i'll 2nd and 3rd thatSome of those "cheap" houses in Longford, you wouldn't weant to be seen dead there - or you might be.
Price also depends of location - and some of those areas in Longforf town, even the Garda don't like going there.
I take that point. I called one today and when I asked about what the area is like he literally said 'it's ****e'.got to love Ireland.
Anyway the point was more about the price of houses and investment potential, not so much Longford specifically. I Spent a few hours researching today and I'm coming to the conclusion that the type of out of the way property in a rentable condition is more in the 25-50k bracket.
As a cash investment what are the main risks people see with doing this?
I had to insure the property, register tenancy’s with the PRTB, travel to the property frequently for viewings maintenance etc, maintain the property as well as the appliances, furnishings etc, pay the management fee, pay for utilities during vacant periods, pay property tax as well as tax and USC on any rental profit, then there is the difficult / troublesome tenants who are plentiful.
Mortgage? Entirely different situation to what the OP writes about.Being a higher rate tax payer with a small mortgage, I probably only made €1K annually when renting it
Nothing out of the ordinary here, these fall under the category "the usual". Fortunately most are tax deductible.
Mortgage? Entirely different situation to what the OP writes about.
As a landlord myself I'd probably turn down a property in a bad area of town in a place like Longford as an investment even if it were free.
@thelimit: Wanted to pm you and ask you what you felt were the ugly areas in L'ford town but can't seem to be able to do that.
Have an offer in - on a certain property in the town - which I thought looks like a decent area - but I'm not local - so perhaps I'm misguided...
Agree completely. L'ford is an hours drive away from me - I just have never had much occasion to go there in the past. I've been trying to bring myself up to speed as regards the various aspects re. local rental market (which is on the floor right now) and the area I'm looking at. I've visited it numerous times - at various times of night and day, etc - and it looks fine as an area.I think it's very unwise to be buying property in an area you are not familiar with. Property investment is an active business not a passive investment. You need good local knowledge to maximise your profits.
You're not listening to Twofor1's valuable experience as an actual landlord. Even if there is zero mortgage the return might not be worth it.
Delanest needs to clarify all the costs.
As a landlord myself I'd probably turn down a property in a bad area of town in a place like Longford as an investment even if it were free.
Costs would be the usual costs insurance/management fees, maintenance, tax .etc.
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You're not listening to Twofor1's valuable experience as an actual landlord. Even if there is zero mortgage the return might not be worth it.
I'm certainly not cut out to be one, but I've fallen on my feet and so far, so go. If I hand't this good fortune I'd have used a letting agency. Yes, this eats into profits, but it gives those not cut out the opportunity to be landlords.And then there is the perinnel question, are you cut out to be a landlord. [sic]
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