I'm in over my head at the moment and would love to know who I could talk to for a bit of advice before I should even consider a project I've been offered. It's a 20+ room ex hotel turned boarding house that has been abandoned since 2007. Squatters have been in parts. Built in 1929 with some rooms still existing wall paper! The new owner of the building is giving me first dibs on an offer to lease it and getting it open again as my own business as boarding house again.
All I can think is it feels a bit like The Block Sky High just with ME as the only contestant and resource for now. I've not undertaken the sort of repairs this place might need - probably new bathrooms, new kitchen, all carpets and painting done and some repairs along with who knows what wiring and plumbing and fire safety jazz. I am only really interested if I don't have to do a DA for the thing or make any real structural changes and if it fits into the existing permitted use. Feels like it could be a money pit if I'm not careful.
Anyway where could I get advice on what proportion of the repairs and renos I fund or if there is any kind of standard for this sort of thing? Owner says he's negotiable on who contributes what as far as that goes, also as far as how much time I can try and get rent free to get it up and going and of course on how much I offer to lease the place for. So everything is up for grabs.
Anyway, any idea, suggestions, starting points would help. And yes, if it's too much for me I'm perhaps able to offer it to someone else here who may even want to buy it eventually - current owner is only in it to strata the whole block he bought, increase all the yields and then move on while selling parts of it.
All I can think is it feels a bit like The Block Sky High just with ME as the only contestant and resource for now. I've not undertaken the sort of repairs this place might need - probably new bathrooms, new kitchen, all carpets and painting done and some repairs along with who knows what wiring and plumbing and fire safety jazz. I am only really interested if I don't have to do a DA for the thing or make any real structural changes and if it fits into the existing permitted use. Feels like it could be a money pit if I'm not careful.
Anyway where could I get advice on what proportion of the repairs and renos I fund or if there is any kind of standard for this sort of thing? Owner says he's negotiable on who contributes what as far as that goes, also as far as how much time I can try and get rent free to get it up and going and of course on how much I offer to lease the place for. So everything is up for grabs.
Anyway, any idea, suggestions, starting points would help. And yes, if it's too much for me I'm perhaps able to offer it to someone else here who may even want to buy it eventually - current owner is only in it to strata the whole block he bought, increase all the yields and then move on while selling parts of it.