It was an abandoned high school. They bought it for $100,000 and turned it into a 31-unit apartment building—take a look inside (via CNBCMakeIt)
The 34-year-old real estate agent bought the school and then reached out to a friend who connected him to Adam Colucci, a 35-year-old real estate investor and owner of an audio-video business.
The two realized they needed help and connected with Dan Spanovich, a 41-year-old full-time developer, and multifamily property manager.Dan Spanovich, Jesse Wig, Adam Colucci In the end, they were left with only 25,000 square feet of leasable square footage, which amounted to 31 apartments.Colucci says it was important for them that the building retain some of the school's historical elements.
When it comes to sharing profits and expenses, Colucci said that he, Wig and Spanovich split everything based on a proportional share of the building.Alexis ZakisWhen Colucci learned that the school across the street from their property was for sale, it was already under contract with another investor.
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