Rough cost estimate - 6 residential units 85m² Austria + 200m²

In other words; once you have had conversations with the right people; you will realize that many of the goodies will simply fall victim to profit...

That depends entirely. You can only make a living from renting out basic units once you have a significantly higher number of units; meaning the concept of building "Economy" / "Standard" will not work with a six-family house (as the only rental property). A luxury unit (penthouse) is not necessary, but there should be one or two mid-range units. Or you look for a niche, i.e., target clientele beyond traditional conservatives and average consumers. And a vegetable or herb garden plot is not such a bad idea. Or something multigenerational, etcetera.

Glad you like the idea. definitely want to serve niches!

If I do the work myself (then I work less normally => also pay less taxes => because of a lower tax bracket etc. etc.)

how much roughly can I save (I already know I will only have "efficiency" of 70% of a pro at most!) but if a pro costs me 50 euros per hour => then I would have at least earned 35 euros NET (rough back-of-the-envelope calculation!!!!!) myself (I don’t earn that anywhere else!!) ;) )

AND: also just a BACK-OF-THE-ENVELOPE ESTIMATE: how much work time can you roughly calculate for a NEW BUILDING per m2 of living space?!? => to get a little feeling for it. (my approximation would be => 1.3 million euros for the new build => of which 50% labor / 40% material / 10% "incidental costs" => would be 750,000 just for labor => that would be 15,000 work hours) => I’m really not so clumsy that I couldn’t roughly build about 1/3 of the work hours myself (how that should happen remains to be seen - I still have to think about it)

... would appreciate your estimate!! ==> "problem" is only compound interest on the loan in the first years,... if I can get the costs down there => that helps me a lot in the long run!

So, I am a big fan of personal contribution! I renovated our two-family house built in 1964 relatively cheaply with a lot of personal effort.

BUT:
For your project, I would reduce personal contribution to a minimum.
On the one hand, you will have enough to do taking care of "client matters."
However, the factor of time is much more important. Let's assume you really put in some personal effort, which of course makes the entire project take a bit longer. Let's say only 3 months. Now think about how much you can save in costs through this small amount of personal contribution in this huge project and compare it to how much income you lose from renting during the 3 months.

I think it is not economical to work with significant personal contribution in this project.

That's my guess, but maybe I'm completely wrong...

Greetings
Specki

Thanks Specki.

I'm already thinking about it.
I played around a bit with numbers together with my tax advisor.
Although it could/would add up,...
it's often better if different companies do everything.
Because then the profit is lower (depreciation)
and I can get the VAT back (otherwise I would only have to offset the VAT with my tenants) (roughly speaking).

I don't like his calculation at all.
Logically, it doesn't make much sense to me,...
but it should be correct,...

there are funny things like,...
I take out a loan,... right in the first year,... I have an extreme interest burden (!! that's what ruins you!!!!)
and still, because I calculate it with depreciation over time,... I have a nice profit on paper,...
but then I have to pay tax on that profit at the highest tax bracket
and so on and so forth.

You really wonder,... if you want to do something yourself if it makes sense,... or if something like that can only be run by a finance shark or an heir nowadays.

We'll see.
Something like that would probably make a lot of people happy because it's something special,... but according to real market economy criteria, such a thing probably wouldn't pay off ;/

Thanks anyway for your estimates!

I have extremely high interest burden (!! that's what destroys you!!!!)

You are still thinking too much in terms of wage labor categories. Income from renting and leasing is also a completely different world in terms of how it works.

I would now also roughly estimate 1.2-1.4 million. Probably hardly less for this project.