Would you quit your jobs?

[TulipVictory]

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Without being too outing, someone close to us is buying a small holiday complex. We could possibly have the opportunity of living on site and running it for them. They will pay our wages. We think this could be a good opportunity to give up the slog of our day jobs. For reference we have three young children. I feel like I can't think straight as have never had such an opportunity. Does anyone have any experience in this field ? Would you do it ? Does anyone have any positives/negatives? Thankyou

Would you be expected to be on call 24 hours a day? 7 days a week?

You will be on call 24/7. You may have to deal with difficult people and situations including drunk aggressive people. You will be living where you work so won't be easily able to get away or switch off. You will most likely have to work during summer and Christmas and other busy times.

Get every thing in written and typed communications, no relaying on verbal agreements, and I'd wait and see first before jumping feet first, in case the plans fold.

My parents did similar in the 80s, one kept mum kept her day job for security, dad in public sector did odd agency shift to keep registered but only bare minimum this helped when they left the holiday job.
They sold their house and kept the equity to get back on to the market but now a days I think you'd have to keep your home in order to get back on the property market.
For us as children there were good times (more freedom, met loads of people, parents at home lots) but we hated change over day & money was tight.
Parents were exhausted (maintenance etc) especially in spring /summer but they said it was worth it.

@Clockingon Thankyou for that 🥰 would be a completely different way of life for us and I'm hoping it would be a happier one but I'm trying to weigh it up. It would be good if we could sell up and buy a cheaper house on the side (with mortgage) to do up, sell and repeat each winter. This would give up an opportunity we could've only dreamed of but I don't know if it actually works on paper

I could see the attraction of it was your venture, just about, but sounds like your friends are looking for willing skivies. You won't still be friends for long.

What do you honestly think it will entail? I was in hospitality for many long years including holiday lets. People not in hospitality seem to have some weird idea its easy & see a wonderful lifestyle, it is not! Part of the role is making it look that way to paying guests.

Are you skilled in trades? If not I think you're potentially over estimating how much profit there is in flipping houses.

What allthe said

I did a few stints in hospitality. I really wanted to do it as a career, from quite a young age. After a year, I couldn’t get away fast enough.

It’s all the shit bits of housework, multiplied by 100 with added nobheads.

I’d be massively reluctant to (a) work for friends or family, or (b) take up role in the hospitality, leisure or tourism industry in the current climate.

You may find you dont get winter off or much down time. As long as you keep your mortgage property and ability to do bank shifts then it isnt as risky as giving up jobs completely. I would want legal advice and proper contracts - gone over by a solicitor.

What happens if another lock down? Do you still get paid?

Don't make life-changing decisions based on a fantasy rather than reality.

Running a holiday complex of 10 properties would be a long, hard slog not a jolly or a holiday for you. Especially if you have absolutely no experience and are having to learn on the job.

You're talking like you think you will be the one enjoying a holiday on the site.

Surely school holidays would be the busiest time and very inconvenient for you to take off??

Do people still make that much money flipping houses?
My ex did it all through 1990-2010.
He was a qualified joiner, and skilled at other building work, electrics and decorating. All the tools, all the contacts.
He literally live on a camp bed in a shell as he flipped it, sell, onto the next.
Even with all the work he was doing, he said often a lot of the profit simply came from the rising market. Certainly not all, but over half.
He was skilled at spotting the right house, and experienced in the work. No kids, so prepared to live with water and heating. And didn’t have to worry about distance to school. Didn’t care about living in the shittier areas.
He’s not a millionaire from that. And he doesn’t do it any more, because the money isn’t in it - there aren’t as many “bad” areas, too many people bidding, and a market that’s not rising at the same rate.

How well researched is your flipping plan?

You're talking like you think you will be the one enjoying a holiday on the site.

This is how it sounds to me too, which you most definitely wont be doing.

Is it somewhere that you would actually choose to live, even without this opportunity? Are the schools what you would want etc?

This would not be a relaxing way of life OP. It will be a never ending cycle of cleaning, tidying, gardening and repairs. Along with customer services (For at least 50% obnoxious people) on call 24 hours a day 7 days a week even when your 'on holiday'

Why do you think your friends don't want to do it themselves? 😕

My friend is doing this, and seems very happy. Sometimes it’s stressful, but if you have the opportunity to rent out your house and save the cash, plus spend time with your partner and kids, then go for it. If you don’t like it, you can always quit.

I do agree with the comments on pension etc. So maybe work that into your financial planning.

Why is it that you think it's a great opportunity?

You'd be giving up one job for another, that's all.

Do you hate your current jobs and just see this as an opportunity to change?

Is it that you think it would be like semi-retirement, or something?

I just can't see what it is that makes this so appealing to you, to be honest.

Funnily enough I was chatting to someone who does this job only yesterday. It’s hard work and the nature of it is changing due to the pandemic. I guess it depends on your current jobs as to whether this would be more/less demanding.

I'm not convinced that you'd get as much trouble from people in holiday cottages as previous posters are suggesting. Is it just self catering cottages that you'd have to clean and prep for changeover? Or is there a pool/shop/bar etc to look after as well? Most people going on holidays in S/c cottages just get on with it unless there's a maintenance issue that needs sorting. It's definitely something I would consider doing OP, but I don't have three young dc.

@TulipVictory

Posted here for traffic

Without being too outing, someone close to us is buying a small holiday complex. We could possibly have the opportunity of living on site and running it for them. They will pay our wages. We think this could be a good opportunity to give up the slog of our day jobs. For reference we have three young children. I feel like I can't think straight as have never had such an opportunity. Does anyone have any experience in this field ? Would you do it ? Does anyone have any positives/negatives? Thankyou

Why do you think looking after a holiday complex wouldn’t be a slog? . I’d probably not employ you if I were the owner and I saw this post as you seem to think it won’t require much effort.

I'd seriously doubt whether the lifestyle would be more relaxed - you constantly get people arriving late/outside arranged times, lots of cleaning and maintenance which could be at odd hours, potentially demanding requests for stuff. I'd want to know the hours - if it's on call 24/7 it's tough.

could your dH get a job in future if this didnt work out?