Bought an Elephant at Auction…. Now what?

[Amanda Green]

Hi.

First time on the forum though been following the podcast for a few years. 

So last week I did something truly dumb. I bought a massive [9,000 sqft +basement] old [est.1900] building [church] at an online auction, site unseen.

This was my first time buying anything from an online auction, technically first time bidding on something. I was honestly surprised that it was “that” easy.

It is about an hour's drive from my house now and I justified it as a BRRR type deal… but honestly I just think I bite off more than I can chew. I was renovated somewhere in the late 1980's and re-zoned to Residential. It's got great bones and potential but I'm just at a loss as to how to move forward.

How to find investors to build this into a multifamily, niche/unique, building? I am open to flipping it too, anyone in Dayton? 😅

[Randy Person]

Hi Amanda.  You might consider joining Dayton Real Estate Investors Group on Facebook.  If you were bidder 5999, there was some discussion about your church in that group and you might find someone interested in your project there.

Good Luck

[Darrin Carey]

@Amanda Green, It's a cool building with lots of potential. 
I had a couple people ask me about funding the purchase & renovation, so I am familiar with the project. There are multiple options for the property, the hardest part may be deciding which one to pursue.
@Randy Person had a good suggestion, tap into the local Real Estate Investor group at
https://www.facebook.com/groups/DaytonRealEstateInvesting, you'll find a lot of locals there happy to discuss with you. I'll be at the COREE meeting on Tues March 5, you can chat with me there also.

[James Wise]

Quote from @Amanda Green:

Hi.

First time on the forum though been following the podcast for a few years. 

So last week I did something truly dumb. I bought a massive [9,000 sqft +basement] old [est.1900] building [church] at an online auction, site unseen.

This was my first time buying anything from an online auction, technically first time bidding on something. I was honestly surprised that it was “that” easy.

It is about an hour's drive from my house now and I justified it as a BRRR type deal… but honestly I just think I bite off more than I can chew. I was renovated somewhere in the late 1980's and re-zoned to Residential. It's got great bones and potential but I'm just at a loss as to how to move forward.

How to find investors to build this into a multifamily, niche/unique, building? I am open to flipping it too, anyone in Dayton? 😅

lol bro, what are you gonna BRRRR a church into?

[Chris Seveney]

Quote from @James Wise:

Quote from @Amanda Green:

Hi.

First time on the forum though been following the podcast for a few years. 

So last week I did something truly dumb. I bought a massive [9,000 sqft +basement] old [est.1900] building [church] at an online auction, site unseen.

This was my first time buying anything from an online auction, technically first time bidding on something. I was honestly surprised that it was “that” easy.

It is about an hour's drive from my house now and I justified it as a BRRR type deal… but honestly I just think I bite off more than I can chew. I was renovated somewhere in the late 1980's and re-zoned to Residential. It's got great bones and potential but I'm just at a loss as to how to move forward.

How to find investors to build this into a multifamily, niche/unique, building? I am open to flipping it too, anyone in Dayton? 😅

lol bro, what are you gonna BRRRR a church into?

 I would become a pastor, raising money for crypto. Here is the model I would follow:

Pastor claims God told him to create $3.2M INDX cryptocurrency scheme (usatoday.com)

[James Wise]

Quote from @Chris Seveney:

Quote from @James Wise:

Quote from @Amanda Green:

Hi.

First time on the forum though been following the podcast for a few years. 

So last week I did something truly dumb. I bought a massive [9,000 sqft +basement] old [est.1900] building [church] at an online auction, site unseen.

This was my first time buying anything from an online auction, technically first time bidding on something. I was honestly surprised that it was “that” easy.

It is about an hour's drive from my house now and I justified it as a BRRR type deal… but honestly I just think I bite off more than I can chew. I was renovated somewhere in the late 1980's and re-zoned to Residential. It's got great bones and potential but I'm just at a loss as to how to move forward.

How to find investors to build this into a multifamily, niche/unique, building? I am open to flipping it too, anyone in Dayton? 😅

lol bro, what are you gonna BRRRR a church into?

 I would become a pastor, raising money for crypto. Here is the model I would follow:

Pastor claims God told him to create $3.2M INDX cryptocurrency scheme (usatoday.com)

I'd sell miracles Sub2.

[Thomas Blurton]

Hey @Amanda Green, there are some great real estate groups in Dayton. A Google or Facebook search might yield some good resources.

I will post in the BP classifieds about this project to see if that helps.

[Edward Barrett]

First, I thought about renting it out to a church, but looking at tax code I think it would be better to flip to a church. You don't get the tax benefits unless you own and operate the church. Just a wild guess but I'm betting you don't want to operate a church.

https://codes.ohio.gov/ohio-revised-code/section-5709.07
(A) The following property shall be exempt from taxation:

(3) Real property owned and operated by a church that is used
primarily for church retreats or church camping, and that is not used as
a permanent residence. Real property exempted under division (A)(3) of
this section may be made available by the church on a limited basis to
charitable and educational institutions if the property is not leased or
otherwise made available with a view to profit.