New Thread - Sensible(ish) head on now - Mansion rental
Discussion
Ok so following on from this thread - http://www.pistonheads.com/gassing/topic.asp?h=0&a...
Things were getting confusing and out of control, people on page 4 were still talking about the idea on page one.
So anyway, we have progressed a little since the silly 4.5 million deal originally discussed, thank you whoever posted for making me realise id be wasting my time.
The new idea---------------------
We have now, found a property that is up for rent, see below:
http://www.rightmove.co.uk/property-to-rent/proper...
Its also currently for sale
We are booked in to go and see it next week.
We would look to agree a 2 year set rental contract, each year paid up in full at the outset, with a one year break clause (we have sufficient to pay the full 2 years, but like the idea of the break clause.)
We would rent the property for two years, as a "test drive" period. We wouldn't need any outside funding, and being only the one property, should be quite easily manageable.
Being a smaller project, and in the civilised world a little more (not Cornwall), my OH can continue to work at current place until the property starts to become booked up enough that we are earning sufficient, and extra hands are needed.
I've already looked into insurance that is specifically for cottage rentals and is very comprehensive (£0 excess, old for new on all contents, loss of earnings, alternative accom for guests etc).
At the end of the 2 years, we can either decide to jack it in, and go back to work full time (easy to get work as a contractor), Renew the lease for another X years, or try and get the finance to buy the place.
If we manage to buy the place, the opportunities increase too, the property has 29 acres of land, mainly woods, with amazing views overlooking the valley and river below, we could either look to build a couple of smaller 2 bed cottages, or even look into posh summertime glamping for increased income.
This idea just seems more of a gooer to us, lower risk, try it out, build a brand and a business and see what we want to do in a year or two. A test drive period if you will.
This is all based on the owners going for it of course! Happy to put a big security buffer in a client account, provide them with the insurance certificates etc, we will also be sensible on who we allow to stay and keep a close eye on the property. I'm not trying to pull the wool over anyone's eyes and hopefully it's beneficial for everyone involved.
Wish me luck
Things were getting confusing and out of control, people on page 4 were still talking about the idea on page one.
So anyway, we have progressed a little since the silly 4.5 million deal originally discussed, thank you whoever posted for making me realise id be wasting my time.
The new idea---------------------
We have now, found a property that is up for rent, see below:
http://www.rightmove.co.uk/property-to-rent/proper...
Its also currently for sale
We are booked in to go and see it next week.
We would look to agree a 2 year set rental contract, each year paid up in full at the outset, with a one year break clause (we have sufficient to pay the full 2 years, but like the idea of the break clause.)
We would rent the property for two years, as a "test drive" period. We wouldn't need any outside funding, and being only the one property, should be quite easily manageable.
Being a smaller project, and in the civilised world a little more (not Cornwall), my OH can continue to work at current place until the property starts to become booked up enough that we are earning sufficient, and extra hands are needed.
I've already looked into insurance that is specifically for cottage rentals and is very comprehensive (£0 excess, old for new on all contents, loss of earnings, alternative accom for guests etc).
At the end of the 2 years, we can either decide to jack it in, and go back to work full time (easy to get work as a contractor), Renew the lease for another X years, or try and get the finance to buy the place.
If we manage to buy the place, the opportunities increase too, the property has 29 acres of land, mainly woods, with amazing views overlooking the valley and river below, we could either look to build a couple of smaller 2 bed cottages, or even look into posh summertime glamping for increased income.
This idea just seems more of a gooer to us, lower risk, try it out, build a brand and a business and see what we want to do in a year or two. A test drive period if you will.
This is all based on the owners going for it of course! Happy to put a big security buffer in a client account, provide them with the insurance certificates etc, we will also be sensible on who we allow to stay and keep a close eye on the property. I'm not trying to pull the wool over anyone's eyes and hopefully it's beneficial for everyone involved.
Wish me luck
No planning permission or H&S needed as its sort term lets, same rules apply as letting your house through an EA AFAIK.
Re: Being selective, it will be no stag party's, no young single sex groups etc.
Cooperate bookings will require the company details etc.
At the end of the day, there is a security deposit and a comprehensive insurance policy that covers everything from a bent chair leg, to a full re-build.
And yes, of course a full and very through business plan will be put together, no point until I find out if the owners would consider it though.
Re: Being selective, it will be no stag party's, no young single sex groups etc.
Cooperate bookings will require the company details etc.
At the end of the day, there is a security deposit and a comprehensive insurance policy that covers everything from a bent chair leg, to a full re-build.
And yes, of course a full and very through business plan will be put together, no point until I find out if the owners would consider it though.
Humble pie time, yes now the dirt has settled i do realise this is at most, ambitious for a first project.
I’m still looking to break into this market, but as you have said, test the water with a slightly more "mainstream" and affordable concept (think contempory log cabins and glamping in the countryside), if I can prove myself I can attempt to work upwards.
Thanks for the advice all, its been hugely helpful, and will let you all know when things start to develop, plus of course the PH discount!
I’m still looking to break into this market, but as you have said, test the water with a slightly more "mainstream" and affordable concept (think contempory log cabins and glamping in the countryside), if I can prove myself I can attempt to work upwards.
Thanks for the advice all, its been hugely helpful, and will let you all know when things start to develop, plus of course the PH discount!
sgrimshaw said:
Thought you'd arranged to see it last Saturday?
Still listed as available.
They emailed me on Thursday/Friday to say they have someone that has second viewed it and is going through referencing, so couldn't be bothered to go look as a) it had 90% gone and b) I had half realised the above!Still listed as available.
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