Large building, looking for business ideas
A nursing home is getting ready to close in my neighborhood and the building is getting foreclosed on by the bank. I'm thinking it will most likely be auctioned off and I'm interested in investing in it. There is the whole nursing home, 8 cottages that bring in about $5,000/month right now and a whole separate building that used to be a dentist office. I'm thinking of turning part of the nursing home into a daycare center which is greatly needed in our growing community but I'm not sure what else I would do with the rest of the building and the separate dentist office. I need some ideas of businesses that could use those others parts that could be another stream of revenue. Thanks in advance!
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If you can carry the mortgage/running expenses with just the income of the daycare/nursing home business, then you would be much better off closing on the property then figuring out what to do with the vacant space once you open the daycare. You will suddenly be faced with many new possibilities and potential new tenants once people see new activity at the location, some of could probably be synergistic with the daycare business.