Digital Social Hour: Episode Summary Title: The $50K/Month Secret in Senior Care Homes | Boris & Amanda Palomino DSH #1295
Release Date: April 4, 2025
Host: Sean Kelly
Guests: Boris & Amanda Palomino

1. Introduction to Senior Care Homes

In this episode of Digital Social Hour, host Sean Kelly welcomes Boris and Amanda Palomino, seasoned entrepreneurs in the senior care home industry. The Palominos delve into the challenges and opportunities within the sector, emphasizing the inadequacies of traditional Social Security-funded homes and presenting their innovative business model that generates significant monthly revenue.

2. Journey into the Senior Care Industry

Transition from Previous Careers: Boris and Amanda share their backstory of transitioning from unrelated fields into senior care. Boris recounts his past in the automotive industry and Amanda’s corporate background before their sister inspired them to explore senior homes.

Boris Palomino [01:22]: “We started learning the business by helping my sister, and that's how we decided to dive in.”

Initial Sacrifices: They discuss the financial and personal sacrifices made to establish their business, including selling their primary residence to live in a 300 square foot Accessory Dwelling Unit (ADU).

Unnamed Guest [01:34]: “We gave up our primary residence, moved into the 300 square foot ADU on the property. Huge sacrifice.”

3. Building a Successful Portfolio

Growth and Expansion: Their dedication paid off as they expanded from one to three locations in Los Angeles, with another property under construction. Despite considering relocating to Texas due to California’s stringent regulations, they remained rooted in LA for familial and sentimental reasons.

Boris Palomino [03:09]: “It's the family environment. It's home.”

Real Estate Investment Strategy: Owning their properties allows their business to cover mortgages, turning real estate into true assets and ensuring a steady income stream.

Unnamed Guest [04:08]: “Our business pays the mortgage, and we still get the equity, the appreciation, all of that.”

4. Analyzing the Senior Care Industry

Critique of Traditional Nursing Homes: The Palominos highlight the poor quality and high costs associated with conventional nursing homes, emphasizing the impracticality of living on Social Security or SSI benefits.

Boris Palomino [00:00]: “Social Security homes out there, they're terrible. I bet they're awful.”

Comparison with Residential Settings: They advocate for residential senior care facilities, which offer personalized care with lower resident-to-caregiver ratios (2:1 compared to the industry’s 20:1), fostering a better environment for seniors.

Boris Palomino [05:33]: “Nursing homes have a 20 to 1 ratio, whereas we have a 2 to 1 ratio.”

5. Innovative Business Model and Financial Insights

Revenue Generation: Operating residential care facilities allows them to net approximately $10,000 per home monthly after covering overhead and mortgages—a model they liken to McDonald's focus on real estate rather than just selling hamburgers.

Boris Palomino [20:13]: “After your overhead, after your mortgage is covered, you're netting about $10,000 per home.”

Coaching Program: Recognizing a gap in the market, the Palominos launched a coaching program to train aspiring entrepreneurs in establishing and managing senior care homes. This initiative not only expands their business but also addresses the growing demand for quality senior care.

Unnamed Guest [11:19]: “We have a coaching program teaching people how to open and run these homes.”

6. Addressing Challenges and Regulations

Navigating California’s Regulations: California’s senior care industry is highly regulated, necessitating comprehensive training and adherence to strict standards. Despite the paperwork burden, the Palominos view these regulations as beneficial for ensuring quality care.

Boris Palomino [32:55]: “California is definitely the highest regulated for senior care. But running a good clean home helps avoid issues like abuse and neglect.”

Expansion to Other States: With a solid foundation in California, expanding to states with more favorable regulations, such as Texas and Florida, becomes a feasible next step for their business.

Boris Palomino [35:05]: “Arizona allows 10 seniors per home, Texas is even more lenient, which helps in expanding our business.”

7. Community Involvement and Personal Stories

Giving Back: The Palominos emphasize the importance of community involvement, sponsoring local events like golf tournaments for police and fire departments, and maintaining strong relationships with local emergency services.

Boris Palomino [13:30]: “We sponsor local police and fire departments because they give so much to us.”

Heartwarming Resident Stories: They share touching stories of their residents, including a 98-year-old Japanese woman who survived the atomic bomb and a 104-year-old client with dementia, highlighting the profound impact of personalized care.

Boris Palomino [24:00]: “She survived the atomic bomb. Isn't that incredible?”

8. The Future of Senior Care and Social Security Concerns

Long-Term Care Planning: The discussion underscores the escalating costs of long-term care and the precarious future of Social Security, urging listeners to consider long-term care insurance and proactive planning.

Boris Palomino [06:28]: “The average person retires with barely any money these days. Long-term care insurance is crucial.”

Systemic Issues: They critique the corruption and fraud within Social Security, advocating for more robust and transparent systems to support the aging population.

Amanda Palomino [31:17]: “Social Security isn't enough. You'll be eating the poorest quality food in bad areas.”

9. Conclusion and Call to Action

Encouraging Entrepreneurship: Boris and Amanda urge listeners to pursue their entrepreneurial dreams with passion and purpose rather than focusing solely on financial gain, emphasizing that genuine care leads to sustainable success.

Amanda Palomino [11:20]: “It can't only be money. Money is just a tool.”

Engagement and Learning Opportunities: They invite interested individuals to connect with them via Instagram for more information on their coaching programs, promoting the expansion of quality senior care facilities.

Boris Palomino [39:15]: “Send us a message on Instagram. We're on Instagram, Boris V. Palomino.”

Notable Quotes

• Boris Palomino [00:00]: “Social Security homes out there, they're terrible. I bet they're awful.”
• Unnamed Guest [01:34]: “We gave up our primary residence, moved into the 300 square foot ADU on the property. Huge sacrifice.”
• Boris Palomino [20:13]: “After your overhead, after your mortgage is covered, you're netting about $10,000 per home.”
• Boris Palomino [06:28]: “The average person retires with barely any money these days. Long-term care insurance is crucial.”
• Amanda Palomino [11:20]: “It can't only be money. Money is just a tool.”

Final Thoughts

In this episode, Boris and Amanda Palomino provide an insightful look into the senior care industry, highlighting the shortcomings of traditional nursing homes and presenting a lucrative, compassionate alternative through residential care facilities. Their commitment to quality care, community involvement, and entrepreneurial mentorship offers valuable lessons for aspiring business owners and underscores the urgent need for better senior care solutions.

For those interested in learning more or joining their coaching program, follow Boris and Amanda on Instagram at Boris V. Palomino and Amanda Palomino.