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Arks

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After many months away from this forum, I'm returning with a status update. Maybe a couple of you will remember me.
Regarding buying the property I wanted for my B&B, what appeared to be a done deal last fall turned south and I didn't get the 1860 building I'd been hoping for. The owner went into divorce proceedings and her husband wouldn't sign to sell the property.
So in February (2011) I closed on a 1902 building a block off our town square. It's about 4200 sq. ft. and I'm currently renovating it to become four vacation rental apartments.
Then in April the owner of the 1860 building called, had her divorce straightened out and was ready to sell. I told her I didn't need her building anymore, that I'd bought a different one. Long story short: I ended up buying BOTH buildings for only $5000 more than I'd originally planned to pay just for the 1860 building!!!!
But we're taking it slowly. Planning to finish the 1902 building (4 vacation rental apartments) by next spring, work a while on building it up, then renovating the 1860 building (about 8000 sq. ft right on the town square) to house 4 guest suites (with a roof garden and rear courtyard), 1 two-bedroom apartment, and 2 small commercial spaces I'll lease for tourist-related shops.
Anyway, I thought it was high time I started following this forum again. Also, hope to see some of you at the PAII conference in Little Rock in January!
 

Joey Camb

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thats super weird! was going to send you an email as to how you were getting on! but could't find your email!
 

gillumhouse

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Congrats! I have always said there is a reason for everything. The waiting paid off! Good luck with both ventures.
 

Proud Texan

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Congrats. Awesome negotiation skills. I hope you're young. You're going to need the energy.
 

JBloggs

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Sounds like it is falling into place. "Gotta have plans" so we can change them!
 

Arks

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Congrats. Awesome negotiation skills. I hope you're young. You're going to need the energy..
Proud Texan said:
Awesome negotiation skills.
It really helps when you don't NEED to buy the property. Her price was high when she could tell I really wanted it, and it came WAY down once I didn't need it any more. It's a wonderful location for what I want to do, but frankly, nobody else in the county would have given much for the old place. It needs a LOT of work.
 

birdwatcher

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how awsome for you-busy is good and taking it slow does have its advantages-as they say When the time is right-you will know... congrats & welcome back
 

seashanty

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how awsome for you-busy is good and taking it slow does have its advantages-as they say When the time is right-you will know... congrats & welcome back.
wow! congratulations!
 

Samster

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Sounds like you benefitted from the general downturn in the real estate market. Best of luck with the projects!
 

Arks

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Sounds like you benefitted from the general downturn in the real estate market. Best of luck with the projects!.
Samster said:
Sounds like you benefitted from the general downturn in the real estate market.
Yes, and I hope to benefit from the general upturn in the travel economy when I get my place open in a few months. Please tell me it's going to improve next year. Lie if you have to!
 

Copperhead

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Sounds like you benefitted from the general downturn in the real estate market. Best of luck with the projects!.
Samster said:
Sounds like you benefitted from the general downturn in the real estate market.
Yes, and I hope to benefit from the general upturn in the travel economy when I get my place open in a few months. Please tell me it's going to improve next year. Lie if you have to!
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Arkansawyer said:
Samster said:
Sounds like you benefitted from the general downturn in the real estate market.
Yes, and I hope to benefit from the general upturn in the travel economy when I get my place open in a few months. Please tell me it's going to improve next year. Lie if you have to!
All I can say is it
sure better improve! Good luck with this new venture and have fun doing it.
 
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