I am buying a 1950s era small church with residence attached In Belvidere New Jersey, and it needs a lot of work. Been empty several years, slate roof leaking, heating ripped out, dropped ceiling a mess, assume actual ceiling also a mess.
I need an accurate estimate of what absolutely has to be done just to stabilize and get in rentable or livable condition.
At the moment, I only have enough cash to purchase the property, but this is the holy grail property for me, I’ve been searching for a church to renovate since I was 18 years old. I hope in a year or two to sell my house and move into it. But for now, the goal is to get the residence livable and rented out while I work on the 2000 ft.² plus interior of the church and it’s matching basement.
Ideally, I need a GC willing to come out and give me realistic numbers who also offers financing and would be able to start work within a couple of months
I would also welcome any advice or suggestions on this unusual property. I am a newbie investor. I have a very good head for real estate I believe, and an eye for a very good deal. I bought my first house for myself in 1997, and paid $50,000 less than the neighbors on either side with similar homes, put every cent I could lay my hands on into updating and improving it, and seven years later sold it for more than double what I paid for it. My second house I purchased was again the worst in the neighborhood, and it included an inaccessible extra lot that served as it’s backyard. I’ve renovated the house from top to bottom, removing walls relocating bathrooms etc. and last year I sold off the extra lot which was now on a new road and 1031 exchanged it for a fixer-upper in Nashville Tennessee, repaired it and that is now rented out.
My biggest concern is that I have yet to hire a contractor to do inside work who ever completed the jobs. I always end up hiring a handyman to do the last 10% of the work, finishing it myself, or not getting it completely finished, which is definitely not an option on this very large job.
@Diane Perry i'm an investor in Warren County NJ as well. My property is located in Phillipsburg. Have you thought about seeking a construction loan. I think it maybe difficult to find a contractor with financing especially in our area. I do know a couple of contractors but none with financing. Good Luck.
@Vanessa Grant Thank you. The banks I do business with don’t do construction loans to private people, and I am not sure I have the income to get the kind of loan that I might need. If you have the names of any banks I might check with I’d appreciate the info. In the meantime I’d love the contractor contacts you might share.
It would be great to connect with a fellow female real estate investor in the area. Thanks for writing.
Reach out to @William Lees
@Account Closed Have you had any success cash flowing in Phillipsburg? I was considering that area but I am afraid that people are moving either closer to the city or into PA. Then again they do have a beautiful High School now so I am hoping that helps bring more people to the town.
@Andy Rousch Cash flow is fine. There are many people that like that because of public transportation and easy access to major highways. This area is definitely a blue collar town.