Converting a school to self storage

[Jeffery Waicak]

I saw a schoolhouse on Craigslist for like a dollar a square foot. I thought apartments,  then I thought, storage. Has anyone ever done this? Any advice? Thank you 

[Adam Johnson]

One thing that is always true in RE investing - it isn't the purchase price that matters, it is the "all in" cost.  This could be a great opportunity, but don't get blinded by the purchase price.  Asbestos was very common when many of the older schools were built.  If it is present and you are required to remove it, your numbers could change dramatically.  Underground heating oil tanks were sometimes used too.

Keep doing your homework and know of all of the potential pitfalls.