So I'm a 27yo making around 40k euros net a year. I have 60k euros savings, I have just applied for a mortgage to buy an apartment that I got a pretty amazing deal on, the market price of the apartment Is 500k plus ,and I am paying 180k for it. My mother was renting the apartment before I bought it. Now , I would like to start seeing a return on the investment I am going to make, if I had to somewhat refurbish the apartment (Min another 30k ) and put it out for rent it would easily fetch 2.5k/month or 30k annually. With this 30K I have to pay my mortgage and rent an apartment for my mother ( 7.2K for mortgage and 9.6k ish for her rent) , leaving me with 13k profit annually after an initial investment of around 48k ( 18k paid cash as 10% of the mortgage and 30k for refurbishment). The apartment is in an emerging Unesco world heritage European capital city with lots of history so everyone with experience in real estate has been telling me that it's value will always keep going up. The other route I can take is take advantage of the inflated market condition at the moment and try sell for 600k. This would allow me to pay off my mortgage immediately , buy or rent an apartment for my mother and the rest would be profit. Any of you with experience in financial planning or real estate entrepreneurship could you give me your opinions ?
Submitted January 14, 2019 at 06:47AM by StsMaster http://bit.ly/2DaLujN
