I feel there is a need to multi family housing. Has anyone here taking commercial property and converted that into multi family? Banks, schools, warehouses into apartments? Did the cost estimates align with the final cost? Was the work worth the result?

If you are a contractor and can use your current crews to do all the work that might work.

If not, it will likely cost more than simply buying an existing multi unit place since the new rules most places have will require extra work. It's usually easier and cheaper to just start from scratch or rehab an existing multi unit place than to convert something that had a different use.

However, if you can get the city to give you huge ta breaks or maybe get the building for a very low price that takes all the upgrades into account, then maybe it's worth it.

From 1990 thru 2008, that is exactly what I did. Take unwanted projects, mixed use property, offices and single use commercial structures AND MADE AFFORDABLE HOUSING!

But this wasn't good enough for the City of Los Angeles who spent between $750,000 to $1,000,000 to build each unit of a larger 40 to 100 unit property for LOW INCOME. Their target rent to cover the costs came to $4,200 per unit. But the renters: Illegals, Early Release Criminals and People who simply did not WANT to work -- that getting housing vouchers, food stamps and other scams they could pull off, only had around $800 to pay their $4,200 rent. So the City, State, Feds and Tax Payers covered the difference.

In my case I spent around $75,000 to purchase each unit and put around $50,000 to upgrade/remodel each unit. A total cost of around $125,000. And I put half of the money in from savings. So I only had to cover around a $60,000 mortgage per unit. Meaning if I charged $1,200 to $1,995 dollars per month, I would MAKE A PROFIT.

So the City wanted part of my rent/profit. Fee's, fines, violations, monthly inspections. Last Wednesday I was in court on one of these low income buildings. The Judge Lied in Court. The Housing Departments General Manager Lied in court. Two senior inspectors Lied in Court. The City Attorney Lied in Court. I gave proof of all of the lies, so the Judge changed his findings and made up the charge/violation.

in 1995, a 68,000 sq/ft building (former middle school) was picked up for a mere $25,000. To create a 41-unit mixed use building, took roughly two years. Top and bottom floors were residential- middle floor was commercial. The cost back then was over $800,000. Now a different school district has a former middle school available for $3,000,000

Fast forward to last year, a different location and different building. Local bank has been for sale for over two years and no bites. The 2,100 sq/ft building is priced right at $79,000, but the tax assessment is $8,100/year.

I love the way you are thinking. It is a tough nut to crack and even then, how each individual community uses the same instruction varies oh so much around here. Leads me to think more modular duplexes instead of playing local government reindeer games

About six (?) years ago a guy bought a small warehouse, pole barn type building down from some of my dupes.

He spent BIG bucks getting it turned into seven units. Took a very long time. He hired everything out and he was not local but wanted hands on for all decisions.

The place looks like a pole barn that has apartments in it. Not very appealing at all.

He sold them two years ago. Price was more than I would spend but he finally got someone to bite. There are maybe three places filled.

But I did look at a commercial property down from there. Giant pole barn sitting on 2 acres. I considered a few options. One was putting apartments in half the barn. Using the other half for my storage. Then maybe use part of the land for self storage.

Getting the place changed over to residential was going to be a task in itself so I dropped that idea. I did toy with the idea of boxing in units inside the barn for self storage. Fencing in the perimeter and making the rest storage for vehicles.

Only wish that I would have learned from the self storage guy that was at the convention before that.

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