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Updated over 2 years ago,
150 Year Old Church to SFH-My First Flip- (that took 15 years)
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $53,000
Cash invested: $86,000
Sale price: $244,000
A converted 150 year old church complete with a steeple and bell to a SFH an hour outside of Minneapolis, MN. Not exactly a quick flip, but I learned I can do just about anything after this one! I used a construction loan and converted it to a conventional mortgage.
What made you interested in investing in this type of deal?
I'm an architect and love old buildings. I had always wanted to do an adaptive reuse project and moved to Minnesota for this building. P.S. Most people usually move to MN for a partner. Architects move for real estate!
How did you find this deal and how did you negotiate it?
I found it randomly on the internet. I worked with the owner (congregation) and the bank to show that I could rehab the property. I jumped in and acted as the owner-GC and somehow convinced the bank I could do it, which I did.
How did you finance this deal?
I financed with personal money/ a construction loan with monthly draws and converted it to a conventional mortgage once construction was complete and inspections finaled.
How did you add value to the deal?
I gutted the building to bare studs, upgraded all of the MEP systems and put on a new roof and insulation and updated all finishes.
Lessons learned? Challenges?
The biggest challenge was not putting too much money into the property over the years. I held it through the downturn and finally sold it at the high point in 2021. I am so grateful I was able to hang onto and save the property.