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Buying a property to rent out

  • 18-02-2023 7:11pm
    #1
    Marymoore
    Registered Users, Registered Users 2 Posts: 165 ✭✭


    I wanted to get advice on an idea I had to see if people think it’s a good or bad idea?!

    so I have built up 30,000 in savings. I rent an apartment but can’t afford a mortgage for my family with my salary. I was thinking I could buy a small 1 bed apartment somewhere where the houses are cheaper and rent it out. That way it could be a good investment without letting my savings dwindle away with inflation. The tenants would then pay my mortgage. Or am I missing something? Thanks



Comments

  • #2
    Yellow_Fern
    Registered Users, Registered Users 2 Posts: 2,632 ✭✭✭Yellow_Fern


    I really think you need to keep the money to get a place to live. First own mortage and then an investment mortage.



  • #3
    wildwillow
    Registered Users, Registered Users 2 Posts: 1,220 ✭✭✭wildwillow


    Read all the threads here on rental property and you will soon change your mind. A one bed in a dodgy are is a complete disaster.



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