Real Estate Investing Forums

Real Estate Investing => Rehabbing, Fix and Flip, Rental Properties => Topic started by: Gold River on December 22, 2017, 03:49:56 am

Title: Re-imagioning Use, Remodeling and Re-positioning a Factory
Post by: Gold River on December 22, 2017, 03:49:56 am
Hi,

    There's an old factory that caught your eye, it is big, has open space for parking and teens have been hanging out there for many years, it's run down and deteriorating by the day, it either needs help or needs to be demolished so what could you do?

First imagine the use, will it be residential apartments or potentially condominiums? Are you thinking mixed use like residential above commercial? What type of residential? What type of commercial? Could it be a live, work, play environment with work space attached to residential with amenities like a pool, gym, Jacuzzi, steam room, indoor or rooftop jogging track, tennis and basketball courts, etc. Maybe a playground for the kids?

Ok, I will come back to this again in a few days! 
Title: Re: Re-imagioning Use, Remodeling and Re-positioning a Factory
Post by: davewindsor on December 24, 2017, 04:58:37 am
Hi,

    There's an old factory that caught your eye, it is big, has open space for parking and teens have been hanging out there for many years, it's run down and deteriorating by the day, it either needs help or needs to be demolished so what could you do?

First imagine the use, will it be residential apartments or potentially condominiums? Are you thinking mixed use like residential above commercial? What type of residential? What type of commercial? Could it be a live, work, play environment with work space attached to residential with amenities like a pool, gym, Jacuzzi, steam room, indoor or rooftop jogging track, tennis and basketball courts, etc. Maybe a playground for the kids?

Ok, I will come back to this again in a few days! 

Sorry, I can't imagine that.  First thing I imagine is the dream killing environmental cleanup costs of a brownfield site.   Usually, these properties revert back to the city or county for back taxes because of the prohibitive cleanup costs.  The Detroit Uniroyal site had a cleanup pricetag of something like $25m.  Unless you can get a waiver for a self storage site and a tax assessment reduction, they can keep it. 
Title: Re: Re-imagioning Use, Remodeling and Re-positioning a Factory
Post by: Bluemoon06 on January 01, 2018, 10:22:39 am
Ok what are you trying to do?  I mean what are you trying to do in it's nature, its base.  Are you trying to clean up a neighborhood, are you trying to provide housing, are you trying to make money.  I assume you are trying to make money.  If you are tying to make money you need to do it with the least amount of effort as possible.  This is probably the hardest path to making money there is.  I would look elsewhere.