Renovating A $90K Abandoned School Into Apartments | Unlocked

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Adam Colucci, Jesse Wig and Dan Spanovich bought a second abandoned school in Homestead, Pennsylvania for $90,000 and turned it into a 33-unit apartment building. The renovation cost about $4.5 million and took 18 months to complete. The trio's first abandoned school-turned-apartment building, Bowtie High, is located right across the street.
Unlocked is a home tour series focused on how much people across the globe spend on their housing, what they get for the money and what they had to sacrifice to make it happen.
Produced by: Valentina Duarte
Managing Producer: Beatriz Bajuelos
Supervising Producer: Jessica Leibowitz
Camera: Malhari Media
Editor: Marisa Forziati
Animator: Elham Ataeiazar
Additional Footage: Adam Colucci, Daniel Spanovich, Jesse Wig
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Renovating A $90K Abandoned School Into Apartments | Unlocked

Опубликовано:

1 дек 2023

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Комментарии : 186

@mariapaz6379 24 дня назад

the best part of these projects, is that they are buying abandoned buildings that would have no other use. These people are not buying lots of new homes, they are building spaces and restoring historical buildings. Truly great work

@CM-qv5mz 5 месяцев назад

Love how Adam went from an airball in the Bowtie High ep. to hitting the cushion on the 8 ball in this Schwab ep. Consistency👌

@Ryan-zh3ho 2 месяца назад

Yeh m2

@DadinWA 5 месяцев назад

Saw the previous episode on their first build. Huge hurdle to overcome and they did it! Looks great. Thanks for sharing

@michaelreece2966 26 дней назад

Both of these schools are an amazing new use of space. What a way to add value back to the community. Great job guys.

@eattherich9215 5 месяцев назад

@0:28, I like that the exterior was cleaned up just enough. Doing all that work in only 18 months is impressive. I love the stairs.

@Dogbullet 5 месяцев назад

Didn't they already interviewed these guys several months ago? I swear they already did this episode

@emzi_5275 5 месяцев назад

right!!

@r44bb98 5 месяцев назад

Like they said, this is their second project. The original interview you're talking about was for their first project.

@Dogbullet 5 месяцев назад

@@r44bb98 ok I thought I saw them before

@blackchang1981 5 месяцев назад

Exactly. I thought the same thing.

@blakebro1 5 месяцев назад

They did!

@Rashaadthegr8 5 месяцев назад

I need two rich friends. I want to get into something like this!

@msmodernyvette 2 месяца назад

You're not the only one!😃

@Rashaadthegr8 2 месяца назад

@@msmodernyvette you rich?

@msmodernyvette 2 месяца назад

@@Rashaadthegr8 🤣🤣🤣

@stevenkeller3047 3 месяца назад

You guys do great work. Thanks for saving and improving these buildings. Happy to hear they work out for your business model as well.

@RadThings 4 месяца назад

Beautiful renovations. I love how they keep some of the original pieces as part of the renovations.

@ematuskey 5 месяцев назад

Cool way to increase housing density while respecting some classic architecture--way to go!

@kristaroberts1158 4 месяца назад

I love these old school renos!

@FCTrinese 5 месяцев назад

Landlords that I can approve. Turning unused space into something that works. Not like landlords that just buy and charge high rent.

@dexterstigger1395 5 месяцев назад

In a few years, people will forget that the building was unused and will view them the same way they view all other landlords.

@timursalikov5911 4 месяца назад

“Buy and charge high rent” lol good luck with that. Almost all rent will go to pay mortgage and maintenance. Otherwise everyone could just replace their day job with rentals.

@samw4304 4 месяца назад

@@timursalikov5911 True. With such high rates, repairs, maintance, tax and everything you have to come out of pocket being a landlord. Normal people don't understand that.

@VroodenTheGreat 4 месяца назад

$1500 for a one bedroom.

@RogerTerry01 4 месяца назад

Yeah !! With the current problem around the world today I think it's best everyone invest more in digital asset than Saving in banks and real estate . Just my thoughts

@EastonEverett-59 4 месяца назад

Traders should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional

@MarthaMadison- 4 месяца назад

Wow, that's stirring! Do you mind connecting me to your advisor please. I desperately need one to diversify my portfolio

@TeresaGloria632 4 месяца назад

William G Berkman

@LatoyiaCouch87 4 месяца назад

Quality predictions always. Really helped trading with William G Berkman analysis and services, even with the market in a downward trend. Definitely riding the market wave is a good perspective.

@ElijahWayne5 4 месяца назад

How can I get in contact with him, please?

@brendasaunders4956 4 месяца назад

Renovation, New life.. old stories bought to these buildings A thought a dream coming to reality so heartwarming to see

@4piluchi 5 месяцев назад

Awesome! ❤ I love the motivation of theses guys because I love historical buildings, they are doing a great and not easy job, congrats!!! I'm looking forward to see their next projects!

@Brian-os9qj 4 месяца назад

Nice work guys. The ‘style’ is preserved, and that was needed for historic value alone. Cheers to yall

@dulichvabatongsan7474 5 месяцев назад

A great renovated apartment building tour !

@Kofi.86 4 месяца назад

Beautiful i luv these renovations keep the classic look

@sweetsexypickles 5 месяцев назад

I wish someone would do this with the old schools (built in 1904) in my hometown. It has asbestos inside though 😬

@davidcattin7006 5 месяцев назад

Asbestos can be mitigated or removed. Just another step and expense in the process.

@keithwisdom1663 5 месяцев назад

You can do it with partners

@eattherich9215 5 месяцев назад

@@keithwisdom1663: who can raise the finance and put together the right team for what might be a complex renovation.

@popcorn8153 4 месяца назад

my favorite lead and asbestos abatement solution is to cover it up with drywall@@davidcattin7006

@miamibeachvf 4 месяца назад

Absolutely pure genius

@jontalbot1 19 дней назад

These men will make a fortune. There are so many abandoned buildings in the US suitable for conversion

@hongscave 5 месяцев назад

Another one! Pracitcal & meaningful projects.

@mathewmcfool 5 месяцев назад

inspiring, creative, constructive, lucrative 💯

@ibdam1 5 месяцев назад

Giving back to your community👍🏽👍🏽

@brendabrenda9052 5 месяцев назад

I would love to do this in other cities.

@barbararollins4211 3 месяца назад

What an awesome way of keeping these structures going. Beautiful job on both of these cool schools. Can't wait to see what else you do. God Bless you all and good luck!!

@sharonl3233 24 дня назад

This is super impressive! Keep up the good work!

@matinagenttner3705 5 месяцев назад

Gorgeous 🇨🇦

@jq8974 Месяц назад

Amazing job on both schools - so happy to see beautiful heritage buildings get another round of life! 🏢Well done! 🙌

@Freshbreath100 5 месяцев назад

True sustainability in action!❤

@jordanaldrich 4 месяца назад

Really amazing work!

@zeth609 4 месяца назад

90 k for a builidng is a steal. Turned out really cool.

@remmiallimacse8407 4 месяца назад

now this is cool. very smart and got it done well.

@joseromero9933 5 месяцев назад

Amazing

@augustusb3501 3 месяца назад

Awesome work!

@Kofi.86 4 месяца назад

Luv it 👏🏿👏🏿👏🏿

@lorimoss1883 16 дней назад

Love it!!

@iamisraelvillafana 4 месяца назад

Excellent!!!

@btimec5290 5 месяцев назад

Love it! I wonder what happened to those huge sinks?

@notabyrd07 3 месяца назад

Wow they pulled it off. so cool

@GUH_0-DTE 2 месяца назад

how awesome would it be to have bestfriends and family all pitch in to buy a school and live together

@paranoidhumanoid 4 месяца назад

Very expensive build but beautiful results! Congrats!

@MehranGhamaty 4 месяца назад

The difficulty is making sure the town can support that many apartments. Could be a huge for the city.

@agentmaryland1239 21 день назад

And you know, for the quality of the apartments, $1,400-$1,500 ain't a bad deal! The problem a lot of places see is out of town 'investors' buying up cheap, run down apartments, doing bare bones maintenance (or none at all) and turning around and jacking up the price by 40-60%+ for crappy, unsafe, unkept apartments that should have been torn down. But these are gorgeous, spacy, and well worth the price.

@02nupe 5 месяцев назад

Incredible #RealEstate

@staytuned.263 Месяц назад

Honestly, makes me wanna actually move over there I like the rustic nyc vibe. If a ton of new devs go there could be great.

@jorgevasquez2947 5 месяцев назад

I would watch your show on renovating old buildings

@cmair77 Месяц назад

I love it guys, I would love to do something like this, not sure how possible it would be in southern Ontario though.

@justagirlsd3000 15 дней назад

Please come to San Diego!

@blakeaaron5698 5 месяцев назад

2:51 are those vintage urinals?

@MalaysiaBarista 5 месяцев назад

Time 0.54 , says total of 33 units of apartments. At 4.5 mil / 33 , cost of renovation comes up to $136,363 per apartment. (From my estimation) Factoring say 7% interest rate for financing cost for 2 years permit+construction , 1 year to sell the units (assumption of selling to calculate ROI), this will make the renovation cost of $167,051 average per unit. Is this number high or low in this state ?

@aberba 4 месяца назад

Judging by the rent price of say $1800 and or estimate, it'll take about 10 yrs to recoup the cost of each apartment with maintenance.

@jonyfrany1319 5 месяцев назад

how do they go from zero to hero?

@JayYoung-ro3vu 4 месяца назад

I would love to see my old elementary school renovated into housing! It's location "is in the middle of nowhere". The roof is open to the sky in a few places. The school was my mother's entire school. But, there is a structural collapse occurring in the "new" section, so it may end up being demolished? 😢😢

@daboundy 4 месяца назад

Don't put a bed in the corner with the side against a wall ... and if that's all I can say is wrong ... my god the guys have done a spectacular job!!! And it is always excellent to see old buildings given new life, especially when so much heritage is preserved and renewed.

@grahamstefaan 4 месяца назад

I saw Ikea vanities. Those won't hold up in a rental. Cheap.

@kevincinnamontoast3669 Месяц назад

Zillow, " rents" for much bigger nicer apts in and around homestead pa. I hope they get their money back.

@mathieurobitaille8764 4 месяца назад

Do you have architects on this project ? How are they ?

@Ballref 5 месяцев назад

Hiiii I am first and thank you for your uploads!!

@justagirlsd3000 15 дней назад

Those would rent for 3k in San Diego 😢

@Rio-by1eh Месяц назад

HISTORICAL BUILDINGS - IS AMERICA 🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸

@macberry4048 5 месяцев назад

I didn't see a bathtub or shower in the bathroom

@r44bb98 5 месяцев назад

There was a shower, you can see the shower curtain in the mirror.

@shesonfire_ Месяц назад

Those rent prices are amazing. I wish. I’m paying their two bedroom prices for a one bedroom here in Orlando. SMH. I’m sure there are cheaper places here in Orlando so don’t get discouraged if ur thinking of relocating.

@Jeansoverslacks Месяц назад

Well it all goes by demographics. Here in upstate Ny i'm at a measly 1750 soon to be $1950 courstesy of our democratic voters. It's a wonderful life.

@Rio-by1eh Месяц назад

If you had to demolish and rebuild it would be counter productive- it would COST A LOT MORE so you couldn’t rent it out

@davidcattin7006 5 месяцев назад

Just my style but the deal breaker is that I want a private terrace.

@TheValkary Месяц назад

This is what happens when you hold onto the vision in the end result

@linnsoltwedel 5 месяцев назад

IS this a reupload? Think I have seen this before?

@MCaraPlays Месяц назад

They did another school where they mentioned this property but it wasn’t ready yet to show because renovations were still undergoing during that time so they just talked about it.

@blankn1612 5 месяцев назад

All haunted rooms.😂

@Mo-xc7bb 3 месяца назад

I’m moving to Pennsylvania

@g4do 4 месяца назад

Im wondering if they actually have tenants . The 2 bedrooms rent is higher than my mortgage and i have a 5 bedrooms 2 bathrooms 2 car garage. That rent is too high.

@staytuned.263 Месяц назад

This one’s different from bowie they were still working on that 10 months ago

@joanie7107 2 месяца назад

No storage in bedrooms

@tony1kenobi468 5 месяцев назад

Just what the world needs, more landlords...

@ThatsLIfe03 3 месяца назад

That apartment is on same level as the terrace? So people can just walk up to your windows? I know that’s how 1st floor apartments are but still.

@aniniels-hw5iv 5 месяцев назад

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Fergus waylen is a retirement manager and investment/savings expert, in ranks with Cathie woods and Warren, has demonstrated expertise in investment strategies and has been involved in managing and providing financial guidance globally, it's all facebook

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Working with waylen has been a game-changer for me. His market insights and trading strategies are consistently spot-on. It's not just about profits; it's also about the peace of mind that comes from knowing you're in capable hands.

@nanairomiso 3 месяца назад

Are these apartments affordable?? It seems awfully expensive for a 1 bedroom... You can get a 3 bedroom in Osaka for about the same price, so while it looks very very nice, it doesn't seem very affordable for the average worker.....

@Rio-by1eh Месяц назад

I guess these guy are the “OLD SCHOOL DEVELOPER CO. //?”

@candysmith8724 5 месяцев назад

They made that rooftop deck too small imo and you can tell men designed the project. Feels very masculine.

@rhaegartargaryen9315 5 месяцев назад

The renovation cost about $4.5 million and took 18 months to complete. So they actually lost money and time?

@sweetsexypickles 5 месяцев назад

Not in the long-term.

@danielcaceres9971 4 месяца назад

How is that entire building worth so little?

@maxloewe9162 4 месяца назад

Because of the housing crisis things like this start to make sense economically. No hate, but don't confuse these guys with better landlords. They will make money like everybody else.

@zeth609 4 месяца назад

90k for a building is a sl. turned ot relly cool.

@jimbeglinger Месяц назад

How did you get away from having to satisfy the ADA requirements? Your beautiful staircase doesn't comply. Hey, but you know that, eh?)

@tbprofile1295 5 месяцев назад

Is this an ad? 🤔

@sweetsexypickles 5 месяцев назад

If you want it to be 😁

@carolinecoxfilm 5 месяцев назад

This apartment has such a "bro" vibe. I would love to find 2 other female investors and make a bougie professionals condo with a feminine vibe. That would be fun. I'm not even that girly, but it would be a cool project.

@Cheesyenchilady 25 дней назад

Yes ahahah I am glad they renovated the schools but I also was getting the bro vibe. The black trim and black ceilings. It’s fine, but it doesn’t really honor the original architecture. Again, I think they did a great job. But a woman’s eye (or a man with a feminine eye lol) could have helped a lil bit imo :)

@jaymeez 5 месяцев назад

Opportunists

@mattheww1072 5 месяцев назад

So you buy it for $100k, take out $3.2 million dollar loan for renovations, and then put $1.2 million of your own money towards it? It's a 31 unit apartment and you charge $2000 for example. That's $62000 but after taxes and fees, you're probably taking home less. Aren't they losing money on this? I need someone to break down the math on this.

@elevator.operator 5 месяцев назад

Not a developer/investor, but my guess is their 1.2 million goes into equity so not really a loss -- they could always sell the building and get that money back. But in terms of cashflow, a 15 year mortgage of 3.2 million in 2020 would've yielded, what... a $22k-25k/monthly payment? $62k/month in rent seems like clearly positive cashflow.

@sweetsexypickles 5 месяцев назад

Not in the long run, but it's a loss at first, for sure.

@ccitza 5 месяцев назад

Also I think they got their mortgages in the early pandemic days, which granted very low rates this makes this profitable

@nunyadambusiness3530 5 месяцев назад

No wonder we have a horrible homeless crisis. $2000?!?! Disabled and people on fixed incomes can't afford that!!! Section 8 and Public Housing doesn't cut it!! We literally need to reset the market. Two years ago my rent was $298/mo, now its $900/mo, I'm left with $30 of my SSI each month after rent. i get food stamps and thats $100/mo. i'm borderline about to c*mmit s*icide. this system is killing me

@vikramganasen 5 месяцев назад

@@nunyadambusiness3530 Probably get out where you're living, move to places where you can afford at least temporarily and learn new skill.

@FirstName-gz3dg 4 месяца назад

I think they look great. Here's the rub. You're getting government money to reduce what you put into the project while still charging high rents for many small apartments? No walls were moved, the original floorplan was utilized. This cuts costs drastically. I appreciate these old buildings being saved and repurposed. Sorry, but they seem like typical real estate crooks to me.

@nuestrosvideos9791 5 месяцев назад

GENTRIFICATION 😄

@Milagrosblanco684 5 месяцев назад

Someone had to do something to the building because the people in said community would never had!

@Still_Nope 5 месяцев назад

because the abandoned buildings are so much better

@saulgoodman2018 5 месяцев назад

And what is wrong with fixing old buildings?

@danielmankinde1706 5 месяцев назад

People like you with half a brain are against developing abandoned buildings?

@sweetsexypickles 5 месяцев назад

@@saulgoodman2018 NOTHING! Just costly upfront, otherwise, it only helps a community as long as it's kept up & not sold to a slumlord later on, and they keep decent tenants.

@mangoman9290 4 месяца назад

You gotta laugh at some of the comments "you put all that time and effort into providing housing for people? You better not make any money you blood sucking leeching landlords!"

@lionheart93 5 месяцев назад

math don't math up

@PeterMOD-fq9oz 5 месяцев назад

Given the current economic difficulties that the country is experiencing in 2023, how can we enhance our earnings during this period of adjustment? I cannot let my $680k savings vanish after putting in so much effort to accumulate them

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Stocks are pretty unstable, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks|couple months, so I think there are alot of wealth transfer if you know where to look

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@tacituskilgore8747 5 месяцев назад

Just spend $4.5 million, bro.

@scrumpoxjnr 5 месяцев назад

They didn't have $4.5M either, they borrowed the majority of the funds. If you have a coherent business plan you too can borrow money from a bank or investor