Posted by michaela-ATL on October 20, 2005 at 18:20:24:
Are you in a larger city?
Close to a college? Student housing.
soundproof the walls and rent out rehearsal space for bands.
Michaela
What would you do with this Property - Posted by Greg
Posted by Greg on October 20, 2005 at 17:30:06:
I have an opportunity to purchase a former Nursing Home -
Not just any home but a 3 story brick building, 30,000 SF, 40 rooms, 2 function rooms, and administrative office area.
Price: 100k cash
The price has been reduced by nearly 200k. I think they are trying to avoid Bankruptcy. Sellers are beyond desperate. Has been on market for about 6 months and winter is coming, They want to sell now!
The “nursing business” is gone, just a vacant building.
The building is also modern/updated.
It’s a good deal but what does a investor do with it?
One thought may be to buy and then auction it off, anything over 100k would be profit.
Or some wacky ideas…
Motel?
Apartment conversion?
Rooms by the week?
Jail???
Ok, the last one was crazy?
What would you do with this opportunity?
Thanks
Actually… - Posted by DaveD (WI)
Posted by DaveD (WI) on October 21, 2005 at 15:40:58:
… jail might not be a bad idea. OK, not jail, but some form of assisted living / half-way house for folks wearing ankle bracelets, if you know what I mean. Talk around with your state and county folks who are in charge of releasing inmates.
Re: What would you do with this Property - Posted by zone
Posted by zone on October 21, 2005 at 10:49:44:
I’d first check local zoning to see what actually could be done. If feasible you could remodel to sell as condos with a nice rec room & exercise room.
Re: What would you do with this Property - Posted by Killer Joe
Posted by Killer Joe on October 20, 2005 at 18:59:51:
Greg,
Make sure your due diligence includes not only the main systems such as plumbing and electric, etc, but also asbestoes and lead paint. Depending on the local codes these last two items could make the property undesirable even at that price.
KJ