Family homestead in Tuscany

Family homestead in Tuscany

Member since 2024 · 5 posts · 2 votes

I am a small-time (4 LTR rentals) landlord in Maine. I have begun a discussion to purchase my grandfather's birthplace in Tuscany, but it needs work, and I have limited resources. My goal is to acquire and renovate the Tuscan farmhouse with two units. The plan would be to market the bottom level weekly during the peak season and split the off-season rental monthly and weekly. The upper level would be overflow capacity in the peak season and a 4-week or 12-week rental to digital nomads in the off-season. My goal in renting it would be to pay the acquisition and renovation costs and then to sustain the property. I had been considering offering a rent-to-own contract with recovery protections if the deal went sour.  However, I would need financial help with the renovation costs upfront. I don't need to make a profit on the property. I would be willing to make a co-hosting deal if someone has contacts in the region, as my responsibilities in Maine require me to be here more regularly. I am still assessing the project's overall cost, but if costs exceed 200k, it is a no-go. Correctly implemented, the resulting property value would exceed 200k, but I am looking to keep the building in the family.  Thoughts and suggestions are welcome.

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  • Dan WeberBusiness Member
    Realtor · Portland, ME · Member since 2015 · 655 posts · 552 votes
    2y

    I don't have any super helpful suggestions as I have never invested abroad. However, this is an awesome opportunity and I'm jealous! If the costs exceed $200k for the total project, could you do renovate one unit at a time? Renovate the bottom level, rent it out for a bit and recoup some costs, then renovate the upper level at a later date? 

  • Member since 2024 · 5 posts · 2 votes
    2y

    Dan, 
    I am up in Northern Oxford County, but I need some guidance on my Maine properties and my Tuscan aspirations. Would you be available to meet in Auburn? I could pay for lunch. 

    Kevin

  • Dan WeberBusiness Member
    Realtor · Portland, ME · Member since 2015 · 655 posts · 552 votes
    2y

    @Kevin N. Saisi that sounds great! I just shot you a message.

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