Digital Social Hour
The $50K/Month Secret in Senior Care Homes | Boris & Amanda Palomino DSH #1295
Fri, 04 Apr
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💡 Discover the $50K/Month secret in senior care homes with Boris and Amanda Palamino! In this eye-opening episode of the Digital Social Hour with Sean Kelly, we dive into how this dynamic duo turned sacrifice into a booming business. Learn how they went from living in a 300 sq. ft. ADU with their kids to owning multiple senior care homes and generating life-changing income—all while giving back to their community. 🏡❤️ Packed with valuable insights, this episode uncovers the untapped opportunities in residential senior care, the power of customized care, and why this industry is recession-proof. You’ll hear inspiring stories, insider tips, and how they’re mentoring others to succeed in this rewarding field. Whether you’re curious about starting your own senior care business or looking for ways to plan for the future, this conversation is for YOU. 🌟 👉 Don’t miss out! Watch now and subscribe for more insider secrets. 📺 Hit that subscribe button and stay tuned for more eye-opening stories on the Digital Social Hour with Sean Kelly! 🚀 CHAPTERS: 00:00 - Intro 00:33 - Boris and Amanda's Journey in Senior Care 04:59 - In-Home Care vs. Senior Care Facility Costs 10:00 - Aries: EMF Protection Solutions 11:45 - Launching a Coaching Program 17:46 - Earnings Potential in Residential Care Homes 23:30 - Heartwarming Stories from the Elderly 28:55 - Documenting Seniors' Stories 32:48 - Overview of California Senior Care Legislation 35:50 - Best Practices for Running a Senior Care Business 37:06 - Benefits of Therapy Dogs in Care 39:08 - Finding Therapy Dogs for Seniors 39:30 - Conclusion and Final Thoughts APPLY TO BE ON THE PODCAST: https://www.digitalsocialhour.com/application BUSINESS INQUIRIES/SPONSORS: [email protected] GUEST: Boris & Amanda Palomino https://www.instagram.com/borisvpalomino/ https://www.instagram.com/theamandapalomino/ SPONSORS: AIRES TECH: https://airestech.com/ LISTEN ON: Apple Podcasts: https://podcasts.apple.com/us/podcast/digital-social-hour/id1676846015 Spotify: https://open.spotify.com/show/5Jn7LXarRlI8Hc0GtTn759 Sean Kelly Instagram: https://www.instagram.com/seanmikekelly/ Digital Social Hour works with participants in sponsored media and stays compliant with Federal Communications Commission (FCC) regulations regarding sponsored media. #ad #assistedlivingcosts #homecarebusiness #healthadministration #respitecare #whatislongtermcareinsurance
Chapter 1: How did Boris and Amanda start their senior care business?
Yeah. Thank you for having us. Thanks for the opportunity. Absolutely. When did you guys get involved with this industry? 10 years ago. 10 years. Yeah. We've been doing this for 10 years now.
Real, you know, quick shot of it. We were not In medical, we were not anywhere near this field when we started. I was in automotive. I moved up the food chain in the automotive industry. She was in corporate America. And my sister, she opened up two homes in West LA. And she's the one that told us like, hey, you should open one of these homes. I was like, dude, you're out your mind.
Chapter 2: What sacrifices did Boris and Amanda make to succeed?
I would never do that. That's not for me. I was like, that's not, no way. We wanted to start our own business. We didn't know what. And so then we would just go and help my sister out. And that's how we started learning the business. We're like, you know what? We're going to do this. We're going to do this.
Yeah. So when we first started our business, we didn't have money to start. So we gave up our primary residence, moved into the 300 square foot ADU on the property. Wow. Yeah. Huge sacrifice, right? And I also had a one-year-old at the time. Jeez.
And we just wanted a way to stay home with our daughter, to raise our family, not have to hire anybody, not have to send her to daycare. So we found the perfect opportunity in a residential setting to also care for seniors while I was raising my family. So fast forward two years. our business did so well, we were able to afford a second property in LA. So that tells you a lot.
Yeah. It ain't cheap in LA. It's not cheap. It's gotten worse. Yeah. Exactly. So we were able to afford a second property. Day after we closed escrow on that property, I find out I'm pregnant with my son. So here we are, four of us with two dogs, two labs and a 300 square foot ADU. That's insane.
Yes, but I think people don't realize how much sacrifice it takes to become an entrepreneur and all the hours and late nights you put in making this dream of yours become a reality. So we just kept steamrolling. We were extremely successful and we just wanted to see our business grow. And we now have three locations in LA, middle of construction on another property right now.
Just got another property. Yeah. You guys love LA, huh? You know? No, no.
No, anyways, I love my Cowboys. I love Texas. We love Texas. So it's funny you bring that up because we were going to move to Texas this year. Yeah. And the last year we were just going to sell our company, just be done with California. It's just California is over-regulated. Yeah. It's just, it's not a good family environment. It's not, they don't have the values I do. It's different.
But anyhow, yeah. we hired a business coach and he was the one that was like dude what what are you doing you'd be so stupid to sell your business like do you do you realize what you're doing like do you realize the opportunity in front of you it's like and you should be coaching you should be coaching people to open these homes right and i think you know
You look, you miss so many opportunities when you just dive your head in and you're doing the work in day in and day out. And you miss all these other things, right? And so that's when we started looking for mentorship and working and expanding. And so here we are. But, you know, it's LA. It's okay. It's home. It's where I grew up and we grew up and that's where family is.
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Chapter 3: Why is the senior care industry considered recession-proof?
It's good for business. I'll go there for a day, a month, but I can't stand it for more than a few days personally. Yeah.
I mean, it's interesting you say it's good for business because for our business, it actually really is great for business. So we own residential senior care facilities. In California, you're allowed to have six seniors in a residential home. Your neighbors don't even know you exist. And that's a California loophole. You don't have to deal with zoning laws or conditional use permits.
You're still considered residential. Oh, wow. So we get to become real estate investors. We own the properties we run our business out of. So our business pays the mortgage. Smart. Very. So all of our properties that we own are true assets because you already know, you know, real estate too. Properties are not assets. No. Frank Cardone said that to you. Yeah.
Yeah. He said it's the worst investment you can make. Exactly. So for us, my business pays the mortgage and we still get the equity, the appreciation, all of that, right? Mm-hmm.
Chapter 4: How is customized care provided in residential senior homes?
So now in L.A. specifically, there's a lot of programs that have been rolled out to help low income seniors afford housing in the residential settings because we're considered boutique and custom care. Oftentimes you like, I think you mentioned this on a podcast recently and you're like, nursing homes, like, oh God, no, like I never want to live in a nursing home. They're terrible.
Sounds miserable to me. Yeah. And it really does. 90% of our clients come from the large nursing home settings because they just don't have the proper ratios. I'll let you get into that part of it.
Yeah, because it's like a 20 to one ratio for them, right? Yeah, it is. And then also the levels of care are different, right? When you're in the big box facilities that have, you know, a hundred beds up,
200 beds whatever it's more like an independent living so these people they're just doing their own thing it's almost like a like a resort right but then as you as they age in place they need more care and so then at that point what are the options In-home care, where they go to their home to have somebody.
Right now, to have somebody come into your home to care for you 24 hours a day, you're looking at minimum $20,000 per month. Damn. That's a lot. And here's the funny thing that I always talk to people about. You're like, you think retirement, right? What do you think? Flip-flops, Bahamas, travel, right? Right. Your retirement, you're saving for somebody to care for you when you get older.
Because, you know, we're living longer. Technology, medicine, it's allowing us to live longer. Right. And the average person retires with like barely any money these days, too. Yeah. Correct. Correct. Because the generations we're caring for right now, they were very good with their money.
I don't know what's going to happen with the generations coming in because we're not doing a good job with the money, right? There's long-term care insurance, which is, it's a big thing. Anybody 50 and up should really look into long-term care insurance. There's a lot of good companies out there.
But what we do is we, you know, we're in a residential setting, as we mentioned, we can only have six seniors. And so we customize the care. Now we're not a medical facility. A lot of people say, are you medical? No, we are a social model of care, not a medical facility. And so what we do is we partner with the resident primary health,
If they have home health, then with them, hospice, because we do all the way to end-of-life care. Got it. And so we're partnered with them to work with them. So we are considered, well, we're administrators, but we're also caregivers. We don't hire nurses, doctors, anybody. Really? We're caregivers. Wow. Yeah.
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Chapter 5: What is the coaching program offered by Boris and Amanda?
We're like, uh, Boris and I started each other. We're like, hmm. I just threw a number out there. Oh yeah. I was like, uh, this number. And they're like, where do I send it? And I was like, That's a good sign.
I'm like, I'll send you a link in 30 minutes. And so here I was on Stan's store and I'm like creating it on the spot and then sent it over and they signed up. I'm like, there you have it. We have a coaching program. So now, you know, it's been a few months, so it's all built out now.
We've got several students and it's so amazing to see people take action and not just sign up for something because it's like the new fad out there. Like, you know, they're legitimately purchasing properties that will become investments and converting them into senior care facilities so that they can help people in their community. There's so many seniors that need help right now.
And it's such a feel good business knowing that you're making an impact. When you hear the stories and you see, meet face to face with families looking for mom or dad who fell at home or who need assistance, or they're just burnt out, children are just burnt out and they're getting injured themselves. So being able to help them feels so amazing.
And then, you know, just in the city and the involvement that we have in our own community. Yeah, we make sure to give back to our community, our city that, you know, where we're based out of. We've always, you know, we...
sponsored the golf tournament for the police department nice our fire department because our paramedics it's a small city yeah out you know 15 minutes outside of la so it's small and so the you know the fire department we know the chief we know a lot of the paramedics so they you know we call them 911 for our facilities they come out so they know us so it's very important to give back you know um that's one thing that we've always kept in mind giving back to the community
Because they're giving so much to us that it's the least you could do. Yeah, community is super important. It's very important. It's something we've always talked about. And everything that we're doing, we're teaching our kids, right? Give back, be grateful for what you're doing and whatnot.
But touching back a little bit about the coaching program that you talked about, there's a lot of people that have called us and they're like, Airbnb, you know, we're getting a lot of people from Airbnbs. Yeah, that market crashed, right? It's going bad. Dan, it's bad because it's over-saturated and now they're being over-regulated. We're the opposite. Who would really want to lobby against us?
$50,000. Oh my gosh. One month. That was billed to insurance.
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Chapter 6: How can investing in senior care homes generate income?
I was mentioning Airbnbs, they're tanking, right? So we help the insurance companies and pharma. Like we're not tapping into their pockets, we're helping them. And so there really isn't nobody that's gonna try to shut this industry down, like Uber or Airbnb kind of thing, right? And so a lot of these people with Airbnbs are calling us and saying, hey, what do I do with my investments?
And we've turned people down from our coaching program because if your heart is not in senior care and wanting to help seniors, we're not gonna accept them. Because there's a lot of bad homes out there. I mean, we've talked about that earlier. You mentioned that. And we don't wanna contribute to that. We wanna contribute to the lives of these seniors and help the families. I love that.
Yeah. So we talk about that, like what's, you mentioned nursing home, never wanted, okay, what's so miserable? Like what's the first thing you think of when you hear nursing home? Just bad emotions, 20 to one ratio. Not a good way to go out in my opinion. Yeah.
I agree. So in a residential setting, we get to customize everything we do for the seniors. We have family inputs. We sit down, have a full on meeting. But because it's so small with only six seniors, you know, think about it. You've already lived this long, independent life. And now you're living in a home where, or even a nursing home where you're being told what to do all day long.
You know, in terms of dementia, that's actually a good thing, having a routine, but also having the ability to say, I really don't want to do that activity. I don't want to play bingo again today. We did that yesterday. I want to read a book today or I want to do something else today. So they have the freedom to make those decisions and to kind of customize what their day-to-day looks like.
In comparing nursing homes to residential settings, on average, in a residential setting, your monthly cost is anywhere from $5,000 to $10,000. Shared room, private room, depending on what the preference is for the family. The area, of course, makes a difference too.
As an owner of these facilities, after your overhead, after your mortgage is covered, you're actually netting about $10,000 per home. Wow. So talk about an investment. Yeah, absolutely. Is that for a month or is that $10 per month? Wow. And that's after the home is being paid for. Yeah, that's phenomenal. So we call this the McDonald's model. Yeah.
McDonald's is not in the business of hamburgers. Real estate, right? Real estate. And so this is what you're doing. You're able to grow your portfolio on a residential home and have a business that is recession-proof During COVID, we were very blessed.
I mean, we've been blessed for 10 years, but during COVID, people preferred our homes than the big nursing homes because there's not a lot of people coming in and out. I mean, caregiver ratio is two to one for us, you know? So the quality of care is there. And so you're able to grow your portfolio at the same time. Now there's people, like one of our properties, it's a lease.
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Chapter 7: What are the benefits of leasing properties to senior care businesses?
No, there's. She didn't take any medication. That's impressive. Just supplements. Where'd she grow up? Because that's. She was Japanese. That makes sense. Yeah. Those Japanese. They have good genes. They have amazing genes, actually. I'm Mexican. I'm in trouble. Yeah. Mexicans don't age as long, right? No. We eat a lot of crap. A lot of.
Tequila.
I think a lot of green. Yeah.
Yes.
The tortilla and the chips.
Yeah.
I mean, but the meats too, the carnitas. Yeah, pork's a controversial one. Tequila is the healthiest alcohol you can have. It is. So don't knock her tequila down. I won't knock tequila. I have heard that actually.
I like a margarita.
Good margarita hits. Oh, our senior though, the 98 year old I just admitted. She survived the atomic bomb. What? She was in Japan? She was in Japan. She survived the atomic bomb. Holy crap. Isn't that incredible? That's insane. We hear these stories often. So many, I mean... We have one resident.
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