OfflineHi everyone. This is my first forum post, so I apologize if it is at all sloppy.
I am looking at buying a Very Large and Expensive Mansion that I have watched sit Vacant for quite some time. I know the bank is bleeding a lot of money on this property and I see nothing but opportunity there.
My main concern is after I have aquired it, will I be able to rent the property out until I have enough income of my own to rent it personally? The rent may need to be $15,000 or $20,000 a month to make it work.
Does anyone have any experience with luxury home rentals and/or does anyone have any creative ideas on how to come up with the that kind of monthly payment?
I was thinking that I could run fundraisers, weddings and other private functions there to help cover the monthly?
Just thinking of all the different strategies that I might be able to use to come up with the monthly payment. I could bring in a third party on the deal, but would rather not seeing as I would like to live in the home personally in a year or two.
Thanks Everyone!!
Dave
Don't Count the Days, Make the Days Count!!
Hi Dave,
Welcome to the site. I would suggest that you contact some of the brokers in your area and ask them if they have people looking to rent high end homes. You may want to place an ad on craigs list also to see what the response is. I would also ask the realtor to search mls to see what the rent demand is in your area. You may also want to consider assigning the home if you are able to get it at a great price. I am learning the hard way that the business is much easier if you have a great buyers list. There are so many deals out there but the key is to have a buyer to match up the property with. Good luck to you and enjoy the site.