We recently went out and looked at some buildings for a possible pro haunt for 2010. I was planning on staying home for 09, and then start in the new place in 10 however, if we get something figured out soon enough, I'd really like to get into the new place THIS year. So far we've looked at 6 buildings, and we are really interested in two of them.
Here are some pictures of the buildings: http://frighthaunt.com/gallery/thumbnails.php?album=11
And here's some info about each property...
CrawDaddy's - located in the heart of downtown Waverly. It's a total of 3,000 sq ft with two apartments up top with tenants already living in them (Will help GREATLY for paying the mortgage!) It is in the flood zone, but has been clean out and fixed up since the flood last June and has all new electrical and furnace. In the back I was thinking about doing a possible costume shop that the people would exit into after getting out of the haunt.
Asking price is 110,000.
"Big Blue" - I don't think we ever got an actual measurement but it's probably around 9,000 sq ft. There's potential for apartments up top, but what they have up there now would have to be almost completely redone. There's A LOT of space to work with here. We could have around 4 or 5 apartments up top, AND a loft for me to stay. There is NO electrical, NO plumbing (besides sewer), and NO furnace. That alone will cost a pretty penny. They are asking 110,000 but we all know that's far too much for what the building has to offer. We are talking about just getting in there for right now, and maybe fix it up over the next couple years to get some renters in there.. But like I said, it's going to be A LOT of work AND money. Our city also has grants for tourist attractions and we are hoping that we could tap into that to help pay for the building. There are a couple other city organizations that we could probably get some help from as far as fixing the place up.
We are calling the bank tomorrow to find out how much we qualify for, loan wise. My parents are leaning towards CrawDaddy's because there's little to know work to be done. However, due to the size, I'm sure I'll outgrow the space rather quickly. But as far as Big Blue, there's A LOT of work that we'd have to do it it. HOWEVER, we wouldn't have to get all the apartments up top running right away. I figure we could work on it over the summer, and maybe get one or two up and going. But then again, we'd lose that extra income to help pay the mortgage.
What do you guys think I should do??? Go the safe route and go with the smaller, finished building, or go big or go home with the large building needing lots of work?
Here are some pictures of the buildings: http://frighthaunt.com/gallery/thumbnails.php?album=11
And here's some info about each property...
CrawDaddy's - located in the heart of downtown Waverly. It's a total of 3,000 sq ft with two apartments up top with tenants already living in them (Will help GREATLY for paying the mortgage!) It is in the flood zone, but has been clean out and fixed up since the flood last June and has all new electrical and furnace. In the back I was thinking about doing a possible costume shop that the people would exit into after getting out of the haunt.
Asking price is 110,000.
"Big Blue" - I don't think we ever got an actual measurement but it's probably around 9,000 sq ft. There's potential for apartments up top, but what they have up there now would have to be almost completely redone. There's A LOT of space to work with here. We could have around 4 or 5 apartments up top, AND a loft for me to stay. There is NO electrical, NO plumbing (besides sewer), and NO furnace. That alone will cost a pretty penny. They are asking 110,000 but we all know that's far too much for what the building has to offer. We are talking about just getting in there for right now, and maybe fix it up over the next couple years to get some renters in there.. But like I said, it's going to be A LOT of work AND money. Our city also has grants for tourist attractions and we are hoping that we could tap into that to help pay for the building. There are a couple other city organizations that we could probably get some help from as far as fixing the place up.
We are calling the bank tomorrow to find out how much we qualify for, loan wise. My parents are leaning towards CrawDaddy's because there's little to know work to be done. However, due to the size, I'm sure I'll outgrow the space rather quickly. But as far as Big Blue, there's A LOT of work that we'd have to do it it. HOWEVER, we wouldn't have to get all the apartments up top running right away. I figure we could work on it over the summer, and maybe get one or two up and going. But then again, we'd lose that extra income to help pay the mortgage.
What do you guys think I should do??? Go the safe route and go with the smaller, finished building, or go big or go home with the large building needing lots of work?
Comment