Converting a short to medium stay service apartment complex to standard furnished apartments.
Looking at purchasing a serviced apartment complex that currently rents out rooms for nightly to weekly and monthly stays and changing to renting them out as long term furnished apartments at a cheaper rate.
The reason is to save on cleaning and also there is a live in manager that is taken up one of the apartments that can also be rented out. they also get paid a full time wage. Looking at renting them out for minimum of 9 to 12 months. Also getting an real estate to manage it at 7 per cent commision.
Current night rate is 120 AUD, weekly 550. So when its booked out for one night, one week there is cleaner to wash the room and a manager is being paid full time not to clean. There are only 7 fully serviced apartments.
Looking at charging 390 per week.
Does anyone know if i have any problems with the council changing the way the property is being used for? Do need to inform them?
Is this smart?
I need peoples opinion
some positive and negatives
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