Okay, I have been presented with an opportunity.
Have property worth $ 100,000,000, residential. It is being sold circumstantially, or if circumstances meet what the owner needs. I don't need to give the full details of it.
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End goal is simple- Find a way to circumvent payment to live on the property, profit from the property and enjoy life on such property.
Has 20 bedrooms, 13 bathrooms, in one of America's largest cities. Lovely, LOVELY real-estate. Number of pools, bowling alleys, large garage, home for the housing staff, etc...
Now the details:
Property I want sold at $ 100,000,000. I can not afford it presently. Nor can many people in America, or on earth.
I want to start a fund to "buy" the property, run by no one else but myself.
In this fund, I want to offer the property to people, for "rent." I am thinking 12 parties/people to rent this out a month. This would give them 1-2 bedrooms to use, (with 1 bedroom "free" for myself to use).
This would allow them to also use all the other amenities of the mansion, pools, kitchens, living rooms etc...
The mortgage would range at 380,000-400,000$ a month with real estate taxes etc.
12 parties at a rental rate of $50,000 a month is $ 600,000 a month.
That leaves $ 200,000- for the fund (myself)...a month.
I can charge as low as $32,000 a month, I would walk away with $4,000 a month in income for myself, while still maintaining residency at the property, and having no housing expenses what-so-ever. Will "manage" the property, etc., as a part-time little job for myself as I pursue other things.
I will consider renting it out to less people as long as they pay for the bedrooms that would have otherwise been rented out. If you can really find a buyer for the entire property, I will gladly give you a commissions check.
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What I need help with... CONTACTS. Know anyone who wants to move to a major city on the East Coast?
Let me rephrase- What is faulty about this plan?
Wasn't sure where else to post this. I just received the phone call earlier today to go through with it, and if I can make it happen- I'll be a very happy guy.
Thanks!
Have property worth $ 100,000,000, residential. It is being sold circumstantially, or if circumstances meet what the owner needs. I don't need to give the full details of it.
---
End goal is simple- Find a way to circumvent payment to live on the property, profit from the property and enjoy life on such property.
Has 20 bedrooms, 13 bathrooms, in one of America's largest cities. Lovely, LOVELY real-estate. Number of pools, bowling alleys, large garage, home for the housing staff, etc...
Now the details:
Property I want sold at $ 100,000,000. I can not afford it presently. Nor can many people in America, or on earth.
I want to start a fund to "buy" the property, run by no one else but myself.
In this fund, I want to offer the property to people, for "rent." I am thinking 12 parties/people to rent this out a month. This would give them 1-2 bedrooms to use, (with 1 bedroom "free" for myself to use).
This would allow them to also use all the other amenities of the mansion, pools, kitchens, living rooms etc...
The mortgage would range at 380,000-400,000$ a month with real estate taxes etc.
12 parties at a rental rate of $50,000 a month is $ 600,000 a month.
That leaves $ 200,000- for the fund (myself)...a month.
I can charge as low as $32,000 a month, I would walk away with $4,000 a month in income for myself, while still maintaining residency at the property, and having no housing expenses what-so-ever. Will "manage" the property, etc., as a part-time little job for myself as I pursue other things.
I will consider renting it out to less people as long as they pay for the bedrooms that would have otherwise been rented out. If you can really find a buyer for the entire property, I will gladly give you a commissions check.
---
What I need help with... CONTACTS. Know anyone who wants to move to a major city on the East Coast?
Let me rephrase- What is faulty about this plan?
Wasn't sure where else to post this. I just received the phone call earlier today to go through with it, and if I can make it happen- I'll be a very happy guy.
Thanks!
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