Hi 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.
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