Have been told about a guest house in the Inner East area comming on the market. Its a very old Heritage mansion . There is 1950,s extensions out the back. Accomodates about 40 residents and has a managers appartment on site. Has anybody had experience with this sort of investment ? Regards John.
John Groeneveld
Yes I ran one in SA for nearly seven yrs. You would probably need to consider running it yourself or at least doing most of the work yourself to make any real money out of it. There are a lot of regulations that go with running a place with that many residents and you would need to make the local coucil one of your first stops to ask about any outstanding matters they have such as fire regs and compliance. You will then need to work through it and do the sums.
Feel free to e-mail me if you have any specific questions at [email protected]
Regards
Tom
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