Would You Take On This Property Project?
If you get it right, there’s good money to be made in property. Get it wrong, and it could drain your life savings and create a mountain of loan-related debt. Which is why only a sensible businessperson should take the plunge with this property project.
So how does it work? How much does it cost? And what do you need to do to make it work and avoid a business calamity? Here is the lowdown on the record-breaking listing that you probably didn’t know about before today.
What’s the deal?
According to the Rightmove listing, the ’93-bedroom property’ is listed at a cool £4.7 million. But it’s not a Hollywood-style A-lister mansion. In fact, it’s a business opportunity and the 93 bedrooms make up 41 individual properties which are either leasehold or freehold. The 93 bedrooms are actually part of a portfolio with most of the properties are in Sheffield, the rest are in Doncaster.
What’s in it for the tenants?
They will have the opportunity to move into a 2-bedroom or 3-bedroom house or flat which comes with a driveway, parking or a garage. The properties are redecorated between tenancies and the listing states that there are no outstanding maintenance issues.
How do you avoid blowing your millions on this?
Chances are, it’ll take time for you to make any money on this. So you’ve got to put your business head on and work out how much each property costs and find some tenants. If you were able to get a mortgage to pay for it, it would likely take 25 years to pay it off if you repaid £18,000 a month. But you’d end up paying back nearly double the original £4.7 million. So stumping up the cash up front is your best bet to avoid a mountain of interest.
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