33 years old .. Invest savings in rental property?
Hi, I am 33 years old and have a large lump sum saved up.
I am currently working abroad (not an overly secure job) and probably looking to come back home to Ireland in next 2-4 years.
I am looking to invest half of the lump some in a cash flow producing asset so when I return to Ireland I won't be stuck for income and will have some flexibility with working hours etc.
I am looking at maybe purchasing a rental property (4 bed townhouse) in the center of the Cork city with cash savings.
Would be great to get some feedback on my investment plan if possible.
- Townhouse is relatively new build (2003), great condition, highly respected builder.
- Low prop maintenance fees.
- In center of the city, great location.
- Have flexibility of short term rentals, university student rentals or yearly rentals.
- Would happily live in the property on my return to Ireland if required.
- Yields around 9% currently
- Have family that live close by and can help with management if required
- Purchase would be for the long term (forever really)
Any feedback on whether this is a good investment option, from experienced property investors would be great. Thanks.
How much you got saved up for this dream?