Need Advise - 6 Acre Lot with 4,000 SQ Ft Barn

justinramani · Dec 5, 2017

EddieWalker said:
I just looked through the pictures and I'm really at a loss as to what it would take to make it attractive. You mentioned creating an event center to hold weddings. Why would anybody want to get married there? What would it cost you to make it attractive to the point couples would want to have their wedding pictures taken in front of that building? As mentioned, that roof line is a huge failure on every count. Tearing off the roof and rebuilding a new roof will also require significant work on the walls. They would have to be removed too, and then whatever you build, you are relying on the block to be structural. I don't know if it is or isn't, but it is ugly and would have to be covered in rock or brick or something to make it attractive. That's $10 a square foot in just materials for decent looking fake rock.

Road going in and out needs to be two lanes for events. Where will you park 100 cars? How big is the septic system? Will it handle hundreds of people? What size meter is there to the property? You'll need at least 400 amps because of the HVAC system. Is it on city water or well water? If it's a well, how is the water quality?

If you are wanting to start a business holding weddings and events, you need to create a Business Plan first. There are a lot of sources out there to help you do this, the SBA was my favorite source. Set up a meeting and talk to somebody there. The guy I met gave me a bunch of information, and pointed out where I was off target in my Business Plan. Figuring out what it will cost to open up, what you will make in your five year projections, and what your profits should be is needed before you can know what you can spend on anything.

As for this building, I still feel the best thing to do is walk away.

Thanks Eddie. Great points and things to consider.

NorTracNY · Dec 5, 2017

Well I think the opinions here are pretty clear. Pass on it. You stated that the land isn't worth it. The building is just an obstacle. Don't get emotional on the purchase. I'd suggest walking away and not even think about this place again. Look anew...

Gem99ultra · Dec 7, 2017

Pretty words laid out there by the realtor. Perhaps they were Used Car Salesmen in the past? Compare the purchase of this place with the car salesman comment like "here's a great buy on this used car. "Only" problems that I'm aware of is that it has a blown up engine and transmission. But it's fairly priced at Blue Book value."

Previous recommendation above are right on target - forget it.

Deere Dude · Dec 7, 2017

If it would have a building with a more conventional roof and more open inside, it probably would have been gone already.

ovrszd · Dec 7, 2017

I would never walk away without making an offer. The seller's price and the buyer's price are going to meet at some point. Might be when you make your offer.

Gary Fowler · Dec 7, 2017

I suspect that there might be a large lien on the building that is also tied in with the land. I would for sure look into that. Sitting for over 20 years is a good indicator that the cost of the "barn" is not worth the money. If it were a deal, surely it would have sold in '96 or '97 for sure.

justinramani · Dec 8, 2017

ovrszd said:
I would never walk away without making an offer. The seller's price and the buyer's price are going to meet at some point. Might be when you make your offer.

I made an offer of 30k before I started this thread. They weren't willing to go that low. No lien/loan on the land.