All Forum Posts by: Mitchell Van Overloop

We did end up purchasing and love it! The business was purchased partially and we are paying the remaining $30k off this year. We have plans to add a bridal suite/changing area for pretty cheap which should add a ton of value to our bride and groom. We also are trying to manage rescheduling a few of the weddings we had planned this spring and early summer with COVID, but so far everyone has just rescheduled and not cancelled. But otherwise everything went well in regards to getting the property and selling our real estate.

@David S.

Rent manager is one of the websites I use that helps, I definitely would like to see what other people have used.

That’s why I figured I’d post to see if I could get any other angles that I didn’t think of so I appreciate it!

@Kelly Iannone that’s a brilliant way to phrase that!! Now hopefully it works :)

@Anthony Angotti I could possibly, but 100 year old barns are hard to find on the market and they often sit on an old farm with more than 100 acres - at least in my area where I live. It also comes with a tractor, large lawnmower, all the tables and chairs, heat lamps for outdoor activities, a snow plow and several tractor attachments for it. Another plus is it’s a more desirable place to live than our current location for my family as well. I have thought of finding and building our own, but it’s more expensive to build everything right now due to construction costs in the West Michigan area these days. I’m just thinking more of the up front costs of getting it all up and running if I were to build. 

@Joshua B. thanks for the idea there. The owner said that the city does a check every so often and required another emergency exit be placed, so I assumed that it was cleared, but always good to double check.

@Bryan Devitt yes they do provide staff. They say it usually takes about 4-5 staff to work it. And I still have to check with the city to see if I can split it in order to get both a business and residential mortgage. Hopefully it works out, but I really want to try to keep that duplex if I can so I can roll that profit into the carrying cost of the barn. 

Yes, they are just the venue and the couple chooses the catering. They help with parking and set up/take down and they have all of the tables and chairs.

@Bryan Devitt the sellers want a clean break and don’t want to carry the $150k so far. I’m working on them, but they are at retirement age and want to buy a motor home and travel. And it’s $4k per wedding gross. Mortgage, taxes, and insurance is just under $3k per month. And they have done between 22-28 weddings per year for the past 5 years. They have only done one wedding per weekend and they already have next summer booked and three weddings booked in the summer of 2020. The barn is not fully insulated and doesn’t have heat, so in Michigan, that leaves only about 6-7 months of wedding opportunity.