Hello, I'm writing this as the son of a small business owner that pivoted away from his storefront business into doing residential construction. My father has owned this building for approximately 20 years. He really doesn't have the intention to sell it but only utilizes it for storage in the workshop area. The first level includes a workshop, garage, and storage area that leads into the partitioned storefront which is remodeled to accommodate local small groups such as the local political committee and etc. The second and third floor have dated drywall, old paint, and uneven squeaky floors.

My thoughts and intention of writing this is to inquire of experienced professionals if this would be a legitimate endeavor to develop into 8-10 quality modern units. We are hardworking people but are in great need of a professional opinion to develop and finance. The construction and contracting is something we could certainly manage as my father is experienced in construction however not on a large scale. Is there private financing that could help with this? do we contact local contractors or a development partner to advise us? A solid approximation to complete this is 800k cutting corners and for well quality 1.2 million. The area is outside of Penn State and there is a highway expansion project that will solidify our small town as a suburb of PSU, which is about a 25 minute commute after that. Harrisburg is 50 minutes, Baltimore is 2.5 hours, Philadelphia 3 hours, Pittsburg 3 hours, and NYC 3 hours.

Considering this is a small town, there are not an extreme amount of high quality jobs, save for those working in Harrisburg or State College. The highest paying professions are healthcare, factory administration, education, construction, and farmers. The majority of which own. Starting rent may not be as compatible to other towns but it would at least have to be $1400. New businesses are opening in the area as well such as a new DD (3 total in 5 mile radius) and Starbucks installed as well as other new installations of chain stores. We have always had a Walmart and the basics. I state the previous as I read stories and articles in our local newspaper and on Facebook advertising RE dev installing strip malls.

I digress. Please help. At the end of the day, my girlfriend and I are getting married soon. We are both travel nurses, we make apx 280k a year combined gross. I'm really just interested in how to get started and this seems like the best way. Thank you!

William Shoemaker

Wilkes Barre Scranton, Pennsylvania

2 Votes