317 E Lakeshore Drive Storm Lake, IA is a massive structure, 3 stories that look out over a beautiful park and then onto the lake. It came into my life when an investor I work with told me they were talking to the owner and they wanted to buy the property. Their question to me, what is it worth, how much can I pay for it and afford to renovate it so it has a good positive cash flow? My response, let's get in to see it and then I'll have a much better idea of the repairs and purchase price to see how it will cash flow. We went in, and I was very pleasantly surprised, looked bad and did need a lot of basic stuff - like a roof asap, but everything was possible in my opinion. An untrained eye (I also buy and renovate property) would have been overwhelmed with the shear amount of stuff in the building, the cracked plaster, the old appliances, broken windows, hole in one bathroom floor, doors to nowhere and a leaking roof. I saw a cash cow! Had the investors I was working with decided to not purchase I would have most definitely bought this one.
Purchase price was agreed upon, closing date, paperwork done and we closed it in about 2 weeks. This first video is of the property as it was originally. Additional videos will show the progress of this project as we work through it apartment by apartment. Projected Time frame to completion from the General Contractor - George Frieses is 3.5 months and it is November in Iowa.
http://youtu.be/R38FPMQwry0 317 E Lakeshore Dr, Storm Lake IA Old Boarding house renovated into 7 Apartments