I'm not a professional/expert anything so
back of the envelope calculations....
--You'd like to 'earn' €30k pa (guessing €60k before tax)
--Yields are, say, 5%
--So for every €100 you invest, you get back €5.
--Therefore, you'll need to invest €1,200k (€60k x 20) to earn €30k pa.
--To buy property worth €1.2M, you'll need 20% cash (80% mortgage) and a business plan (and DIY skills!).
--20% = €240k 'cash'.
--If you don't have DIY skills, add in tradesmen at €50 per hour.
If the yield is 2.5%, you'll need €480k cash [(€60,000 x 40)*20%]
Over to the experts....
You also mention that...
i have 2 properties generating 1,500 in cashflow per month.
How much profit are you making on these
right now or are you assuming that you'll make a profit when the capital value rises
next year. The bank will probably ask.
Edit - For the past year or two, I'm one of those who thinks that the property market will fall and
someday I'll be right :b