Building a property portfolio.

[bacchus]

the population is increasing thru immigration,people need somewhere to live.soon immigrants will start to enter property in greater numbers which will keep the momentum going.

A lot of immigrating people rent has they can not afford to buy.
I advertised on daft recently to rent a house. I got about 70 phone calls of which only about 10 from native english speaker..
So, i think house prices will have to come down before they can enter the
property ladder.
Also, they have great difficulties at getting a mortgage, that's why they have to rent.

 

[brodiebabe]

Also, they have great difficulties at getting a mortgage, that's why they have to rent.

Article in the property section of Times yesterday was all about immigrants buying their own houses. No mention of any problems with getting mortgages. Just wondering where you got the above fact from?

 

[niceone]

Corrections, downturns, peaks, troughs are based on History. 5 years ago the banks were saying the Irish propert market had peaked, they're now saying it's gone beyond peak. In reality they haven't a clue !! Ireland is a different market now, ECB controlled interest rates, massive immigration. I take the doom and gloom stories with a pinch of salt.

Ultimately, property investment is a long term project and will appreciate. You need to stress test your loans and make sure you can afford an interest rate of 5%/6%, coupled with periods of non-rental.

The buy, release equity, buy system does work but just be CAREFUL or you could be swimming with the fishes !

 

[bacchus]

Article in the property section of Times yesterday was all about immigrants buying their own houses. No mention of any problems with getting mortgages. Just wondering where you got the above fact from?

I got them from talking to 3 differents individuals: 2 russians and 1 afghan. All earning good money but have less than 5 years in the country which seems to be a major problem.

 

[JohnG]

I wonder how many of these "foreign buyers" are really investors / irish people?

I have to believe that most of the immigrants we see on our streets will be unable/unwilling to purchase property in Ireland.

 

[ClubMan]

I got them from talking to 3 differents individuals: 2 russians and 1 afghan. All earning good money but have less than 5 years in the country which seems to be a major problem.

Completely anecdotal but I know a Russian couple who are only here about five years who bought their own house in the last two years. I have also worked with other immigrants who have been here for a similar period of time who have bought here.

 

[JohnnieKippe]

I trust you are making a return for each property each year to Revenue and paying the tax due on Rental Income less certain allowable expenses

Of course. I would be breaking the law otherwise.