100 Year Old Hospital renovate to LIHTC

100 Year Old Hospital renovate to LIHTC

Erin HamiltonBusiness Member
Realtor · 67431 · Member since 2023 · 6 posts · 2 votes

We purchased this hospital, which is over 100 years old and 150,000 sq ft. Our initial plan was to turn it into 30 - 40 1 bedroom senior living with 60% being LIHTC. We have put it up for sale, but are willing to keep it if we can find some investors to go in with us on the renovation. My question to you... has anyone ever done something similar? We fix and flip, renovate, house hack, landlord and develop, so we are not new in the arena, just to this particular project. Thank you!

https://www.tiktok.com/@hometeamexprealty/video/730303161597... 

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  • Henry ClarkPro Member
    Developer · Member since 2020 · 4k+ posts · 4k+ votes
    2y

    My friend has converted two elementary schools to residential.

    Checklist. 
    ADA issues grandfathered in or do you need to fix.  Example elevators if any.  

    Abestos?    

    Roof?

    Adequate off street parking?   

    Key issue is sewer and water lines.    He did a lot of jack hammering to put lines in.    

    He had his own crew so that made it easier.   

    You need to watch your interest during the construction period. 
    Zoning as always 


    Market specific, both of his projects filled up within 2 months.  

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