Starting up - holiday home business
Discussion
PH? Don't you just love it...
I was talking things over with my better half last week and we seriously need to look to the future. As part of this an option we talked about was property development with an end use of holiday rental; i.e. buy a plot of land, build property, rent property to the holiday market. The aim is to have a small trickle of cash for the medium term while any loan is paid off and then either sell the property in ten (example) years to reap equity or to continue to rent while unburdened by loan so increasing income to regular 'salary' levels.
There's a bit more to it than this in the concept but that's the financial model.
So....now, how is it best to treat this? Set up a LLC, do it as individuals, Sole Trader, bring in professionals?
What are the available/best roads to go down financially - business loan, business mortgage, developement mortgage, buy-to-let mortgage....I am (it's only been a week this idea has been cooking) ignorant as far as how best to finance the project. (We could rustle up either equity security or small deposit and have the interest of an overseas investor)
If the initial idea and model work we would look to increase the units in UK and possibly abroad, but that's a big 'if', and dedicate ourselves to it as a larger business.
I'm at the crossroads and am rustling about in my bag looking for a torch. If you see what I mean....
I was talking things over with my better half last week and we seriously need to look to the future. As part of this an option we talked about was property development with an end use of holiday rental; i.e. buy a plot of land, build property, rent property to the holiday market. The aim is to have a small trickle of cash for the medium term while any loan is paid off and then either sell the property in ten (example) years to reap equity or to continue to rent while unburdened by loan so increasing income to regular 'salary' levels.
There's a bit more to it than this in the concept but that's the financial model.
So....now, how is it best to treat this? Set up a LLC, do it as individuals, Sole Trader, bring in professionals?
What are the available/best roads to go down financially - business loan, business mortgage, developement mortgage, buy-to-let mortgage....I am (it's only been a week this idea has been cooking) ignorant as far as how best to finance the project. (We could rustle up either equity security or small deposit and have the interest of an overseas investor)
If the initial idea and model work we would look to increase the units in UK and possibly abroad, but that's a big 'if', and dedicate ourselves to it as a larger business.
I'm at the crossroads and am rustling about in my bag looking for a torch. If you see what I mean....
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