Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 7 years ago,
How do you monetize a Mansion on the bayou?
I came across an interesting deal. It's a beautiful very large home on the bayou with 3.6 acres. Very Louisiana. It's well below market, mostly because there isn't much of a market for bayou mansions around here. The boathouse has a 1 bdrm above it, and there's a 3bd/1bath cabana house, with two large party rooms. The main house has 3 bd/2.5 baths, but tons of other rooms, a huge office, sun room, crazy kitchen, pool. There's also a 2700 sqft mechanics garage, with lift, office, and everything.
For me to even consider it, it would need to completely cash flow. I figure I can rent the 1bdrm and cabana house. Use the party rooms for wedding and event venues. But what do I do with the main house? I can't imagine there's much of a rental market for mansions, and we don't have enough visitors for Airbnb. And that mechanic garage?
What creative things could I do to this property to make it generate revenues?