150 Year Old Church to SFH-My First Flip- (that took 15 years)

[Julee K Taylor]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $53,000
Cash invested: $86,000
Sale price: $244,000

A converted 150 year old church complete with a steeple and bell to a SFH an hour outside of Minneapolis, MN. Not exactly a quick flip, but I learned I can do just about anything after this one! I used a construction loan and converted it to a conventional mortgage.

What made you interested in investing in this type of deal?

I'm an architect and love old buildings. I had always wanted to do an adaptive reuse project and moved to Minnesota for this building. P.S. Most people usually move to MN for a partner. Architects move for real estate!

How did you find this deal and how did you negotiate it?

I found it randomly on the internet. I worked with the owner (congregation) and the bank to show that I could rehab the property. I jumped in and acted as the owner-GC and somehow convinced the bank I could do it, which I did.

How did you finance this deal?

I financed with personal money/ a construction loan with monthly draws and converted it to a conventional mortgage once construction was complete and inspections finaled.

How did you add value to the deal?

I gutted the building to bare studs, upgraded all of the MEP systems and put on a new roof and insulation and updated all finishes.

Lessons learned? Challenges?

The biggest challenge was not putting too much money into the property over the years. I held it through the downturn and finally sold it at the high point in 2021. I am so grateful I was able to hang onto and save the property.