Church into 4 units for Short-Term rental

[Matthew Osborne]

Investment Info:

Other buy & hold investment in Muskegon.

Purchase price: $250,000
Cash invested: $66,000

It is a church! That happens to sit on 3 city lots, zoned for multifamily, up to 6 units per lot. The existing structure is in excellent shape and is in current development into 4 residential units that will be used for Short-Term rentals.

This is also within an Opportunity Zone.

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

Great area with a lot of potential with lakes and beaches.

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

MLS

How did you finance this deal?

Private capital

How did you add value to the deal?

Rezoned lots, redeveloped existing structure (in process)

What was the outcome?

To be determined...

Lessons learned? Challenges?

To be determined...