We all know doing business involves a lot of risks, regardless of the industry. You not only have to be a smart decision-maker but a risk-taker too. Three guys in Pennsylvania bought an abandoned school and transformed it into a beautiful block of apartments, a smart decision indeed.
Jesse Wig is a 34-year-old real estate salesperson; Adam Colucci, a 35-year-old investor; and Dan Spanovich, a 41-year-old developer and multifamily property manager, are the masterminds behind converting the abandoned school into apartments. Initially, it was Wig’s idea to purchase the property after viewing the listing for the school, and then Adam got involved and thought of converting the school building into a wedding venue. But after getting in touch with Spanovich, they came to the conclusion of transforming it into an apartment complex. Even though the building from the outside still looks like a school, it is actually a luxurious, modernized apartment block with a gym and communal living area inside.
Wig mentioned being doubtful about the investment, given that everyone advised the trio against it. Even though he was not sure of what to do with the building, he was 100% sure about acquiring it given its low cost and hoped they would come up with a plan soon. Adding to Wig’s statement, Colucci said they brainstormed for the perfect plan for two years, and everyone kept suggesting residential. The trio was well aware of the risk and the hard work required to redo an old building, but they were all in. They believed that no matter what they did with the building, they would be able to recoup their investment. And looks like they were right because six months after the debut of the apartment block, they not only got the invested amount back but managed to earn a profit as well. A well-thought-out plan and a definitely smart decision.