My first investment, I want a wedding venue
Hi, I'm looking for some advice, and maybe a miracle.
I have been in the wedding industry for 6 years and looking for my own small paradise to offer ceremonies for the last 3. And I believe I found it ... a brownstone "mansion" on 5 acres with a barn sitting next to the mountain and surrounded by majestic trees and the sound of water.
It is a full rehab project and up for auction in 2 weeks, May 18th.
I have: talked to a real estate investor without getting any suggestions, talked to an investor who said that he will be out of town until after the auction and wished me the best, had a general contractor look at the property but all he said was that everything is fixable, talked to my financial advisor who said that because I also want to live there my self directed IRA can not help me, and lastly my loan officer said that the bank requires that the property be habitable ... it's a rehab without a kitchen.
What am I missing? If there is never a lack of resources only a lack of resourcefulness what have I missed? The only person left to talk to is my accountant who is also out of town until next week. Do I need to look at this differently? I am legally a minister, can that somehow come into play?
I was excited about the BRRR method but ... any and all ideas would be greatly appreciated.
Thank you so much
- Stephanie