development’s section 8 program to help verify your business model will qualify for subsidized housing. Check with HUD field office for further details.
Build apartments as per your plan. Hire an employee to manage and oversee your activities for the apartment complex. Use free housing and utilities as an incentive to accept the position.
Consider offering assisted living arrangements within your COMPLEX. Consult with your local hospitals and medical corporations for contractual options for this service.
Contract for lawn maintenance, snow or ice removal services. Set up repair arrangements with your contractor or handyman of your choice.
Request an Attorney specializing in multi-unit housing to draft a long-term lease agreement for you to present your clients. Consider minor property maintenance and labor in calculating your lease rate.BEHUIINGFONDS, LLP.,