Event hall as a rental ????

[Steven Westlake]

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.

[Jeff S.]

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?