In the second episode of The Monk Realty Show, we explore the coliving scene in Europe.
Luca, CEO of Habyt- the premier coliving operator in Berlin, takes us through what it's like being in the game and answers how to expand across the region despite the many challenges. Coliving spaces are the latest accommodation experiment taking place in Europe in which hundreds of people pay more to be part of a self-contained community.
Step 1: Unless you’re buying a property outright in cash, which we have a feeling is very few of you watching…get your credit in order.
Step 2: Make sure you have your tax returns prepared. If you’re self-employed, a lender will ask for your last 2 years of tax returns and take the average income of those two years. Be ready for this!
Step 3: TALK TO A LENDER FIRST BEFORE YOU DO ANYTHING. First, you’ll know EXACTLY what you can qualify for so you won’t waste your time. Secondly, if you find the right place, the lender already has all of your information so you can hit the ground running. And anytime you find a spot that’s worth buying, chances are, you’re competing with other people who want the exact same thing. So timeliness really, really matters here…the faster you are, the better the deal you can get.
Step 4: BEGIN LOOKING AT PROPERTIES. This is really meant to be the fun part…look at EVERYTHING you possibly can within your price range.
Step 5: Determine cash flow. The reality is that 95% of properties just don’t make sense to purchase for an investment…they lose money. It’s also the reality that at a certain price, EVERYTHING makes a great investment - it’s really important to understand these numbers.
Step 6: Look at properties that need minor cosmetic renovations!
Step 7: Do your inspections! Make sure to do as many inspections as you possibly can. Check the roof, the foundation, electrical, plumbing, if there are any leaks, bring in contractors for bids if it needs work…the more you do, the better.
Keep watching for:
How the European rental space market has changed in the last 5 year-s
Why 2020-2023 is the 'Golden Era of Coliving'
The right criteria to pick a property that fits for coliving
Scaling internationally while balancing localisation
How to create a service that follows the customer journey
The pandemic has thrown a wrench in all rental operations, tune into rental operators' ideas of how to deal with it at the Rental Operators vs COVID-19 Panel Discussion here:
• Rental Operators vs Co...
Follow TheHouseMonk for proptech updates, industry trends, conversations with stalwarts of the ReaaS scene, and more!
/ thehousemonk
/ thehousemonk
/ thehousemonk
Негізгі бет How to start your first coliving business(step by step)|Luca, CEO of Habyt-Europe's biggest operator
Пікірлер: 11