Anybody ever bought an Old church?? - Posted by SteveMfallsTx

import · August 22, 2005, 2:33pm

Posted by Young Jedi on August 24, 2005 at 20:43:34:

Actually, I was only partially kidding.

I think this sort of thing happens more than most people realize. I’ve wondered why churches operate businesses and invest in rental properties. The Catholic Church owns thousands of apartment units. Is that to facilitate in doing the Lord’s work? It depends…

Newsletter writer, Gary North, has his Church of Christian Economics, or something like that. His family is the only congregation.
Do you think his publishing empire pays very much of its receipts in taxes?

Maybe I will look for a defunct church to resurrect after all!

import · August 22, 2005, 2:33pm

Anybody ever bought an Old church?? - Posted by SteveMfallsTx

Posted by SteveMfallsTx on August 22, 2005 at 14:33:08:

This is a little unusual. Have any of you investors ever bought an old church?/ If So What did you do with it??..Turn it into a B&B, Apartments,Other commercial or keep it as a church…
Reason I ask is that I found one coming up at a Tax sale. Fairly large building.Definately has not had a congregation there in a long time…
Also do churches have any tax exemptions that would keep them from losing the property.Or make the redemption period last longer…
Any comments would be helpful.Even if comical.
Thanks Steve

import · August 24, 2005, 6:34pm

Re:Thanks for all the Creative replys - Posted by SteveMfallsTx

Posted by SteveMfallsTx on August 24, 2005 at 18:34:28:

Thanks to all for the great replys.Very interesting ideas… The wheels are turning.
Ahh the creativity in realestate…Gotta love it.
Thanks Steve

import · August 24, 2005, 5:24pm

Re: Anybody ever bought an Old church?? - Posted by Kathi

Posted by Kathi on August 24, 2005 at 17:24:50:

I have seen a few that have been transformed into quirky SFHs. One that had been converted to office space by installing divider walls with drywall up to 8 ft. and leaving the ceilings open.

The most interresting one was a church that was converted into a wellness center. The main sacristy (main floor) was a gym type area with weight machines, free weights, escercise mats and an area for excercises such as aerobics, pilates, yoga, martial arts, meditation, and other persuits. The former quior loft was used as a spa area with hot tub, sauna, massage rooms, etc. The kitchen in the basement was modernized and sometimes used to prepare specialized meals when they had special retreats at the site.

import · August 23, 2005, 5:30pm

Tax Free Idea - Posted by Young Jedi

Posted by Young Jedi on August 23, 2005 at 17:30:07:

Churches don’t pay taxes, right?

What if you become ordained and operate the church as a going concern?

It could be the “Our Lady of the Sacred Subject-To Church and Twenty-four Hour Convenience Store.”

You could ordain other ministers to be your missionaries in other communities.
All they would need to join is the Fever, the Fervor, and a Fiver!

Blessed be tax-free!

import · August 23, 2005, 4:34pm

Re: Anybody ever bought an Old church?? - Posted by Kevin(CO)

Posted by Kevin(CO) on August 23, 2005 at 16:34:06:

I have a friend who’s daughter and son-in-law run a funeral parlor out of an old church.

import · August 23, 2005, 3:21pm

Re: Anybody ever bought an Old church?? - Posted by Jim FL

Posted by Jim FL on August 23, 2005 at 15:21:01:

Steve,
I’ve never bought an old church, but did have one offered to me at one point in my investing carreer.
Check the zoning, along with other due diligence.
The church I was offered was within a residential neighborhood, and I could was not allowed to buy it, and make it more than 2 apartments, or condos.
Problem was, with only two units in the place, they’d have been at least 2500 sq/ft each, in a market that would not support it.
I noticed a few years later, the lender who offered it to me, sold the church to a local builder, who demolished it, and built a house.

There was another Church in my old area that sold, to a local business owner, who converted it into a brew pub…strange, but last I heard, it was still opened…that was about 4 years ago though.

Plenty of things you can do, don’t just look at it as an ‘old church’, but a potential commercial property, or even residential, if the numbers and zoning work out.

Heck, some of the materials inside might be able to be sold off…pews etc.

Do your research, and see what the potential for the place is, and like I said, if the numbers make sense, why not buy it?
I personally will buy anything, if I see multiple ways to exit from it and make a nice profit.

Good luck, and put your thinking cap on, could be a deal there,
Jim FL

import · August 23, 2005, 9:24am

Re: Anybody ever bought an Old church?? - Posted by KPC

Posted by KPC on August 23, 2005 at 09:24:51:

I have seen one or two on home improvement shows that were converted to homes. Pretty Cool. I guess it depends on the size.

import · August 22, 2005, 10:22pm

Mexican restaurant to REO to office building - Posted by John Behle

Posted by John Behle on August 22, 2005 at 22:22:27:

We were dealing with a small bank on their REO property about 25 years ago. They had loan money to a client to convert an old church into a Mexican restaurant. The problem was a small bank loaned a million bucks to one client on this one deal.

I’m not sure how many burritos it takes to amortize a million bucks, but it wasn’t enough.

The banker would have done almost anything if I would have taken this aligator off his hands. He was paying $60k a year just in upkeep. We’d talk about his SFH properties and he would keep bringing up the church. I’ve always had regrets on that one. I didn’t want the church, but could have done millions in deals if I had taken it off his hands. Sometimes my creative thoughts don’t hit until it is too late. Knowing what I know now, I could have had that church for free.

Interestingly enough, a few months later the bank went down the tubes. I’m sure that one REO was the biggest factor in their demise.

A short while later someone ended up with the church and converted it into some very nice office space. That’s how it sits today.

import · June 14, 2007, 5:14am

mixer - Posted by mixer

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import · August 24, 2005, 5:13pm

OT: First Orbical Church of Rock and Roll - Posted by Kathi

Posted by Kathi on August 24, 2005 at 17:13:31:

Don’t laugh. The First Orbical Church of Rock and Roll was founded by a group of East Cleveland, Ohio firefighters who didn’t want to take the pee test. A number of years ago I joined the church at a festival at which, incidentally, Timothy Leary spoke. He was dying at the time. For a small “donation” I became a church member and got a tee shirt and a certificate good for eternal salvation. Wish I still had the shirt.

This house rocks, and on this rock I shall build my church.

Some of the doctrine, as I remember them:

Thou shalt not surrender thy preceous bodilly fluids.
Gosples according to John, Paul, George and Ringo.
No whining.

Can’t remember the rest. They did become a legal church in the state of Ohio, with all of the tax breaks that are entailed.