Can I buy investment property??

D

dillons

Registered User
Messages
119
Hi there,

Toying with the idea of buying an investment property in Dublin but not sure if bank would lend or how much deposit they would require, details are:

Family home: valuation approx €375, mortgage approx €275
Investment property 1: Valuation approx €290, mortgage approx €150. Current rent €1200
Investment property 2: Valuation approx €320, mortgage approx €190. Current rent €900

Have €10K savings and could increase this to €20K if required. Would prefer to borrow based on above equities but not sure if banks are currently offering that?

Looking to but something around €300K

Salary of €70 in permanent employment with second salary approx €20K self employed

Thanks in advance!
 
For your own sake, hopefully not.

upload_2017-9-11_10-19-16.png
You are doing very well.

If property prices and rents rise, your income and wealth will increase anyway.

But you face quite a few risks, which people usually minimise after a period of doing well:
  • Property prices might fall
  • You might get bad tenants
  • Interest rates will rise
  • Rents might fall
  • You could lose your job or suffer a fall in income
Given your current wealth and rental income, you wouldn't benefit that much extra from any increase in property prices or rent.

But if the risks come to pass, the extra property could be the very large straw which breaks the camel's back.

Brendan
 
Thanks for your reply cremeegg but nothing to sort out, that property is rented to family at reduced rate and covers the mortgage payments.
 
On existing investments you have a
4.03% return

But what is it after expenses?

Why put yourself in debt to 915,000?
 
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