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11-03-2019, 08:33   #1
MrWyatt
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Need home ASAP, have 170000 cash

I have saved up 170K but am unemployed so can't get a mortgage. I have two young kids who go to school on the southside. I don't have enough to buy a family home close enough to the schools. I am thinking of buying an investment property to let out, possibly at auction. Some of these properties are tenanted already, this would allow me to earn an income from the property straight away. I don't have much of an income at the moment and am a first time buyer. Is there a way to do this without losing my first time buyer stamp duty by setting up a company to do the investment? Is this a good idea or is there a better way to invest my money? If I don't invest and continue to pay the high rent I will never have a home for my kids.
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11-03-2019, 08:35   #2
amcalester
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You need to get a job and then apply for a mortgage.
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11-03-2019, 08:43   #3
Gael23
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You need to put the money away until you are in a position to get a mortgage. Hen you do you will be able to get a nice home for a relatively modest mortgage.
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11-03-2019, 08:44   #4
MrWyatt
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I am a single dad with no family to help and I have health issues. Having the kids minded after school is too expensive and even if I work part time, under the current regulations with two dependent children I can't get a mortgage.
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11-03-2019, 08:47   #5
December2012
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Just so you know, there is no first time buyer exemption from stamp duty.
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11-03-2019, 08:49   #6
December2012
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Have you spoke with anybody in your local housing authority about qualifying for social housing?
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11-03-2019, 08:52   #7
MrWyatt
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Have you spoke with anybody in your local housing authority about qualifying for social housing?
Would I qualify for social housing with 170K in the bank?
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11-03-2019, 08:54   #8
RossieMan
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Originally Posted by MrWyatt
Would I qualify for social housing with 170K in the bank?
No, unless you've exceptional circumstances.
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11-03-2019, 08:58   #9
 
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No, unless you've exceptional circumstances.
Also after 9 months unemployment benefits are means tested.you are allowed some savings.
Sorry did not see the post on personal circunstances. Good luck
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11-03-2019, 09:01   #10
bono_v
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You could by a 3 bed for 160,000 in Dublin. Would be an ex council house in probably not the best council estate.
You could then rent it to a family for €1800 a month.
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11-03-2019, 09:09   #11
Xterminator
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Hi Op

why the rush to get a mortgage? Why can you not move where the homes cost less down in rural ireland you would get a house for 170k no bother.

PS an investment property could break your heart. Being a landlords not for the faint hearted. Why not invest it with a good broker in a low risk investment? It hard to work out why you need to spend it?
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11-03-2019, 09:09   #12
MrWyatt
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Originally Posted by bono_v View Post
You could by a 3 bed for 160,000 in Dublin. Would be an ex council house in probably not the best council estate.
You could then rent it to a family for €1800 a month.



Thanks Bono, would I pay much tax on that? Would there be other expenses? I also presume I would have to pay 10k stamp duty on that. Would it make sense to set up a company to own the property? I probably would not get or charge 1800€ but more like 1400€ max.
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11-03-2019, 09:12   #13
lucast2007us
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Originally Posted by MrWyatt
Thanks Bono, would I pay much tax on that? Would there be other expenses? I also presume I would have to pay 10k stamp duty on that. Would it make sense to set up a company to own the property? I probably would not get or charge 1800€ but more like 1400€ max.

You would pay 1,600 stamp duty on a house costing 160,000
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11-03-2019, 09:14   #14
MrWyatt
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Originally Posted by Xterminator View Post
Hi Op

why the rush to get a mortgage? Why can you not move where the homes cost less down in rural ireland you would get a house for 170k no bother.

PS an investment property could break your heart. Being a landlords not for the faint hearted. Why not invest it with a good broker in a low risk investment? It hard to work out why you need to spend it?

No rush to get a mortgage, I can't get one, I tried. I'd like to try going down the investment property anyway, I would like to understand the risk from a financial perspective. Where do I find a good broker for a low risk investment? Are the returns really comparable to the 12k a year I would get from buying a 170k property?
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11-03-2019, 09:16   #15
MrWyatt
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lucast2007us would it not be 6% stamp duty if it's a buy to let?
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