repurposing nursing home

[Rob Yadrick]

Hello BP goers, I’m gathering up the courage to purchase my first investment.I’m currently looking at an old nursing home property and considering converting it into an event venue with attached rooms which would be included in a package deal.It’s a 70+ bed (likely 2 beds/rm) 2 story zoned b-1 (general business). The property looks likes it needs considerable renovation inside, outside, and landscaping etc.What processes have you found successful in coordinating an estimate of rehab costs.I don’t know if I’m sitting on a gold mine or a dump.

1.Should I be scheduling a time to meet the realtor and a GC at the same time?If not, how do you do it?

2.Should I ask multiple GCs?Any tips?

3.Is this the same process you use for your SFH or MFH (yes I'm interested in those)?

4.On a large (for me) commercial reno and running of the business, are there certain things I should keep in mind that might throw my numbers if I don’t account for like code for Handicap, massive overhead bills, or something of the like, (sorry if I’m sounding ridiculous but I’m really in the dark here).

I haven’t seen the inside apart from the pictures.Without knowing the floor plan and such, it may be difficult as an inexperienced investor to know exactly what I want to do with the floor plan on the spot for the contractor to estimate. Any tips?

[Chris Sweeney]

I'd go down to the city and get an idea of code and permit process. Also if the city would be ok with what you plan on doing with it. Talk to a commercial broker too. Insursnce and other liability issues. You might be biting off more than you can chew so be careful and talk to some investors who are in the space you are looking to go into. Run numbers and will it cash flow if you only have a few events there. What other venues are available and how will you compete? Need a full on business plan.