Heating and cooling would concern me most since I can't imagine the windows are the best... and they are big. Do you have experience with radiant heating? Did you get a quote for the installation? The control rooms I've see here in socal are complicated looking for a 2500sqft house.

Can you run a business from there? I mean if you get in a bind it would be nice to turn it into a venue of some sort if you need to.

This strikes me as the kind of project one takes on when they are flush with cash and never have to consider resale at all, ever. The kond of project where you could lose lots of money on it and oh well. Otherwise it sounds like a fantastic day dream.

Good points. I considered using it as a venue worst comes to worst, but I actually just envision it as a place to live. For the heating a cooling, that is something I need to get more information about. They have a boiler room, huge HVAC, all of the things as it was a big restaurant. But that was my thought as well, utilities could cost a fortune unless we pay a fortune up front to have efficient heating and cooling.

Kendra, all of the blogs I read say to always consider resale, although that is not how I personally feel or want to feel about a place I’d want to call home.

I haven’t put in an offer, still looking at everything, not rushing any decisions.

Kendrah* :)

What a great space! Apart from the expense, my major concern is the neighboring trailer park. Before everyone jumps on me for being a snob, I want to mention the age, condition, size, and percentage of owners to renters in that park. Are there children? If so, there will in a few years, lots of teenagers. If no, then in a few years will the current owners have the money and the ability to maintain their properties. You will have a high contraction of people in very much less valuable dwellings next to a very expensive single family home. Financially this not make sense. Even if you had described it as “manufactured housing”, I would be adverse to the financial risk.

Thank you for your feedback. These are my concerns as well with the Nextdoor trailer park. I looked it up and all positive reviews, and well kept, but an eyesore nonetheless!

"All of the blogs I read say to always consider resale" - this is true, unless you are wealthy enough that taking a hit just doesn't matter at all and you can finance the project on your own. I certainly know people for whom this is a reality and this seems to me like a project for folks who can really afford the loss. Or on the opposite end - the project of someone with no kids who is okay with moving in to the trailer park themselves if the project runs the coffers dry.

I'd also think about future expenses, like if it needs a new roof, or new boiler. I suspect it would run a lot more than replacing the roof or furnace on your current home.

Such a stunning ceiling. What this originally built as a restaurant or something else?

I hear you! A bit about me, the possibility of failing has never been theee reason why I don’t do something, that’s more of my husband lol.

We’re self-employed/ work from home/ travel so it wouldn’t be a project that had any kind of timeline attached to it.

I think my major hang ups are the obvious ones.

1. Upfront and ongoing costs. Like I have no idea how much utilities would be on a place of this size but I could find out about the other things:m; age of roof, siding, etc.

2. The trailer park since we do have young children. *the other thing, our current home we have a zillion acres (again my husbands childhood home) so being outside is no worry although we’re always with them, and this would likely be more of an inside the house/ on the deck/ in the lake type of house unless we invested in landscaping overtime which we all know is also a ton of money.

I’m also thinking because there are so many random things here and there, drop ceiling with hanging wires, old installation, the kitchen was gutted, there are two kitchens.. like would this even pass inspection?

No, because there aren’t any rooms. So it would need to be a conventional loan.

Is it even worth having an inspector go out and make an assessment and use that as potential negotiating power?

In my mind I said, if it’s still there in 30 days, make an offer, the worst they can say is no.

Any guess on how much this “costs” in its current condition?

Oh! And yes, it was an old restaurant. The couple retired as I heard they struggled quite a bit after covid!

Cool project! if you’re just looking for general feedback/ things to think about - this is a project that would be fun to dream about when I couldn’t fall asleep -but in real life I would let it go.

You mentioned you have young childnren? If it were me, I’d focus time and energy and resources on them (one might decide they love horses, this happened to me lol) - and enjoy your own lovely home and land. I would not want this extra stress and distraction in my life - especially if I had to finance it. .

Is the building in a resort town? I’m presuming so since it’s on a lake, but just wanted to confirm.

Agree. A much loved (at least by hubby) family home on a zillion acres, sounds way more appealing than a potential massive money pit of a project like this, however cool it is. Unless you have the time and resources (and proximity? You didn’t say) to treat this as a fun project/hobby while you live your lives at the family home.

Old tourist restaurant, MN, trailer park says this is an area that has summer residents but maybe not year round? Also you have a parking lot where you want lawn? I think your bottom line will be forever compromised by the trailer park so think about your investment. Could be an awesome end product--but location location that trailer park isn't going anywhere and it will be a turn style every summer season which will turn off many future buyers.

Appreciating all the feedback!!

A couple of things, we are Airbnbing our current home regardless as this has been a goal of my husband’s since his dad passed away. The final step is to update the septic to accommodate more guests (annoying rule) b/c even though it’s like 3ksf and 5 bedrooms with the current system, only 2 guests are allowed. So, looking for a second property is how I stumbled across this.

I’m also not much of a “suzie homemaker” type lol more of a, love my work, love growing our business/ I cook for my family everyday (so sitting down and watching kids run in the yard isn’t quite my personality), I have to do both (probably ADHD).

I don’t think the building is in a resort town. It’s actually a relatively small city. I happened upon it because it met at least two of the things that my husband found important, we both hoped for a lake but it’s also 30 minutes from our current home which would ease my husbands mind to be able to go back and forth when need be.

I’ll add, even though our home is truly beautiful, I look forward to something we can have together (this may not be that home/project) but it would be kind of convenient. “Okay bye, going to the other house to do some projects, have fun with the kids” LOL

Agreed again about the trailer park. It’s what I keep reading unfortunately. And again, safety/ protecting our children is my main priority. I was super disappointed when I pulled up and saw it. There is also a large, red eyesore of a building that is literally across the lot from this property, as it is the trailer park’s management office.

Assuming the financial investment is not a barrier, with everything in mind (trailer park, trailer park, everything could go wrong), what is the most you would pay for this property?

Again, 10k total sqft/ 8k finished.

I love renovating ahve done many but I am now almost 78 yrs old and pretty sure I have major renos out of my system . This would be right my alley but man alot of work. BTW where I live we are banning AIRbnbs some have had complete trashing of their home or stuf stolen I would never do one but that is a personal thing . Near a lake bonus . Trailer park depends on how it is used . If you paln to go ahead we would need a ton more info and floorplans to scale so much needs to be considered

Oooh good point! I’ll upload more photos! And I don’t think they’ll be banned here- we live in a small township and everyone on our road (the most desirable) which I have come to learn over the years have lived here for many generations and they collectively hold a lot of weight/ pretty tight knit.

Although, I have considered that when thinking of airbnbing another property when going back and forth. I can understand wanting to have some limits, perhaps no more new airbnbs, but to completely ban them in cities is disappointing. Again, I can see and have read some of the horror stories and also the concerns with inflating the housing market when investors swoop in and buy a zillion properties.

With real estate Location is everything I think the idea of being so close to so many people would be a no for me. Give this a lot of thought.

I realize some of these photos are blurry, but I recorded everything instead of taking photos :/

This photo shows the property with the two ways to get to it (it appears to be shared) and then you can see the trailer neighborhood next door.

Photos incoming! Sorry some are blurry, I took screenshots of videos.

More.

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The idea of turning this into a home seems daunting to me. I would wonder about turning this into an event space, to be rented out for weddings, conferences etc. Is that something that would interest you and be in demand in your area?

Really? It’s what I find the most exciting about it!! lol. I’m really not a “turn key” type of gal.

But in terms of what else it could be, I think it would make for a great turnkey restaurant or event center. I just don’t know how profitable they are but know they have a high likelihood of failing.

I don’t know much about the area, but it seems small although I heard people loved going there. I think the owners had a community they created by serving what seemed to be home style cooking. But I’m not really sure if it would be in demand for that, I guess we’ll see!

Guess I am a turn key type of gal!!

Yeah we have a super modern home, everything updated, big, beautiful and boring. I can say this because although it’s my home, it’s not technically my house.

I’d love something with more character.

I love ugly things and turning them into something less ugly, with a story. lol

There are so many things to consider.

First thing to research and nail down is the potential of your current home to be a successful airbnb. Is the area a popular travel destination with strong demand for short-term rentals?

What is the draw to the area? The Lake? Is your current home close enough to the lake to make it desirable for a vacationer? Is it nice enough that you could convert it to a specialty destination? Host weddings, parties, have a spa? Not every home is suited for conversion to a successful airbnb.

Second thing to research is the neighborhood where the new home is located. You keep mentioning the safety of your children. What concerns you? What is the school district like? Would you feel comfortable walking the street in front of this building at midnight?

Even without having children, I don't want to live anywhere that I don't feel completely safe.

Not every trailer park is filled with trailer trash. Some are quite nice, others not so nice. Are most of the trailers in the park owner occupied or rentals? A trailer park next to your home will reduce the value of the property, but a small, well maintained park will have less impact than a large run down park.

A 10,000 sf home in a neighborhood of trailers seems out of place. Maybe a 10000 sf apartment complex with maybe 6 units may better suited to the neighborhood.

If I were considering this property I may look for an appraiser who specializes in highest and best use appraisals. Find out what the best use is for the property. (Call an inverse condemnation/Eminent Domain attorney to find the appraiser.)

I would focus on the lake - not the trailer park. If the view offends you - you could plant more trees - erect higher fences/gates. And btw, in my experience - some of the scariest people live in the best of neighborhoods... You could really be better off with trailer park neighbors.

I believe our current home is very desirable. It’s on a large body of water that had just grown over the years thanks to Mother Nature and the beavers. People have sent letters wanting to buy this home, and buy homes in this area because it is naturally gorgeous. See pics.

And thank you for the rest of your feedback, these are all good points. I agree about the trailer park. They have stigmas for sure. Based off what I saw and then the pictures and reviews it looks well kept and maintained but those would be good questions to ask the management company if I wanted to make an offer.

Also, I’m not a walk around the city alone type of gal. We live on a lot of land and you won’t catch me walking around the water on the cleared path alone. It’s just not how I grew up or what I’m accustomed to, although I love to do it with my husband.

He grew up in nature and I grew up in the city.

But yes, odd that this building could be converted into a home though very very oddly placed. I don’t even know if it’s worth paying to have someone come out unless I would really want to buy it.

My goal was to make less of emotional decisions which is why I’m on here, yall have helped lol.

*pics of our current home that will never be sold, but will be an Airbnb. Oh we also used those calculations to determine potential profits, but the real test is putting it on there. So, who knows what the profit will/could be exactly before then.

Freedomplace- I completely agree, it’s absolutely a stigma. The reviews on Google were positive and said it was a “family friendly” park, etc. it looks well groomed and all that jazz.

But honestly, my thoughts were more on the property itself and the use of the lake.

The property is situated away from the driveway/ trailer so the energy is toward the water. But that was my other thought too- we could just plate shrubs and trees for privacy. I wouldn’t go as far as a fence just because I think it would look strange considering the layout.

I’m just trying to weigh it all and subconsciously want it to either be sold when I wake up or dropped $100k.

Weigh it all, of course. But it looks stunning there on that lake. And something is really drawing you to this. I can see some of the reasons why. And, TBH, the trailer park would be a non-issue for me.

ETA: and as mentioned, landscaping can do wonders - and this is the case anywhere, with any nearby neighbors, etc.

Thank you! The potential is drawing me to it!!!! I have a vision in my head that I wish a millionaire could just make happen and I could exhale and say “SEE!! I told you this could be amazing”

😅

Everything starts with a vision, with a dream. Doors will open for you. Money will appear.

https://medium.com/@shashankmunda/an-explanation-of-rumis-quote-when-you-start-to-walk-on-the-way-the-way-appears-a7ccd140cb3c

This may not be the property for me/ us but I will receive this message fully. Thank you ☺️☺️

You’re welcome.

And just wanted to add: I am thinking if this is Minnesota, it gets much too cold for people to be hanging out on the lake on boats or in RVs all year round. This would be people coming during the nice weather to enjoy the beautiful lake location. Sort of like camping - in their recreational vehicles. An all year round trailer park would not bother me, either. But this is not that.

You are exactly right about the seasonal aspect. I actually didn’t think about that part though in the decision making aspect.

I actually am a homebody who likes to occasionally travel and my husband wants to airbnb the house and travel all the time. We aren’t a velcro couple so that would be fine, so we’d go back and forth in between houses and then travel other parts of the year. *still working through it all (which again, I love).

First 3 rules of real estate are location, location, location. So with the trailer park, and the bright red business office across the street, I think this property fails.

Bet there is asbestos that needs remediation. Probably needs all new wiring and plumbing. Might be less expensive to have a piece of raw land and build new, vs removing what is bad and replacing with what's good, and having restrictions because of the old building shell.

This isn't Escape to the Chateau.

I’ve been reciting the 3 rules to myself for the last two days lol.

I just haaaate new builds. Not for me.

Have yall seen that story of the couple who bought this old school in the middle of nowhere in INDIANA? They’ve been working on it for two years now and it’s probably safe to call this a “money pit?”

This is the type of confirmation bias that makes me consider it all!!! 😭

Definitely creative and fun to think about how old buildings can be changed up and restored, but actually doing it is a hobby that's out of the price range of most people.

For sure fun to think about!

My preapproval is a bit more than the cost of this for context. But we know there are always hidden costs and it’s to be expected. I was thinking they’d be willing to negotiate as well, all things considered to have more money to put into rehab.

And I can’t say it would be a hobby per se, we would definitely inhabit the space when it became livable.

I can certainly see why you fell in love with the property. The lake view is beautiful, the ceiling in the main space is fantastic. We looked at a similar property, and by similar I mean when I stood on the 20 acers and looked out and just saw open field, wind in my hair, I was in love. I really didn't care about how bad the house was. It wasn't real real bad but it did need a lot. This house was also 10k sq feet with some crazy roofs. What we did was before we got into another contract. (long story) we called a roofer and got an estimate, it came in at 50k and that was 10 years ago. I suggest you do the same, call some folks out and get some prices for things. The big things that you will dedicate to a trade. My DH does air and he could maybe help you with the commercial side of things but Northern air systems are different then Hell on earth air which is what he does. Someone mentioned high efficiency air and I would strongly avoid these type systems due to the fact you are going to pay someone and the HE air is full of very touchy electrical components that are a PITA. Again not familiar with furnaces and what up north uses. The trailer park is a concern, I would say they rarely get better. We also projects my DH and I. We do enjoy it, however, it's a constant. Whatever you do, good luck to you and if we can help you with any questions about the air, just ask.

That’s very kind of you, thank you so much!!

10k sq is insane isn’t it?? Did you end up purchasing it? How did it all turn out?

What I am in love with are the potential, the ability to swim in a lake (our water is not swim able), to create something essentially from scratch and that it is close to our current home.

But with everyone’s sound feedback, I’m still totally at a loss. I don’t want to be convinced at all, so I think at this point it’s best to make an informed decision and see if I can get some people out there to inspect and give me quotes on what things would cost.

That’s all assuming I can “get over” the trailer park component too. We weren’t there super long although it felt like forever going through everything. So I don’t have a sense of the community/ neighborhood environment.

wow wow wow... Love this idea. So much to think about. I will not talk you out of it. If anything based on everything you wrote above you are indeed the person for this clever creative and exciting adventure.

Others have done some similar renos with amazing results. My close friend's daughter lives in an old church. It is glorious. The steeple was removed but the space is amazing. And all fully updated.

Here is another similar church home reno and a few other links that may give you some ideas to plan your own space.

Weelunk Couple turned church into dream home

Scout and Nimble repurposing homes

Contemporary Kitchen · More Info

Barn Conversion

My Houzz: Rustic Meets Refined in a Converted Ohio Barn · More Info

St. Thomas Church Conversion · More Info

Boston Magazine Maynard Church home

Omg this is amazing!! So beautiful, I can’t imagine ever wanting to leave home if I lived in a place with such high ceilings.

And thank you for the kind words. I’m usually not indecisive, but as someone mentioned above, I don’t want to be poor or file bankruptcy or something like that.

And then at the same time, I watch these videos who are regular degular people with regularish incomes like me, they do something wild like this, they have struggles but they come out on the other side. 🤷🏽‍♀️

Once you get it done... years from now. You can Airbnb it or offer to host small weddings or parties.. You will have the space and definitely a big kitchen. : )

Thank you!!!

I just got off the phone with my broker and he said he thinks it will be hard for an appraiser to find comps and would ultimately be stuck.

He also said a HUD inspector would probably need to go out and do an inspection as well.

I assumed an inspector, but I didn’t think of HUD so just passing that along in case anyone else would be interested in something like this in the future.

For those of you that did convert, how did your appraiser justify the property as a single family even though there likely weren’t any comps.?

He said sometimes he’ll see commercial loans where they convert it to residential, but many lenders don’t like to take the risk in the event someone will have a regular residential loan that they are using in a commercial property but actually use it to fix up the commercial property.

So good information and now he’s sending it to some lenders for feedback.

Sometimes things just get decided for you, and I’m okay with that 🥲😆