I am looking for some advice on what to do as I am very new to this.
My parents own a very old estate with a huge villa, one house and huge garden with orchard (owned by very wealthy family over 100 years ago. The original plan was to make a bed and breakfast or a small hotel, however they never managed to get there. Now it’s up to me to do something. I figured out such estate would be extremely hard to sell as it would require very specific buyer (either someone to continue with the hotel plan or idk, some Lord looking for vacation place lol). Don’t even know where to advertise such thing.
So it got me thinking, the villa is large enough to comfortably fit 6 apartments. I just got fully employed and could get a loan and invest it to transform the villa into 6 apartments, then pay it back by collecting rent. By quick calculation (very rough estimate) I think it should pay itself off in about 10 years.
The question is … is it even worth the risk of trying to renovate it. I can imagine renovating 100+ years old house could quickly become a huge money pit and living with debt for it would be pretty bad. How does one even approach such problem? I’m quite lost and have no idea what to do with the whole thing.
I’m not looking for any definitive answers, but I have no idea where to even start. What to expect. Where to get the resources etc. Any help or advice is highly appreciated. Thank you.