Event hall as a rental ????

Event hall as a rental ????

Developer · Bellefontaine Ohio · Member since 2016 · 371 posts · 219 votes

So here’s what I found, an event hall building for sale. It has plenty of off street parking. Basically it’s about 2500 sq ft rectangle building with a kitchen and his and her restrooms in the middle and 2 large open rooms, one on each end. Includes lots of chairs and tables. It’s 2 blocks off of a major road. People rent it for weddings, family reunions, etc for maybe $150-200 per day per end. It needs some major updates, but seems to have good bones. Rooms are approximately 32x40 each. I figured all in, with updates, I’ll have maybe $250 k in it.

Please give any and all thoughts.

Worse case it could be converted to regular apartments. But with all the covid19 no eviction garbage, I’m thinking this might be worth looking into.

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Lender · Los Angeles, CA · Member since 2009 · 1k+ posts · 2k+ votes
5y

Your post, @Steven Westlake, reminds me of others here asking about car washes and self-storage facilities.  True, these involve a real estate component, but really, you’re starting a business.  What do you know about running an event hall?  You already noted some competition.  Do you have a business plan?  How will you handle employees, suppliers, and contractors?  What about caterers and the health department?  Have you ever run a business like this?  Who is your competition and how will you provide a competitive advantage over them?  This is not a business you can defer to a property manager.  It’s a job.  Do you have any expertise here?

I’m also curious.  In this day of housing shortages and rising rents, you mentioned you don’t want to deal with all the “Covid19 no eviction garbage,” yet you’re ok creating a facility specifically designed to encourage others to congregate during a pandemic?  Does this actually make any sense to you?

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  • Developer · Bellefontaine Ohio · Member since 2016 · 371 posts · 219 votes
    4y
  • Developer · Bellefontaine Ohio · Member since 2016 · 371 posts · 219 votes
    4y

    That closet is 8’ wide inside and 9’ ceiling.

  • Developer · Bellefontaine Ohio · Member since 2016 · 371 posts · 219 votes
    4y

    As many of you know we decided to convert the hall into to our own personal house. We sold our Houston house and paid cash for this one. So bye bye w2 jobs 

    Here’s some pics of the progress:

  • Developer · Bellefontaine Ohio · Member since 2016 · 371 posts · 219 votes
    4y

    Retainer wall completed

  • Developer · Bellefontaine Ohio · Member since 2016 · 371 posts · 219 votes
    4y

    Dirt and some flowers in

  • Developer · Bellefontaine Ohio · Member since 2016 · 371 posts · 219 votes
    4y

    Second one almost done, my dog on inspection lap.

  • Developer · Bellefontaine Ohio · Member since 2016 · 371 posts · 219 votes
    4y

    That urinal drain came in handy for this new shower.

  • Developer · Bellefontaine Ohio · Member since 2016 · 371 posts · 219 votes
    4y

    Glass walls up.

  • Developer · Bellefontaine Ohio · Member since 2016 · 371 posts · 219 votes
    3y

    More update pics

  • Developer · Bellefontaine Ohio · Member since 2016 · 371 posts · 219 votes
    3y
  • Developer · Bellefontaine Ohio · Member since 2016 · 371 posts · 219 votes
    3y
  • Adrian StamerPro Member
    Real Estate Investor & Agent · Richmond, VA · Member since 2013 · 319 posts · 167 votes
    3y

    That was quite the journey. Congrats!

  • Developer · Bellefontaine Ohio · Member since 2016 · 371 posts · 219 votes
    2y

    Pics update

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