religious property in highland park - long hold

[Yelena Utin]

Investment Info:

Other commercial investment investment.

Purchase price: $57,000
Cash invested: $6,000

church building, being used seasonally as a Buddhist temple currently, will be a long term hold, possible development.

What made you interested in investing in this type of deal?

church buildings are awesome. wanted to host non-profit events and meditations, exit strategy is either private sale or development in collaboration with an experienced religious building developer, conversion into upscale residential condos.

How did you find this deal and how did you negotiate it?

craigslist, but this time used the seller (dual agent) and went through a title company

How did you finance this deal?

savings for downpayment, 3yr land contract.

How did you add value to the deal?

slowly cleaning and doing massive amounts of abatement and roof repair constantly.

What was the outcome?

we'll find out

Lessons learned? Challenges?

massive cleanouts are massive. massive roofs are expensive. patch it yourself.