If you’re looking to lease an adult foster home in the Portland Metro area, you’re probably aware there is a lack of homes for lease and a lot of competition for homes that are available.
We're hearing a lot of misinformation out there regarding the income people are being told they can make starting in this business, such as misinformation that Medicaid pays $10k per resident. This is leading people to make decisions to lease homes that can have a detrimental effect on the longevity of their care home business.
Additionally, some landlords are now on the radar of licensing due to all the problems licensing is seeing, such as cutting corners with staffing because providers can't afford to hire staff due to the high cost of their lease. It can end up being a vicious cycle, which is why it's vital to get information first and make a good business decision about leasing a home. You want to find the "right" house, not just any house.
What are some red flags to be aware of when looking to lease? Some red flags include the monthly lease payment being overly expensive (e.g. a 2,000 sq. ft. house going for $8,000/mo.), and/or you are being pressured to sign a lease.
How can you protect yourself? Make sure to gather correct information first about opening a care home, including realistic income considerations and business planning before you sign a lease, and always have an attorney review your lease before you sign.
If you're looking to lease a care home, use your network to find care homes where the provider is retiring and looking to lease their home. Still be cautious and get guidance from professionals before agreeing to a lease.
It's important to remember, getting a house is not the first step. The first step includes gathering the information you need to make an informed decision about both the business and the house. The house is a vital part of the success of your care home business.
Finding a home to lease will take time, but it is a decision that should not be rushed. This step will require patience and commitment, but in time, you will find the "right" house for you, your family, and the success of your care home business. It will provide a solid foundation on which to build your care home business.
If you have any questions or need guidance, please connect with us to schedule an initial call or a consultation.
