OfflineHello DG aces,
So I have found a potentially lucrative investment opportunity in my home town. It's an old nursing home that's been vacant for about 10 years and is for sale by owner. The city has rezoned it as residential property. It's on roughly 5 acres, has 55000 sq ft of brick building, and is an eye sore in the middle of a great residential neighborhood walking distance from excellent grade school, high school, and church. One thought is to knock it down and subdivide the land but so far it appears I would end up upside down mostly because sewer and street is out of my pocket. Other option is to rehab, which would cost a fortune. Anyway my real question is how can I obtain blueprints of the property and the building? This is key to determine what my options are if rehab is feesable. Any thoughts?
Thanks, Jeff
Get it under contract and wholesale it to a capable developer. Sounds like it is a scrape, land value only. Unless there is demand for a remodeled nursing home or?
Here are a couple of questions you have to ask yourself. If it is a great deal why is it still on the market? Developers are all over these deals if they make sense. Is it unlisted or FSBO? Is this property over priced? What is the land actually worth?
Michael Mangham
Mentoring/Team Building Nationwide
MD Home Acquisitions LLC
Knowledge is power, but execution trumps knowledge. Tony Robbins
http://www.mdhomeacquisitions.com Seller site
http://www.mdhomeacquisitionsbargainhouses.com Buyer site
http://www.mdhomeacquisitionshousehunter.com Bird Dog Site
http://www.mdlodeals.com Tenant/Buyer site
Jeff, to get the plans, goto the city building department and the county building department. 10 years is a long time to sit vacant. I agree with what Michael said though; be cautious and calculated about your offer on this one. There could be a great opportunity here though, especially if you find a buyer who runs nursing homes or senior living quarters.