IPAS contacts

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gaming_needs90

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I was looking into the maths of being a landlord etc just out of boredom and the area of the IPAS contracts came into my head. From my research it seems the average amount is 76 euro per person per night.

Unless my maths are really basic and wrong, this looks like a really easy way to earn amazing returns.

Take this beautiful property for example, Knocktopher Abbey:


daft.ie/for-sale/detached-house-knocktopher-abbey-knocktopher-co-kilkenny/5894869




Presuming one had the money for this or access to credit, by my calculation you would only have to do the IPAS contract for 2-3 years to pay it off.

It's down as 22 bed so lets presume you can get two per room, 44 people. 44 people * 76 euro * 365 = 1,220,560 euro per annum.

Presume we pay 2 million for the property. That is 2 - 3 years to pay off this property.



Am I missing something here? It seems like an absolutely amazing investment strategy.
 
Well if I have an offshore company that buys the property then tax might well be minimised to null.

In terms of other costs though, what other costs? Its my understanding the deparment basically "takes over" the property so everything is on them from there.

Even presuming paying 50% tax, its still a great investment strategy.
 
I suppose your biggest risk would be the centre not going ahead(many don't ), it being burned down (many have), you or your family personally being targeted for your actions against the community (one man local to me withdrew planning for one after extensive and robust personal pushback).
 
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