All Forum Posts by: Account Closed

It's in southeast wichita. NOT where the city is headed. Andover is where everyone wants to be these days--I understand. I wonder what a church would rent it for. All depends on what ministry they want. I'd need 3000/mo. I have no idea what a good rent for a church would be. 900 of that goes to property tax. I'm thinking I'd live in the small building and as the church grew, I'd move out and rent that to them as well. I just don't want to buy this and then have no one lined up with any interest. This is a big risk.

This former church is about 10250 sq. feet. Built in the 50s. It's in great shape for its age but has been sitting for a while. It has a auditorium that seat 400. It's limited now for its use zoning wise. I've thought of using it for: church, school, daycare, inn, airbnb, offices, storage, subleasing it. Issue it it's in an older area in Wichita away from any good restaurants. Everything would have to be driven to. BUT, it's a beautiful property. I just don't know what to do with it. 

1. If YOU live in the property you may be able to get a first time home buy loan. Any bank should be able to direct you. In 2008 I got my first house with only $2,000 down on 90k loan at 5%. Do whatever you must to get some money. Beg your family. Get a second third job. Mow some lawns. 

I've looked into it a bit. Have not done it but will prob. do a double wide. I'd prefer a house but I think the DW would be easier and quicker. I've considered former school rooms converted to home but finding one in the area is the issue. 

1. Check with your county for permits, zoning, size of house. Depending on the area there will be restrictions. Some places don't allow DWs. Some may only allow certain size houses. If septic in there than you have to consider if it's the right size per number of bedrooms. 

2. Foundation and pad. You'll prob. have to have an engineer design it or at least sign off on it. 

3. Most places require electric to be underground now. 

Again, my knowledge is limited. I live in Sumner Co, TN. 

Perhaps look at property in a different state. Or do a "wedge." Buy a house w/ FHA loan live in it a couple years then buy another and keep moving. OR buy a house with a large garage. Convert the garage to a small house and rent both out. A 450k house needs to pull 4500/mo rent. You MUST make cash flow or you are not running a business.

Your numbers are not conservative enough in my view. Mgmt should be 10%, taxes seem little low, 500 seems low. 

How old is the AC unit? Over 10 yrs it WILL have issues.

Furnace age? etc. 

It will need a paint job before you move a renter in. 

You should make at least $200/mo cash flow or it's a no go. If your walking into a lot of equity that's good but you need cash flow. 

Mortgage rate is high too. Can you get 4.5? through a credit union/local bank? 

Keep working at it. There is a deal for you. 

650 per door? That seems low rent for Atlanta. 35k instant equity GOOD. 175/door good but for 2 doors not good. If you can pay cash--not easy-- and then refi, you can take that equity and fund other properties. Still, this would be tempting especially if you can live in one side.

Vacancy and repair seem low. Why are you paying elect. and water? What would it rent for in a down market? 

I've not seen any in a while in my market of Nashville. I'm going out of state. Indy should have some decent older areas. You just have to keep looking. C0-worker of mine sets his goal at 40-50 a sqr. foot.  BUT he also does some reno on them. Right now, what I've heard is to get your cash ready for the next down turn. We are past due and if rates go up, the market will slow some more.  

I think you know the answer to this already. $200 min. is what you want. That's a lot of money to sink into it for $70. If it's a good area and will give you good equity, that may be a redeeming thing. 

Does it have a sep. garage that can be converted to another rental? 

Basement for a second aprt.? 

Can you build it into a duplex? 

Can the land be subdivided?