Investor · Louisville KY · Member since 2023 · 4 posts · 0 votes
I have this property in the west end near Portland im looking to put under contract. Here’s what I have so far: The property used to be a church but is going to be converted into a multifamily home. It has about 4-6 large rooms upstairs and the main church area downstairs. It has 3 bathrooms as well. So far the seller has put a new roof and new stairs in the back of the property but the entire inside needs work. The seller wants $25k for the property but is willing to negotiate. If I do seller finance then he wants at least $12,500 down.
Should I try to get a discount on the property and wholesale it? According to Zillow and other resources the property is still listed as a church so I couldn’t find any comps for it. The seller says it will need about $35k-$65k In rehab but Im unsure about it.
I have this property in the west end near Portland im looking to put under contract. Here’s what I have so far: The property used to be a church but is going to be converted into a multifamily home. It has about 4-6 large rooms upstairs and the main church area downstairs. It has 3 bathrooms as well. So far the seller has put a new roof and new stairs in the back of the property but the entire inside needs work. The seller wants $25k for the property but is willing to negotiate. If I do seller finance then he wants at least $12,500 down.
Should I try to get a discount on the property and wholesale it? According to Zillow and other resources the property is still listed as a church so I couldn’t find any comps for it. The seller says it will need about $35k-$65k In rehab but Im unsure about it.
I’m going to be blunt. You have no idea what the property is worth - nor would almost anyone else! You have no idea what the rehab would cost - btw $35 - 65 k is ABSURDLY LOW. Conversion of use is one of the most difficult rehabs with the most room for error and most likelihood of cost over runs, permitting problems, zoning violations, etc. Unless you find a way to establish (1) as is value (2) cost of construction and (3) after stabilization value you’re just gambling, not investing.