different kind of property

To start with it doesn't matter what the appraisal was 3 years ago, a lot has changed in the last 3 years. I have a website jfor comps back at the office but I'm in Vegas at Dean's seminar. I will be back on Sunday and will be more than happy to get it for you. You need to start with comps to see what other properties are going for. The property sounds like it has a lot of options that can be done with it but the numbers need to work. If you know a contractor maybe they can give you an idea of the repair costs. I would run the numbers and comps and see where it takes you it could work. I tried to call you the other day but it didn't have a message and it just rang. I will try again when I get back from Vegas. Good Luck

Sandi if the numbers are good and finish work is not to high, It might be a good investment for a bed and breakfast place if you can find some one to partner with to run it. Those type houses over 100 years old do pretty well like that. They have a lot of charm and history. I would check the county records and the library some times you can get a lot of information from the library some times photos and stories.

I did try to find comps all I had was one other place, a small house that sold for 62k and it wasn't anything like this place.
And I did get pictures of it. One wall inside is brick and they left it exposed, and that is the bank next door. Actually the bank really looks good.
I do have several people that can finish it, the worst would be carpeting. The huge room you first walk into has the old wood floor that could be sanded and redone.
Really has lots of charm, but the inside has been all updated. Across the street at the city hall, they have pictures of the place with the horses and dirt roads.
While I was there met the neighbor, very friendly little town.
I don't have any funds to touch this, and not sure if I could find how you get a grant for something like that. But the inside is all modernized, and it has a new steel roof, dark green and partially sided already and with matching green trim, looks really nice.
When I spoke with the person who started bird dogging for me, we weren't sure about this, but I think it may be worth a shot of running numbers or options on it.
Jim, years ago my ex and I bought a huge farm in central Wis as I wanted to do a B&B and carriage drives. I even had a team of new Fjord horses coming from British Columbia for the carriage drives. But my ex left while we were moving up there. And I was stuck with everything and couldn't hold on. And was able to stop the horses being hauled down before they left.
So that has always been that hidden dream, however this place has no land and I am not at all a city person.....no matter how small the town...if you can see the neighbor, it isn't country~~
Thanks for the input and Shaun I am sending you an email.
Sandi

idea with that. That was one of the options I was thinking about. Maybe you can partner with someone that can run it. It sounds like a cool place but the numbers have to work. How much can you make on a B&B up there? If you can get positive cash flow running a B&B and keep it going for a couple years, you can then sell it not only as a house but a prospering business.

Don't know if a B&B would do good all year round, but there is a tourist attraction there during the late summer and fall. And extra workers in that area for 3 months each year.
The owners thought of a tavern, I'm not into that, or into coffee, but thought a coffee and sandwich shop, or something where a lot of the locals could hang out. And I could advertise it in the near by towns to see if another business wants it.
The rooms are huge and they are sending me the measurements on the rooms. They even dropped some of the ceilings that were over 15ft in the front.
Anxious to talk to them again today.
Sandi

second floor that you could do both?

Yes it has a second floor. With its' own electrical service and separate furnace.
Has the master bedroom, plus another living room, and 2 more rooms. The bathroom up there is huge, I first thought it was another smaller bedroom. Has a 6ft marble top vanity with 2 sinks.
The stairs going up stairs are the original stairway, and it is about 5ft wide.
She sent me the room sizes.
The downstairs has 3 huge rooms, plus the kitchen, the dinning room and another large bathroom.
I talked to them about an assignment, and they are willing to meet with me on that.
But was glad to hear that all these recreational trails are walking distance from the building.
Also has a basement.
Hard to describe this place, really something different!!
Sandi

Sandi I wish that place was around here I grab it in a minute.

great opportunity to do both. It would make a great coffee shop downstairs with a B&B upstairs. I wish it were down here, I don't know anyone up there to do the rehab. I have plenty of connections down here. We need to find financing for the project and it would be a great deal for you.

Hi Sandi, If you don't buy it I will . It sounds like it has a lot of possibilities. But if you are going to resell it, don't fall in love with it.
David

David Why don't you partner up with Sandi and do the deal together?

the punch Jim that's exactly what I was going to suggest. I could be a win win for both of you.

It's 1:30 am, guess I am up for the day!!!
And just checked the posts.
I do have pictures and will try getting back up there today and take a few more. But if I don't get up there today, it may be after Tuesday, thanks to the snow & ice moving in tonight.
I asked the owner about the guy who owns the town hall, which is a similar building with age and style of this one. The guy also owns what was the hardware store. And as I said, the bank is also connected to this building and may be up for sale soon. It shares the inside wall to this place, and actually really adds to the charm. But the bank wants a new place in a near by town. This guy did receive a grant for the town hall, and thought about doing the same for this building.
I have nothing to work with, but do live with a guy who has restored an old farmhouse, into a beautiful home. And he is a carpenter and could do a lot of the work. And do have other reliable friends who would do work there also. So that isn't the problem.
The outside of the building is all brick, and they put siding on the front and only the bottom part with hunter green trim, and the roof was done in hunter green, steel roof.
They have oak doors for the inside doors, all the hardware for them, and also the green screen doors to match.
I can't stop thinking about it! So I am open to anyone who wants to talk further.
They do need $113 to break even, and that doesn't cover the last $30k that the contractor took off with. They do need the $113k. They just want to sell it and start their family.
Shaun I can send you pictures on our personal email, will do that around 5am, going to get off in a few minutes.
And David, if you have more questions, you can send a PM to me.
In Wisconsin snow mobile clubs are the big thing, they hit all the trails and sleep over at places. So this can be used for that too.
Well, did get another buyer today, she needs a house asap, in Milwaukee and has a good price she can afford, so need to get on that now.
Thanks for all the interest. Hope something can be done with this!
David, I can sell it even if I love the place, because I really could never live anywhere that I didn't have land!! And far, far from neighbors! My "dream" is to spend at least one year near the Rockies!! Bear country, cougars,(was even bit by a cougar while working with one) cattle and horses, are my life! And have looked at land in Laramie to Fort Collins. So yes I can sell it!! Have a good night!
Sandi

I built my Home on 10 acres of land in the south bay hills in California, so I know your love for the land, feel of nature, animals and peace and quiet . California is a long way from Wisconsin, so I would have to give this some thought. It sounds like you have some friends willing to help you finish it up, so it sounds like it's all up to the numbers now. Bill and James should probably be able to help you there, they are real good at it. They have a lot of experience under their belts. Keep moving forward Sandiboots, use your gut feeling on it.
David

could you maybe split the house into individual rooms/ offices? Many of the old homes here in Cali are converted into law offices, dentist offices, etc.

They are very popular over here...

sounds like a good investment.

wishing you success,

valerie

Just read your posts. I have friends who do contracting, but financially would not be there, they are looking for work and not into investing.
As for offices. This is a small town and there are 3 larger towns within 20 miles.
And doubt people would drive to a small town from the larger ones. This is a lot of open land up there, and big farms. But recreational trails all around, and a big tourist attraction each fall.
You can walk down the streets, literally and no one "runs you over." But you aren't far from the county seat and court house, and shopping.
It could be easily made into a two family, but the main floor has huge rooms.
Did not get up there today, trying to find a house for another buyer today.
But I will consider all options before giving up on it.
I believe that with getting it finished, this place could be a good attraction in town!
Maybe even leased out for small banquets or a wedding at the town hall and then a dinner or small reception. Business meetings with a B&B, and even renting out rooms for people who travel to some of the companies up that way.
Well have to quit this, have too many things on my mind now, without hashing this over again.
David, you said it,,,,,,,Nothing like the great open country and moon shining across the fields at night, and the sound of wildlife that comes to life at night!
Sandi-boots, Boots was my best companion, my lab/retriever mix, and excellent at chasing off the coyotes at night, but always within 20 ft of me, no matter what we would chase off the farm. Extremely obedient and faithful!

I'm sorry about the loss of your companion, Boots. I'm sure he had a wonderful life, and was very grateful for you. I had an Australian Shepard,Prinzess, for 13 years. She too was very faithful and a great companion. I have never replaced her, but like mine, I'm sure Boots has left you with many many loving memories in your heart. They will both be waiting for us when it is our time to pass.
David

This sounds like such a beautiful building! I love anything historic!

I hope you will be able to figure out what to do with it and can make it the town jewel!

Karen

Karen, I can't get it off my mind, and if I can't do it, well, that is okay, just think there is a lot of potential there. But I am not financially able to do anything.
But at least I have a chance to try.
David, Boots also had Australian Shep. in her, and you can't beat that intelligence. We used to have German shepards and they were smart and also very loyal. But there is a burning desire for Aust.Shep to serve and they get so happy about it! Intend to get another dog soon! Walk out by where she is buried every day, and tell her how I love her, and can't wait to see her again. Even where my horses are buried, think of them all running together, Boots at their side! Enough of that, back to houses!!
I have spent the day looking for a house for my buyer, and found the almost perfect one. But the garage was detached, and she needs it attached....BUT, the house I called on, he owns a couple more properties and wants out of investing to retire. So he offerred me the house for another $5k less than he has it advertised for. It is close to the trauma hospital I worked at, and that is a training place for resident doctors and they always need housing in that area.. And it already had $45K equity. Then told me about another he has and told me to just go look at them and call him back.
But then I thought, maybe I could ask him about being a PML for me. After all, he has enough now to retire on, and I am preparing a letter to send a couple of the docs I used to work with at the hospital.
Have nothing to lose! If they say no, well I am still no worse off, if they say okay, well finally, maybe I can get some deals done!
Sandi

sounds like you're keeping yourself pretty busy! With your tenacity I'm sure you will get your first deal soon! I think you're smart about having several propects...with that strategy you may get deal 1, 2, and 3 at the same time!

I have dogs too...3! all adopted... two cocker spaniels and one black lab. The lab won't leave our side for a second! one of my spaniels is pretty old now (almost 16, but he acts like he's 8); vet says he is pretty healthy, but I still keep a close eye on him. Dogs are such happy and faithful companions!

Looking forward to hearing about your deal(s) and your new dog!

valerie

I hope to get a lot of deals going in the next week or two, and really pray for guidance on finding more buyers. I know the Lord will open the right doors for me. For the couple of deals that didn't work out, they still give you wisdom and more insight on the next one!
I am staying with a friend and have this "very small" room for my office, bedroom and it is almost impossible to move around in here. And I still have my house cats, and they are always at me feet so have to be careful where I step. Have 2 house cats, and now the barn cat is inside, he really misses Boots they were buddies!
But miss the dog so much! So have to really work on getting my own place again, then another dog or two, or three!!!
The Equine Center knows I don't want to rescue horses anymore and asked if I would consider rescuing minature horses. Well I still help get horses out of bad situations, and know if I get my own place, may end up with them again. But my goal is a dog. When Boots was failing I had wanted to get another dog but couldn't do that to her. She needed to know she was my life, and didn't want to take away from that.
A nurse I worked with has two Cocker Spaniels, named Hershey and Ginger. And they are so funny!! Ginger is like "girls just want to have fun" and is always the clown, and Hershey is the old man who thinks he needs to hide everything from that wild girl!! And acts so sophisticated.
Your older dog must be totally happy, because that makes a huge difference is their attitude to keep going.
Boots died of cancer, and I held her on the hill behind the barn as she passed, the vet had to put her to sleep. And I will never forget her clinging to me! But I wouldn't have done it any different. There is a special bond between those of us who love our dogs, and they know it!
Thanks for the post and will hopefully get some of these deals funded or assigned!
Sandi

I am planning to assign it, as I have "nothing" to work with. Wish I could keep it, but I have to keep looking for more to assign. Will be meeting with the owners after Tuesday, and our roads are ice and snow covered.
But have to find a good way to market the place, for free, and hope the right person will see it.
Offices wouldn't work as people would not leave the larger towns that have every thing to drive out of their way for an appt. The town doesn't have any gas stations, at least I didn't find one. The building in 4,000 sg ft.
But tourists would stop, as there doesn't seem to much around unless you go to other towns.
Very nice town!
Sandi

Sandi just make sure you add enough time into your assignment deal to allow you to market it,since this is a unique building you will have to use non traditional marketing strategies.

Did get a call today from another investor who gave me good input about the Historical Soc., and I will be seeing the owners in the next couple days. They were already okay with me doing an assignment. I did explain how an assignment works, and think this would help and be good for both of us.
They don't live there, they stay on a farm not far from town. So not sure how soon they need to sell it.
If I could afford it, would just purchase it now then see what I could do with it.
But maybe will find an investor that I could assign to and they could do it or work with me on it. So will see what I can do.
They do have pictures of the horses in front of the place.
A lot of input with ideas on here and privately, made me see more potential in this place!
Thanks
Sandi

Sandi good luck with this one keep us informed.

Just spent more time up at this property getting estimates from contractors. And found out more good stuff. The building across the street was part of these buildings that were the original town. That building is about the same size and used to be the hardware store. The owner of that place, made 2 apts upstairs, and still has the down stairs empty, not sure what he is doing with it. He is asking....I say asking because I can't imagine anyone paying that, he has it listed for over $1.2 million!
Also owns a huge Mansion out of town with 300 acres and tons of horse trails and hiking trails, and a small chapel for getting married, and asking over $3.4 million for that.
Does that help this property?!!
They did agree to the contract but they will go over it tonight at home, so will go up tomorrow to pick it up.
The state trails are walking distance away, and found out they even have boat tours in that area.
So excited to keep this going!
Sandi

Sandi good to here you are following threw with this property.

I do have outside interest on it, but also did go on the Wis Historical Society site to check out things about this property. If I can't assign it, would like to do something with it myself, BUT it is a huge project! And not sure if I want to do that, because I need to have time to get fast cash deals done.
Will hopefully know soon what will happen with it.
Sandi

You as a female may qualify for a grant to do the rehab on a historical bldg. I have several grant packages and will check into it for you. That may be the break you're looking for. Good work on this.

My update....I have been up there several more times. The building next door to this one, is a bit smaller, and used to be the hardware store. And that owner made a small apt upstairs and never finished the downstairs. And was asking over 1 million for that.The man also owns a place outside of town with 272 acres, called Springbrook Farms, and the home was built in 1841. He restored that one, and is asking $3,300,000 for that place. Since it is hard to run comps on the one I have under contract now, I hope this makes mine look "really good."
The owners did take the contract to the bank, which is attached to this place, and they said the contract was good. So was relieved on that. The bank that is attached, used to be the court house. And this place is also one of the 3 oldest buildings in town.
Will add to this after the weekend and have tons of pictures of the place and the town. But this is my update for now, and the owners have been so great to work with. They just want to see something good happen to it.
Anxious to see this through!!
Sandi