Uses for vacant small town buildings?
Rental Property Investor · Paola, KS · Member since 2017 · 39 posts · 20 votes
Most of my life is spent living in and cruising around the midwest. Particularly in the Kansas City and Des Moines metro areas. And when I'm traveling to the outskirts and more rural areas, it bugs me that I see so many empty old buildings no longer in use. What was once a flourishing business district is now vacant and run down. There are, of course, a large number of reasons why these old store fronts or industrial areas are no longer functioning as healthy businesses. But, the entrepreneurial side of me gets my mind wondering what if...
I'm curious what some other investors and business owners have done to revive and rescue properties like these. And if the choice was made to bring a building back to life, was the decision actually the most economical? Or was it just for the sake of saving a piece of history?
Most of my life is spent living in and cruising around the midwest. Particularly in the Kansas City and Des Moines metro areas. And when I'm traveling to the outskirts and more rural areas, it bugs me that I see so many empty old buildings no longer in use. What was once a flourishing business district is now vacant and run down. There are, of course, a large number of reasons why these old store fronts or industrial areas are no longer functioning as healthy businesses. But, the entrepreneurial side of me gets my mind wondering what if...
I'm curious what some other investors and business owners have done to revive and rescue properties like these. And if the choice was made to bring a building back to life, was the decision actually the most economical? Or was it just for the sake of saving a piece of history?
Great question @Oliver Sparks, I live in Des Moines and like to invest in rural Iowa. Agreed on the history and character of some of these old buildings and homes. To echo what has been said, it still has to be a financial benefit and crunching the numbers to make sense. One thing to look at is if the city has any programs that are available. For example, lead paint removal. Sometimes there is grant money on the table that can be accessed. Also talking to the city council, there might be some assistance if it's in an area where revitalization is desired with the city. While it still has to make sense as an investment of resources, programs like these could sweeten the deal.
Most of my life is spent living in and cruising around the midwest. Particularly in the Kansas City and Des Moines metro areas. And when I'm traveling to the outskirts and more rural areas, it bugs me that I see so many empty old buildings no longer in use. What was once a flourishing business district is now vacant and run down. There are, of course, a large number of reasons why these old store fronts or industrial areas are no longer functioning as healthy businesses. But, the entrepreneurial side of me gets my mind wondering what if...
I'm curious what some other investors and business owners have done to revive and rescue properties like these. And if the choice was made to bring a building back to life, was the decision actually the most economical? Or was it just for the sake of saving a piece of history?
Saving history is expensive. First, the building has to be safe to live in and use. I've seen a lot of buildings that look very suspect. Then the infrastructure needs to be intact, (roads, power, water, other services). Then, taxes and policies have to be conducive to investing in the area. It needs to be whole street by street, not single building by building. And, it needs to be a place where the town/city actually want the police.
Out west we see a lot of little towns that dried up and went away when the Interstate system was built, since the freeway went around town and people no longer had to stop in town.
And yet many cities are unaffordable for a lot of people. People should move to these vacant areas where it's much cheaper. But, they won't and it's no wonder. The local governments showed the people that they are not wanted, by the taxes & policies they imposed.
As an example, Detroit used to be America's richest city.
If an empty old building purchased needs repairs, what is the likelihood that you'll receive multiple offers from multiple contractors?
Reviving old buildings in Houston offers a range of benefits, from preserving history to providing economic advantages. Examples like the Houston Chronicle Building, the Rice Hotel, and the Allen Parkway Village demonstrate successful transformations. Whether this is cost-effective depends on factors like building condition and renovation costs. Beyond the financial aspects, such projects positively impact the community by preserving history, creating jobs, and revitalizing neighborhoods. To embark on such a venture, research the building's condition, seek expert advice, secure financing, and be prepared for a time-consuming process with potentially rewarding outcomes.
Most of my life is spent living in and cruising around the midwest. Particularly in the Kansas City and Des Moines metro areas. And when I'm traveling to the outskirts and more rural areas, it bugs me that I see so many empty old buildings no longer in use. What was once a flourishing business district is now vacant and run down. There are, of course, a large number of reasons why these old store fronts or industrial areas are no longer functioning as healthy businesses. But, the entrepreneurial side of me gets my mind wondering what if...
I'm curious what some other investors and business owners have done to revive and rescue properties like these. And if the choice was made to bring a building back to life, was the decision actually the most economical? Or was it just for the sake of saving a piece of history?
Most of my life is spent living in and cruising around the midwest. Particularly in the Kansas City and Des Moines metro areas. And when I'm traveling to the outskirts and more rural areas, it bugs me that I see so many empty old buildings no longer in use. What was once a flourishing business district is now vacant and run down. There are, of course, a large number of reasons why these old store fronts or industrial areas are no longer functioning as healthy businesses. But, the entrepreneurial side of me gets my mind wondering what if...
I'm curious what some other investors and business owners have done to revive and rescue properties like these. And if the choice was made to bring a building back to life, was the decision actually the most economical? Or was it just for the sake of saving a piece of history?
Great question @Oliver Sparks, I live in Des Moines and like to invest in rural Iowa. Agreed on the history and character of some of these old buildings and homes. To echo what has been said, it still has to be a financial benefit and crunching the numbers to make sense. One thing to look at is if the city has any programs that are available. For example, lead paint removal. Sometimes there is grant money on the table that can be accessed. Also talking to the city council, there might be some assistance if it's in an area where revitalization is desired with the city. While it still has to make sense as an investment of resources, programs like these could sweeten the deal.