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Client cases: what expats bought through LDP Group, and what the numbers did

Real purchases made through LDP Group, anonymised and shown with the figures recorded in each business case: purchase price, cold rent before and after, gross yield and the estimated first-year tax effect, plus photos, floor plans and the client's Google review where it exists.

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Client portfolio, September 2026

6.8 mEUR purchase volume in published client cases

5.3 %average gross yield after LDP (2.9 % before)

1.9xcold rent after vs before, average

21,400 EURmedian first-year tax benefit per case

Computed from the same anonymised business cases as the services page. The cases below are a selection from that set.

01Method

How to read these cases

Every case on this page is a purchase that a client of LDP Group completed, with the figures that were recorded in the business case we prepared for that client before the notary date. We show them because a careful buyer should be able to check what a firm claims against what it has actually done, and because averages on our services page only make sense once you have seen the individual purchases behind them.

Purchase price

Is the price in the notarised contract, before purchase costs (transfer tax, notary, land registry) and before any renovation spent on top of the price.

Cold rent before

Is the monthly net rent the flat earned, or was expected to earn as a plain rental, at the time of purchase. Cold rent after is the monthly net rent after the renovation, conversion or re-letting that was part of the plan, as recorded in the business case.

Gross yield

Is cold rent times twelve, divided by the purchase price. It ignores purchase costs, renovation, vacancy, management fees and tax. It is the first number a bank and a buyer look at, and it is deliberately simple so that you can recompute it yourself from the two figures next to it.

First-year tax effect

Is the estimated reduction in that client's income tax in the first full year of ownership, driven mostly by depreciation and by interest and renovation costs. It was calculated for that client's income and is not a tax assessment.

Financed 100 percent or more

Means the bank financed the full purchase price, and in one case the purchase costs as well. That was possible because the client was resident in Germany with German income; buyers outside Germany usually need 40 to 50 percent equity, as explained on our non-resident financing page.

The photos are the ones taken for the case file: the flat as it was on the day of the viewing, and the flat as it was handed to the first tenants. Floor plans show the layout before and after where a conversion changed it. Reviews are quoted as they appear on Google, under the name the client chose there, and each one links to the original so you can read it in context.

Names, addresses and unit numbers are left out on purpose. Districts are named only where the case title carried them. If you want to see the full calculation behind a case, including purchase costs, financing terms and the monthly cash position after tax, ask for it in the screening call and we will walk you through it with the figures on screen.

02The cases

Selected LDP Group client purchases, with the photos and the numbers

The selection below is ordered by purchase price and covers the three property types we work with: co-living conversions of three to five rooms in Munich, Berlin and Nuremberg, modernised studios in Munich for a smaller ticket, and standard rentals for buyers who do not want a shared flat. Each case shows the photos before and after, the floor plans where the layout changed, the four core figures, and the client's review where the client left one on Google.

CityType

Munich

LDP Group client case: 5-room co-living

5 rooms let individuallyLargest ticket on this page

BeforeAfterDrag to compare

Purchase price730,000 EURnotarised price, before purchase costs

Cold rent per month1,760→3,6252.1x after conversion or renovation

Gross yield2.9 %→6.0 %rent x 12 / price, before costs

First-year tax effect58,320 EURestimate for this client's income

A 55-year-old auditor in the pharmaceutical industry wanted an asset that pays a pension. A five-room flat in Munich, bought for 730,000 EUR, was converted into five separately let rooms. Cold rent rose from 1,760 to 3,625 EUR per month, and the depreciation and interest on the loan produced the largest first-year tax effect on this page, 58,320 EUR, calculated for that client's income.

Floor plans, before and after

LDP Group client case Munich: floor plan before the conversion — Before

LDP Group client case Munich: floor plan after the conversion — After

Run this case with your numbersPrice, rent and state prefilled; your equity, rate and tax rate

Munich, Schwabing

LDP Group client case: 4-room co-living

Cash-flow positive before taxFirst property 5.0 on Google

BeforeAfterDrag to compare

Purchase price640,000 EURnotarised price, before purchase costs

Cold rent per month1,200→3,0002.5x after conversion or renovation

Gross yield2.2 %→5.6 %rent x 12 / price, before costs

First-year tax effect29,400 EURestimate for this client's income

A four-room flat in Schwabing-Freimann, close to Munich's northern business district, bought for 640,000 EUR by a client who had never owned property before. Converted into four rooms, the cold rent went from 1,200 to 3,000 EUR per month, which made the business case about 350 EUR per month cash-flow positive before tax. The flat has been let since and, in the client's words, runs according to plan.

Floor plan

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TOTALLY RECOMMENDED!! I bought my first apartment in Munich with LDP! Nic is the best! He explained the concept to me and it was so easy. I have been renting out the apartment for more than 6 months already and everything is going according to plan (smooth and easy). My apartment is beautiful and it is amazing how it looks now vs how it was.
Priscila S., Google reviewRead on GoogleQuoted from Google. The reviewer is the client of this case.

Munich

LDP Group client case: 4-room co-living

100 percent financedBought remotely from Frankfurt 5.0 on Google

BeforeAfterDrag to compare

Purchase price625,000 EURnotarised price, before purchase costs

Cold rent per month1,350→2,9002.1x after conversion or renovation

Gross yield2.6 %→5.6 %rent x 12 / price, before costs

First-year tax effect23,000 EURestimate for this client's income

An investor based in Frankfurt already owned two properties, but the idea of modernising a flat and restructuring it into co-living was new to him, and he came with strict requirements. The result was a fully modernised four-room flat near a U-Bahn station, financed at 100 percent of the purchase price and cash-flow positive in the business case. Cold rent rose from 1,350 to 2,900 EUR per month. He now manages three assets from Frankfurt.

Floor plans, before and after

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From property selection and financing through to the completion of the investment, I experienced a well-managed end-to-end process with clear communication and great attention to detail. They also work with reliable, competent partners, which made the whole experience even smoother.
Sahin P., Google reviewRead on GoogleQuoted from Google. The reviewer is the client of this case.

Munich

LDP Group client case: 3-room co-living

Largest 3-room flat in the setNear the Theresienwiese100 percent financedInvestor Diaries episode 5.0 on Google

BeforeAfterDrag to compare

Purchase price600,000 EURnotarised price, before purchase costs

Cold rent per month1,120→2,4752.2x after conversion or renovation

Gross yield2.2 %→5.0 %rent x 12 / price, before costs

First-year tax effect21,400 EURestimate for this client's income

The largest three-room flat among LDP Group's published cases, with a very good square-metre price a short walk from the Theresienwiese, bought for 600,000 EUR by a first-time investor with limited German. The bank financed the full price at the rate agreed beforehand. After conversion the cold rent rose from 1,120 to 2,475 EUR per month, which took the gross yield from about 2 to 5 percent. LDP Group translated every step of the purchase, including the notary appointment. The full Investor Diaries episode on the LDP Group YouTube channel walks through this case.

Floor plans, before and after

Run this case with your numbersPrice, rent and state prefilled; your equity, rate and tax rate

Nick did a fantastic job in helping me do my first investment in a 3 room apartment in Munich. I received great advice about locations and rentability, then he contacted the bank and secured a loan with the interest that we agreed on, it was 100% financed. He also helped with all the translations during the purchase.
Nick R., Google reviewRead on GoogleQuoted from Google. The reviewer is the client of this case.

Munich

LDP Group client case: 3-room co-living, second purchase

Same client as the U6 caseEight months later

BeforeAfterDrag to compare

Purchase price555,000 EURnotarised price, before purchase costs

Cold rent per month1,433→2,4001.7x after conversion or renovation

Gross yield3.1 %→5.2 %rent x 12 / price, before costs

First-year tax effect45,720 EURestimate for this client's income

Eight months after his first purchase with LDP Group, the client from the U6 case bought again: a three-room flat directly in front of a U-Bahn station, 555,000 EUR, renovated and converted. Cold rent rose from 1,433 to 2,400 EUR per month, and the first-year tax effect of 45,720 EUR reflects the renovation share and the client's income. A serial investor who had done it himself once, and chose not to again.

Floor plan

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Munich

LDP Group client case: 3-room co-living

U6 steps from the doorFrom DIY to LDP 5.0 on Google

BeforeAfterDrag to compare

Purchase price525,000 EURnotarised price, before purchase costs

Cold rent per month1,400→2,3251.7x after conversion or renovation

Gross yield3.2 %→5.3 %rent x 12 / price, before costs

First-year tax effect18,000 EURestimate for this client's income

A classic three-room flat with the U6 a few steps from the front door, bought for 525,000 EUR and converted into a co-living flat with an optimised layout. Cold rent rose from 1,400 to 2,325 EUR per month. The client had refurbished a flat on his own before and was sceptical; after several meetings and a few candidate flats the numbers convinced him. The flat is fully let, and he came back for a second purchase.

Floor plans, before and after

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Everything Abdo promised played out exactly as described. LDP handled the entire process end-to-end: sourcing the right flat, arranging financing, managing the construction company, and coordinating with the estate agents for tenant placement. Everything went smoothly without a single hitch, and I am now the owner of a fully let 3-room property in Munich.
Franco V., Google reviewRead on GoogleQuoted from Google. The reviewer is the client of this case.

Munich, Milbertshofen

LDP Group client case: 3-room co-living

Large roomsRent more than doubled 5.0 on Google

Munich, Milbertshofen before the purchase

BeforeAfterDrag to compare

Purchase price525,000 EURnotarised price, before purchase costs

Cold rent per month1,100→2,2502.0x after conversion or renovation

Gross yield2.5 %→5.1 %rent x 12 / price, before costs

First-year tax effect21,000 EURestimate for this client's income

A three-room flat near Milbertshofen am Hart with unusually large rooms, bought for 525,000 EUR. The kitchen and the 1,100 EUR lease belonged to another decade; after the conversion the three rooms bring 2,250 EUR per month, a little over twice the previous rent. The client's review highlights the part that matters most to first-time buyers from abroad: being told what happens next at every step.

Floor plans, before and after

LDP Group client case Munich, Milbertshofen: floor plan before the conversion — Before

LDP Group client case Munich, Milbertshofen: floor plan after the conversion — After

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Communication was always clear, timely, and straightforward, which made the entire experience smoother. I felt well accompanied at every stage, from the initial consultation to the final purchase. Thanks to their guidance and support, I was able to complete the purchase with peace of mind.
Yangi Y., Google reviewRead on GoogleQuoted from Google. The reviewer is the client of this case.

Munich, Olympiapark

LDP Group client case: 3-room co-living

Optimised layoutInvestor Diaries episode

BeforeAfterDrag to compare

Purchase price505,000 EURnotarised price, before purchase costs

Cold rent per month1,200→2,2501.9x after conversion or renovation

Gross yield2.9 %→5.3 %rent x 12 / price, before costs

First-year tax effect18,000 EURestimate for this client's income

A three-room flat at the Olympiapark, bought for 505,000 EUR, with a green-tiled bathroom and a kitchen that had seen decades of use. The layout was reworked (floor plans below), and the cold rent rose from 1,200 to 2,250 EUR per month. The full Investor Diaries episode on the LDP Group YouTube channel breaks down the property, the financing, the renovation and the tax structure.

Floor plans, before and after

LDP Group client case Munich, Olympiapark: floor plan before the conversion — Before

LDP Group client case Munich, Olympiapark: floor plan after the conversion — After

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Munich, Maxvorstadt

LDP Group client case: Modernised studio

Smaller ticketSingle tenant

BeforeAfterDrag to compare

Purchase price344,000 EURnotarised price, before purchase costs

Cold rent per month900→1,3001.4x after conversion or renovation

Gross yield3.1 %→4.5 %rent x 12 / price, before costs

First-year tax effect9,997 EURestimate for this client's income

A studio in Maxvorstadt, in the centre of Munich, bought for 344,000 EUR at a good price per square metre and fully modernised. No conversion, one tenant: the cold rent rose from 900 to 1,300 EUR per month on the strength of the refurbishment and the location. The tax effect is smaller than in the co-living cases because there is less to depreciate and no renovation of the layout.

Floor plans, before and after

LDP Group client case Munich, Maxvorstadt: floor plan before the conversion — Before

LDP Group client case Munich, Maxvorstadt: floor plan after the conversion — After

Run this case with your numbersPrice, rent and state prefilled; your equity, rate and tax rate

Berlin

LDP Group client case: 3-room co-living

Rent doubledHighest yield after conversion

BeforeAfterDrag to compare

Purchase price327,000 EURnotarised price, before purchase costs

Cold rent per month900→1,8002.0x after conversion or renovation

Gross yield3.3 %→6.6 %rent x 12 / price, before costs

First-year tax effect23,200 EURestimate for this client's income

A three-room flat in Berlin, bought for 327,000 EUR, roughly half the ticket of a comparable Munich flat. The conversion doubled the cold rent from 900 to 1,800 EUR per month, which gives the highest gross yield after conversion on this page, 6.6 percent, and a first-year tax effect of 23,200 EUR from the high depreciation share.

Floor plans, before and after

LDP Group client case Berlin: floor plan before the conversion — Before

LDP Group client case Berlin: floor plan after the conversion — After

Run this case with your numbersPrice, rent and state prefilled; your equity, rate and tax rate

Nuremberg

LDP Group client case: 3-room co-living

105.5 percent financedOpposite the Siemens campus

BeforeAfterDrag to compare

Purchase price314,000 EURnotarised price, before purchase costs

Cold rent per month800→1,2301.5x after conversion or renovation

Gross yield3.1 %→4.7 %rent x 12 / price, before costs

First-year tax effect14,500 EURestimate for this client's income

A three-room flat directly opposite the main Siemens campus in Nuremberg, bought for 314,000 EUR at a very good square-metre price and financed at 105.5 percent, so that the bank covered the purchase costs as well and the client put in no equity upfront. The flat was gutted and rebuilt; cold rent rose from 800 to 1,230 EUR per month. Full financing of this kind is only possible for residents with German income and a clean file.

Floor plans, before and after

LDP Group client case Nuremberg: floor plan before the conversion — Before

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Nuremberg

LDP Group client case: 3-room co-living, full renovation

Kernsanierung8.3 percent depreciation in the business case

BeforeAfterDrag to compare

Purchase price307,000 EURnotarised price, before purchase costs

Cold rent per month600→1,4002.3x after conversion or renovation

Gross yield2.3 %→5.5 %rent x 12 / price, before costs

First-year tax effect26,500 EURestimate for this client's income

A full renovation (Kernsanierung) of a flat in a jointly owned building in Nuremberg, bought for 307,000 EUR through a family office. The photos show what full means: bare brick and open ceilings before, three furnished rooms after. Cold rent rose from 600 to 1,400 EUR per month, the largest multiple on this page, and the business case applied a depreciation rate of 8.3 percent per year on the renovation share, which explains the first-year tax effect of 26,500 EUR on a 307,000 EUR purchase.

Floor plan

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Munich

LDP Group client case: Modernised studio

Opposite the BMW plantSecond purchase after a bad first one 5.0 on Google

Plan beforePlan afterDrag to compare

Purchase price305,000 EURnotarised price, before purchase costs

Cold rent per month800→1,2001.5x after conversion or renovation

Gross yield3.1 %→4.7 %rent x 12 / price, before costs

First-year tax effect9,150 EURestimate for this client's income

A studio directly opposite the BMW plant, the largest employer in Munich, bought for 305,000 EUR by a client whose first property purchase through another provider had gone badly. The studio was modernised and re-let; cold rent rose from 800 to 1,200 EUR per month. In his review he writes that the investment is performing better than expected, and that the difference to his earlier experience was consistent, honest communication.

Run this case with your numbersPrice, rent and state prefilled; your equity, rate and tax rate

What stood out most was the consistency of their communication; always clear, timely, and honest. I never felt left alone at any point; from the first consultation all the way to the handover, I knew I had the right support. Not only did I complete my property purchase with confidence, but the investment itself is performing even better than expected.
M. Hafez, Google reviewRead on GoogleQuoted from Google. The reviewer is the client of this case.

Nuremberg

LDP Group client case: Standard rental

No shared flatCash-flow positive after tax in the business case

BeforeAfterDrag to compare

Purchase price250,000 EURnotarised price, before purchase costs

Cold rent per month700→9501.4x after conversion or renovation

Gross yield3.4 %→4.6 %rent x 12 / price, before costs

First-year tax effect27,000 EURestimate for this client's income

Her first property: a standard family rental in a prime Nuremberg location, bought for 250,000 EUR, deliberately not a shared flat. The base yield was already decent, and after the modernisation the cold rent rose from 700 to 950 EUR per month. What makes the case work is the depreciation: a first-year tax effect of 27,000 EUR on a 250,000 EUR purchase turned a plain rental cash-flow positive after tax in the business case.

Floor plan

Run this case with your numbersPrice, rent and state prefilled; your equity, rate and tax rate

Vilshofen, Lower Bavaria

LDP Group client case: Standard rental

Smallest ticketSmall-town rental 5.0 on Google

Vilshofen, Lower Bavaria before the purchase

Vilshofen, Lower Bavaria after renovation

BeforeAfterDrag to compare

Purchase price164,500 EURnotarised price, before purchase costs

Cold rent per month500→7701.5x after conversion or renovation

Gross yield3.6 %→5.6 %rent x 12 / price, before costs

First-year tax effect4,800 EURestimate for this client's income

A standard rental flat in Vilshofen, a small town in Lower Bavaria, bought for 164,500 EUR: the smallest ticket on this page and the simplest model. No conversion, a single tenant, a renovation, and cold rent up from 500 to 770 EUR per month for a gross yield of 5.6 percent. The first-year tax effect of 4,800 EUR is small because the price is. The clients viewed the flat with the seller and had all documents in English.

Floor plan

Run this case with your numbersPrice, rent and state prefilled; your equity, rate and tax rate

What we appreciated the most was how carefully he understood our financial situation and suggested a property that perfectly matched our budget and expectations. The documentation process was very clean and well organized, and all important documents were also provided in English. Nicholas even acted as our official translator during the notary appointment.
Kenneth M., Google reviewRead on GoogleQuoted from Google. The reviewer is the client of this case.

LDP Group client cases: all figures at a glance

City and concept	Purchase price	Cold rent before	Cold rent after	Gross yield before / after	First-year tax effect
Munich, 5-room co-living	730,000 EUR	1,760 EUR	3,625 EUR	2.9 % / 6.0 %	58,320 EUR
Munich (Schwabing), 4-room co-living	640,000 EUR	1,200 EUR	3,000 EUR	2.2 % / 5.6 %	29,400 EUR
Munich, 4-room co-living, 100 percent financed	625,000 EUR	1,350 EUR	2,900 EUR	2.6 % / 5.6 %	23,000 EUR
Munich, 3-room co-living near the Theresienwiese	600,000 EUR	1,120 EUR	2,475 EUR	2.2 % / 5.0 %	21,400 EUR
Munich, 3-room co-living, second purchase of the same client	555,000 EUR	1,433 EUR	2,400 EUR	3.1 % / 5.2 %	45,720 EUR
Munich, 3-room co-living at the U6	525,000 EUR	1,400 EUR	2,325 EUR	3.2 % / 5.3 %	18,000 EUR
Munich (Milbertshofen), 3-room co-living	525,000 EUR	1,100 EUR	2,250 EUR	2.5 % / 5.1 %	21,000 EUR
Munich (Olympiapark), 3-room co-living	505,000 EUR	1,200 EUR	2,250 EUR	2.9 % / 5.3 %	18,000 EUR
Munich (Maxvorstadt), modernised studio	344,000 EUR	900 EUR	1,300 EUR	3.1 % / 4.5 %	9,997 EUR
Berlin, 3-room co-living	327,000 EUR	900 EUR	1,800 EUR	3.3 % / 6.6 %	23,200 EUR
Nuremberg, 3-room co-living, 105.5 percent financed	314,000 EUR	800 EUR	1,230 EUR	3.1 % / 4.7 %	14,500 EUR
Nuremberg, 3-room co-living after full renovation	307,000 EUR	600 EUR	1,400 EUR	2.3 % / 5.5 %	26,500 EUR
Munich, modernised studio near the BMW plant	305,000 EUR	800 EUR	1,200 EUR	3.1 % / 4.7 %	9,150 EUR
Nuremberg, standard rental	250,000 EUR	700 EUR	950 EUR	3.4 % / 4.6 %	27,000 EUR
Vilshofen (Lower Bavaria), standard rental	164,500 EUR	500 EUR	770 EUR	3.6 % / 5.6 %	4,800 EUR

Source: LDP Group, business cases of completed client purchases, as of October 2026. Gross yield is cold rent times twelve divided by the price shown, before purchase costs, renovation, vacancy and management. The tax effect is the estimate in the business case for that client's income. None of these figures has been independently audited; the sections below explain what they leave out.

03Patterns

What the cases have in common

Read together, the cases show a pattern rather than a series of lucky finds. The purchase price is rarely the lever. In the co-living cases the return came from what happened after the notary date: a layout that turns a three-room family flat into three or four separately let rooms, a renovation that lifts the rent from the level of a 1970s lease to the current market, and a depreciation schedule that reduces the tax the client pays on their salary.

Cold rent roughly doubles in a co-living conversion. Across the co-living cases the rent after conversion is between 1.5 and 2.5 times the rent before. The largest multiples come from flats that were let far below market before the purchase, such as the Nuremberg renovation (600 to 1,400 EUR) and the Berlin flat (900 to 1,800 EUR).

Gross yields land between 4.5 and 6.6 percent after the work. Before the work, the same flats yielded 2.2 to 3.6 percent, roughly the range an ordinary listing in Munich or Berlin shows in our city reports. The difference is the conversion, not the location.

Standard rentals and studios move less, and cost less. The two standard rentals and the two studios lift rent by 30 to 55 percent, with tickets between 164,500 and 344,000 EUR. They suit buyers who want a single tenant, a smaller loan or a first purchase without a shared flat.

The tax effect is a second income stream. First-year tax effects range from 4,800 EUR on the smallest standard rental to 58,320 EUR on the five-room co-living. The figure depends on the client's income and tax rate as much as on the property, which is why two similar flats show different numbers.

Full financing is possible for residents. Three cases on this page were financed at 100 percent or more of the purchase price. That is only possible for buyers who live in Germany with German income; buyers abroad usually need 40 to 50 percent equity.

Cold rent before and after, one line per case shown above

Sorted by the multiple on the right. Before: rent at purchase. After: rent recorded in the business case after renovation, conversion or re-letting.

Average cold rent by concept, all published cases

Averages across every published case of each concept, including cases not shown on this page.

Gross yield on purchase price

Cold rent times twelve, divided by purchase price, averaged over all published cases, before costs and tax.

Ticket size and city mix

Purchase price of the published cases.

Munich 80 %
Nuremberg 13 %
Berlin 5 %
Vilshofen 2 %

Share of purchase volume by city.

Stress test: LDP Group co-living cases with a room empty or rents below plan

LDP Group client case	Cold rent after conversion	One room empty for a full year	Every room 20 percent below plan	Before the conversion
Munich 5-room co-living, 730,000 EUR	3,625 EUR 6.0 %	2,900 EUR 4.8 %	2,900 EUR 4.8 %	1,760 EUR 2.9 %
Munich, Schwabing 4-room co-living, 640,000 EUR	3,000 EUR 5.6 %	2,250 EUR 4.2 %	2,400 EUR 4.5 %	1,200 EUR 2.2 %
Munich 4-room co-living, 625,000 EUR	2,900 EUR 5.6 %	2,175 EUR 4.2 %	2,320 EUR 4.5 %	1,350 EUR 2.6 %
Munich 3-room co-living, 600,000 EUR	2,475 EUR 5.0 %	1,650 EUR 3.3 %	1,980 EUR 4.0 %	1,120 EUR 2.2 %
Munich 3-room co-living, second purchase, 555,000 EUR	2,400 EUR 5.2 %	1,600 EUR 3.5 %	1,920 EUR 4.2 %	1,433 EUR 3.1 %
Munich 3-room co-living, 525,000 EUR	2,325 EUR 5.3 %	1,550 EUR 3.5 %	1,860 EUR 4.3 %	1,400 EUR 3.2 %
Munich, Milbertshofen 3-room co-living, 525,000 EUR	2,250 EUR 5.1 %	1,500 EUR 3.4 %	1,800 EUR 4.1 %	1,100 EUR 2.5 %
Munich, Olympiapark 3-room co-living, 505,000 EUR	2,250 EUR 5.3 %	1,500 EUR 3.6 %	1,800 EUR 4.3 %	1,200 EUR 2.9 %
Berlin 3-room co-living, 327,000 EUR	1,800 EUR 6.6 %	1,200 EUR 4.4 %	1,440 EUR 5.3 %	900 EUR 3.3 %
Nuremberg 3-room co-living, 314,000 EUR	1,230 EUR 4.7 %	820 EUR 3.1 %	984 EUR 3.8 %	800 EUR 3.1 %
Nuremberg 3-room co-living, full renovation, 307,000 EUR	1,400 EUR 5.5 %	933 EUR 3.6 %	1,120 EUR 4.4 %	600 EUR 2.3 %

Source: LDP Group, computed from the published figures of each client case. Each cell shows the cold rent per month and the gross yield, which is cold rent times twelve divided by the purchase price, before purchase costs, renovation, management, interest and tax. One room empty assumes that every room pays the same share of the rent. In every co-living case on this page the rent with one room empty for a full year stays above the rent the flat earned before the conversion. The narrowest margin is the Nuremberg case bought for 314,000 EUR: 820 EUR with one room empty against 800 EUR before. The same holds when every room lets 20 percent below plan. This is the yield on the price, not the cash flow after the loan payment: for that, open any case in the calculator through the link under it and change rent, rate and equity yourself.

The co-living purchases are also published as one table: the LDP Group Co-Living Conversion Dataset 2026 lists eleven of them, ten shown on this page, with the rent per room, a comparison with the market median for a room in a shared flat, and the yields at rents below plan. It is the source of the co-living averages quoted elsewhere on this site.

The cities follow the same logic. Munich carries most of the purchase volume because that is where most of our clients live and work, and because the gap between an old lease and a re-let room is widest there. Berlin and Nuremberg offer the same conversion at a lower ticket and, in the Nuremberg cases, a higher yield after the work. Vilshofen shows what a plain rental in a small town looks like: a lower price, a decent base yield and a modest tax effect.

The stress table above answers the two questions a careful buyer asks about a co-living flat: what if a room stands empty, and what if the rooms let for less than planned. It is computed only from figures published on this page, so you can check every cell. It shows the gross yield of each LDP Group co-living case with one room empty for a full year and with every room 20 percent below the rent in the business case, next to the rent the same flat earned before the conversion. It does not show the cash position after the loan payment, which depends on your equity and interest rate; the calculator linked under each case does that for your own numbers.

04Honest part

What went wrong, or nearly did

A page of successes is not a track record; it is marketing. Three cases are worth reading for what almost went differently.

Waiting one month cost a higher rate

A couple let a financing offer for a four-room Munich co-living flat (645,750 EUR, cold rent 1,400 to 2,800 EUR after conversion) expire to see what the new government would do. A month later the bank's new offer was noticeably worse. The purchase still made sense and went ahead at the higher rate.

Doing it yourself first

The client behind the U6 case had refurbished a flat on his own before: financing, builders and several tenants at once. The second time one team ran the whole process. Eight months later he bought again, a second three-room co-living flat for 555,000 EUR.

A bad first experience elsewhere

The client who bought the studio near the BMW plant had a difficult first purchase through another provider. His review names what changed: consistent communication and not being left alone between consultation and handover. The comparison is his, not ours.

105.5 percent financed, no equity upfront

The Nuremberg flat opposite the Siemens campus was financed above the purchase price, covering purchase costs as well. It works only for residents with German income and a clean file, and the bank, not the buyer, decides.

As of the review date, the founders have no completed purchase to report where the plan failed; if one occurs, it belongs on this page. That is a statement about a young company with a short history, not a promise. Rents can fall, a room can stay empty, a renovation can run over budget, and tax rules can change. The limitations below say what these figures cannot tell you.

05Limits

Limitations: what these figures do not show

What the figures leave out

The rent after conversion is the figure in the business case at the time of purchase. We do not update the cases with live rent rolls, and vacancy between tenants is not shown.
Gross yield ignores purchase costs of roughly 5.5 percent in Bavaria and 8 percent in Berlin (transfer tax 3.5 percent in Bavaria and 6 percent in Berlin, plus notary and land registry of about 2 percent; our commission is already inside the price), and it ignores the renovation spent beyond the purchase price. Net yield after costs is lower and depends on the financing.
The tax effect is an estimate for that client's income and marginal rate. A client with a lower income sees a smaller figure from the same flat. Only the tax assessment makes it final, and depreciation on the building share is fixed by the purchase price split, not by the rent.
Co-living rents depend on letting rooms individually and on local rules. Munich and Berlin both regulate rents; the conversions here were checked against those rules at the time, and we do not claim the same rent for a different flat.
The photos show the flats at handover. They do not show wear, tenant changes or later work.
We chose the cases. They are real, but they are the ones with complete files and photos, not a random sample of every purchase we have handled. The medians on the services page are computed across all published cases, including ones not shown here.

What would change this page

A new published business case with complete figures and photos, which we add here at the next quarterly review.
A material change in a shown case, such as a long vacancy or a rent that turned out lower than the business case, which we would note under the case.
A change in depreciation rules or in transfer tax rates, which changes the tax effect and the purchase cost figures quoted in the limitations.
A change in our fee model or in how we are paid, which is described on the reliability page and would change how to read the purchase price.

5.025 Google reviews, 25 September 2026

4.728 ExpertenMarkt reviews, 25 September 2026

Both figures as published on the platforms; LDP does not check whether reviewers there are clients. The footer of every page shows the live Google figure. Read the less enthusiastic reviews as closely as the five-star ones.

06Who checks the numbers

Every case is reviewed by the two founders

Each business case was prepared for a client before purchase and reviewed by Nicholas Runtic and Abdelrahman Maged, the co-founders of LDP Group. The same two review this page before it is published and at every review date. How we are paid, which licences we hold and how to check any price independently is on the reliability page.

Nicholas Runtic and Abdelrahman MagedCo-founders, LDP Group

Co-Living Conversion Dataset 2026: the co-living cases as one table, with CSV→All services at a glance→How to check a property investment firm in Germany before you buy→Is LDP Group reliable? Licences, fees and track record→Co-living conversion explained→Mortgage financing for expats→Tax-optimised property structuring→Client testimonials→

Frequently asked questions

Are these real clients, and can I talk to one?

Yes, every case is a completed purchase by a client of LDP Group, with the figures recorded in the business case and photos from the case file. Where the client left a Google review, it is quoted and linked so you can read it at the source. If you want to hear it from clients rather than from us, the reviews link to Google, where all of them can be read together with the less enthusiastic ones.

Why do the rents after conversion look so much higher than before?

Because the flat is let differently. A three-room family flat in Munich is let to one household at a rent that is often years old; the same flat converted to co-living is let room by room to working professionals at current market rents. The renovation, the furnishing and the individual contracts explain the difference. Where a case is a standard rental or a studio, the uplift is smaller because only the modernisation changes the rent.

What happens to an LDP Group co-living case if a room is empty or the rent comes in lower than planned?

The stress table on this page computes it for every LDP Group co-living case from the published figures. Example: the three-room flat near the Theresienwiese in Munich, bought for 600,000 EUR, earns 2,475 EUR cold rent per month after conversion, a gross yield of 5.0 percent. With one of the three rooms empty for a full year the rent is 1,650 EUR and the yield 3.3 percent; with every room 20 percent below plan it is 1,980 EUR and 4.0 percent. Before the conversion the flat earned 1,120 EUR, 2.2 percent. These are yields on the purchase price before costs, interest and tax, not the cash flow after the loan payment.

Can I get 100 percent financing like some of these clients?

Possibly, if you live and earn in Germany with a stable income and a clean SCHUFA. Three cases on this page were financed at 100 percent or more, all by residents. Buyers outside Germany usually need 40 to 50 percent equity, and buyers outside the EU cannot be financed by our partner at all. The bank decides based on you and the property, not on the case you have read.

Is the tax effect guaranteed?

No. It is an estimate for that client's income in the first full year, based on depreciation, interest and renovation costs. Your figure depends on your income, your marginal tax rate and the purchase price split between land and building, which the tax office can question. An independent tax adviser, ours or your own, calculates it for your situation before you sign, and only your tax assessment makes it final.

What did these clients pay LDP Group?

Nothing on a separate invoice. Our commission is part of the purchase price shown in each case, and there is no additional broker fee on top. The bank pays the mortgage broker, and rental management is a flat monthly fee from 30 EUR per tenant, charged by the management partner. How this works, and the conflict of interest it creates, is described on our reliability page, together with the ways to check a price without relying on us.

See the calculation behind a case

In a 30-minute screening call we walk through one of these cases with the full figures on screen: purchase costs, financing, rent after conversion, tax effect and the monthly cash position. Then we tell you whether a similar case is realistic for you.

Book a free screening call

Run a case with your numbers

Sources

Last reviewed October 5, 2026. Reviewed by Nicholas Runtic and Abdelrahman Maged, co-founders of LDP Group, before publication and at every review date. We review this page every quarter and whenever a shown case changes materially.