When Jesse Wig (34 years old) saw an abandoned high school building in Homestead, Pennsylvania, USA, being sold, he and two friends pooled together $100,000 (over 2.3 billion VND) to purchase it.
After completing the purchase process, they renovated the interior together to turn it into a profitable space.
Initially, they considered turning the place into a wedding venue, a beer garden, or a shared workspace for rent. However, in the end, Jesse Wig and his friends turned the inside into apartments and rented them out.
Three years later, the interior and furnishings have been completely transformed. The old, abandoned classrooms were turned into 27 one-bedroom apartments and 4 two-bedroom apartments. These apartments are rented out at prices as high as $1,650 (38 million VND).
Each apartment is equipped with modern furnishings, including washing machines and dryers. Currently, all the apartments are fully occupied.
“I knew about this school, to be honest, I wasn’t sure what to do with this building initially. But at that price, I was determined to buy it and thought I could renovate it to make money,” Jesse Wig shared.
Spanovich, a member of the trio, admitted: “These old buildings are very difficult to convert. We are ready to take the risk no matter what the building is used for. We knew that with this purchase price, we could find a way to use it to generate profit and satisfy the whole group.”
Before proceeding with the renovation, the trio spent time discussing and laying out the apartment floor plans because the building had been abandoned for many years. The former classrooms were turned into apartments, while the auditorium became a communal space.
The bottom floor is where the communal gym is located, with all the necessary equipment and a basketball court for the tenants to use.
The total area of the building is 4,600 square meters, and initially, the trio planned to have 60 apartments. However, after reevaluating, the hallways, staircases, gym, and communal areas took up a lot of space, leaving only 2,300 square meters for rent.
During the construction process, the team collaborated with the authorities to ensure that the historical significance of the building was preserved during the renovation.
The profits will be shared among all three people. After this building, the three young friends plan to continue purchasing another school.
With this new building, they plan to turn the inside into 33 apartments, including one-bedroom and two-bedroom units for rent.
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