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Property for regular income

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  • 12-06-2017 4:39pm
    #1
    grandlad
    Registered Users Posts: 6 ✭


    Hi there,

    Goal: I'd like to have a regular income. 1k to 1.5k / month for example.
    Assets: I have ~160k available in my account.

    An option is to purchase an apartment. I think Dublin has a great potential for renting would you agree or is there any better option.

    Where would you buy?
    Would you rent on a regular lease or would you go air b and b type of things?
    Would you buy in Ireland or abroad?
    Would you rather go another road?
    Would you take on a mortgage or buy cash? (I was thinking of buying a 1 bed appt for the amount I actually have but I am open to ideas + I have no big income aside.)

    Thanks for your input/ideas lads


Comments

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    #2
    BrokenArrows
    Registered Users Posts: 7,500 ✭✭✭BrokenArrows


    With only 160k you won't be able to buy in Dublin without a mortgage. So mortgage repayments will cut into your income from rent.

    Also you will have trouble getting a mortgage if you don't have a job.


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    #3
    grandlad
    Registered Users Posts: 6 ✭grandlad


    BrokenArrows wrote: »
    With only 160k you won't be able to buy in Dublin without a mortgage. So mortgage repayments will cut into your income from rent.

    Also you will have trouble getting a mortgage if you don't have a job.

    I saw a few 1 bedroom apartments for ~150k, not good?

    That means I can buy them cash. Potential rental income in the city centre is 1k

    Am I missing anything?


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    #4
    ceegee
    Registered Users Posts: 2,233 ✭✭✭ceegee


    grandlad wrote: »
    I saw a few 1 bedroom apartments for ~150k, not good?

    That means I can buy them cash. Potential rental income in the city centre is 1k

    Am I missing anything?

    Tax on rental income, maintenance costs, management fees, cost of eviction if tenant doesnt pay their rent...


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    #5
    gaz wac
    Registered Users Posts: 1,330 ✭✭✭gaz wac


    ceegee wrote: »
    cost of eviction if tenant doesnt pay their rent...
    seems to be a growing trend. get their foot in the door, then they stop paying the rent. could take up to 12 months to evict, which by that time , your down 12k in rent and add the legal cost. or your tenent might 'suggest' that you pay them ?5k to move on!!. A lot of landlords getting out of the game.


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    #6
    dashoonage
    Registered Users Posts: 3,126 ✭✭✭dashoonage


    Airbnb is the way forward


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