Buying to let an apartment in Dublin Citywest - Carrigmore Crescent

JimmyVik

ibarelycare wrote: »

Parts of it. I lived in Carrigmore Crescent for a few months up to February this year, and it's a nice quiet estate surrounded by other nice quiet estates. Any noise issues I had came from the Luas/traffic. Lots of youths hanging around the shopping centre, especially at night. Never really saw any trouble from them. Once you go past the shopping centre (Jobstown) it's rough. The Lidl is there that was torn down in the snow by "locals" with a JCB. There's a few halting sites and very rough estates up that way.

I can't really comment on your investment as I was renting a room in a 3-bed apartment (large en-suite, top floor, €750 a month), but my former landlord managed to get someone in to take that room after me for over €800. Since then one of the other girls has moved out (moved 1st May) and her room is still up for rent, price dropped from 650 to 590. As I said not really comparable cos you're looking at 1-beds but just giving some insight!

Had forgotten about that.
Should post the videos of the local nightlife for the OP

John1648

JimmyVik wrote: »

Had forgotten about that.
Should post the videos of the local nightlife for the OP

"Local" - as in Dublin style or Irish style??!

I have watched the video about the LIDL story. Shocking...

But I hear and read now tons of such stories about half Dublin ...

What happened to Ireland?

I have also read the term "scumbags" about buy to let landlords, on this forum.

Could all this be true???

Also, why would Irish want to turn into British- style absentee landlords and behave accordingly?

JimmyVik

John1648 wrote: »

"Local" - as in Dublin style or Irish style??!

I have watched the video about the LIDL story. Shocking...

But I hear and read now tons of such stories about half Dublin ...

What happened to Ireland?

I have also read the term "scumbags" about buy to let landlords, on this forum.

Could all this be true???

Also, why would Irish want to turn into British- style absentee landlords and behave accordingly?

Only one story though where the locals knocked down and looted a supermarket.
I mean actually knocked the building down. Still cant get my head around that one

John1648

Dear forum participants,

I took into account the comments you have made about Citywest.

Now I am close to sale agreed on 2 bedroom apartment in Balbriggan, good condition, tenants in situ, rent 1400, price 200 000 EUR (quoted initially at 180 000), Cardy rock view area, close to the sea.

The tenants want to stay for 2 more year.

How does this sound to you as an investment?

I must say there is real frenzy on the market, people getting rid of cash in the anticipation of upcoming hyperinflation, it is a true liquidity tsunami...

Thank you!

Madeoface

John1648 wrote: »

Dear forum participants,

I took into account the comments you have made about Citywest.

Now I am close to sale agreed on 2 bedroom apartment, good condition, tenants in situ, rent 1400, price 200 000 EUR (quoted initially at 180 000), Cardy rock view area, close to the sea.

The tenants want to stay for 2 more year.

How does this sound to you as an investment?

I must say there is real frenzy on the market, people getting rid of cash in the anticipation of upcoming hyperinflation, it is a true liquidity tsunami...

Thank you!

Sounds like it's not a citywest thread anymore.... Balbriggan? Totally different market.

Any property anywhere that is 'value', is value for a reason. Did you even do a Google search about the area?

Frenzy, tsunami.... Really? It sounds like you talked yourself into competing with the local council.

riddles

You might need to factor in people leaving rentals there in favour of more cost effective rents outside Dublin. I work in a large multi National is that area and staff are demanding more flexible working arrangements to escape high rents. It’s an active topic for companies who are reviewing their office space requirements in a post covid reality.

John1648

Madeoface wrote: »

Sounds like it's not a citywest thread anymore.... Balbriggan? Totally different market.

Any property anywhere that is 'value', is value for a reason. Did you even do a Google search about the area?

Frenzy, tsunami.... Really? It sounds like you talked yourself into competing with the local council.

Are the local councils buying out properties massively?

John1648

riddles wrote: »

You might need to factor in people leaving rentals there in favour of more cost effective rents outside Dublin. I work in a large multi National is that area and staff are demanding more flexible working arrangements to escape high rents. It’s an active topic for companies who are reviewing their office space requirements in a post covid reality.

Do you mean leaving Dublin rentals for outside towns, such as Balbriggan incl.?

John1648

I have read the latest news on US and EU to agree on uniform increase of corporate taxes globally.

Corroborate that with recent scandalous "news" of Microsoft Dublin branch paying ZERO tax of 400 billion profits in EU.

Can EU force Ireland give up on the current tax rates?

Could that drive US multinationals out of Ireland?

That would lower prices and rents dramatically in Dublin.... a bad news for a small investor....

Madeoface

John1648 wrote: »

Are the local councils buying out properties massively?

Jesus fella do some market research before u plunge 200k. Have you walked the ground where you are buying? Ur getting a good steer in terms of longer term analysis by others here.

Balbriggan is not a typical Dublin market by a long shot. Certainly not city West comparable.

Try outside of Bristol or Glasgow for that type of dough. Safer.

blindside88

I would suggest you steer clear of property investment OP. You do not know the markets you’re investing in and risk getting badly burned. If you’re worried about your savings beating inflation would you not consider a managed fund? Plenty available with similar gross returns to the properties your considering without the headache of ongoing repairs etc

John1648

Madeoface wrote: »

Jesus fella do some market research before u plunge 200k. Have you walked the ground where you are buying? Ur getting a good steer in terms of longer term analysis by others here.

Balbriggan is not a typical Dublin market by a long shot. Certainly not city West comparable.

Try outside of Bristol or Glasgow for that type of dough. Safer.

Thank you !

Just out of curiousity the - how the Balbriggan market? What is the main difference with Dublin? Is it unsafe? Or no (decent) tenants to find?

I am looking at Balbriggan as I was priced out of other areas.

I was told Balbriggan is moslty a family rental place.

John1648

blindside88 wrote: »

I would suggest you steer clear of property investment OP. You do not know the markets you’re investing in and risk getting badly burned. If you’re worried about your savings beating inflation would you not consider a managed fund? Plenty available with similar gross returns to the properties your considering without the headache of ongoing repairs etc

But in case of property as such, it can go up in value too, and has 8% gross ROI, vs 4 in case of REITs with not value appreciation in case of funds.

handlemaster

John1648 wrote: »

I have read the latest news on US and EU to agree on uniform increase of corporate taxes globally.

Corroborate that with recent scandalous "news" of Microsoft Dublin branch paying ZERO tax of 400 billion profits in EU.

Can EU force Ireland give up on the current tax rates?

Could that drive US multinationals out of Ireland?

That would lower prices and rents dramatically in Dublin.... a bad news for a small investor....

Not really. Whats been worked on is a world flat rate of at least 15%. So companies would not be leaving in fact the irish exchequer would get more taxes

handlemaster

OP make sure you get a pyrite clearance cert if you buy in Balbriggan.

riddles

John1648 wrote: »

Do you mean leaving Dublin rentals for outside towns, such as Balbriggan incl.?

I’m talking people moving to regional towns and cities outside Dublin

Yellow_Fern

handlemaster wrote: »

Not really. Whats been worked on is a world flat rate of at least 15%. So companies would not be leaving in fact the irish exchequer would get more taxes

Government’s economic assumptions is that Ireland will lose about 2.2 billion annually from these measures. Not sure is that any info on job losses?

handlemaster

Yellow_Fern wrote: »

Government’s economic assumptions is that Ireland will lose about 2.2 billion annually from these measures. Not sure is that any info on job losses?

I dont think so, if the flat rate is applied to all. will see.

blindside88

John1648 wrote: »

But in case of property as such, it can go up in value too, and has 8% gross ROI, vs 4 in case of REITs with not value appreciation in case of funds.

It has 8% gross ROI assuming that you don’t have any periods with no occupancy or that the tenant refuses to pay rent in which case it’ll take you 2 years to get them out through the courts. You are right that the value of the property can go up but it can also go down. There are several amanaged funds which can give greater than 8% gross ROI per annum which also give you the option to diversify your investment away from property. Also much easier to get access to funds

JimmyVik

Looks like the eviction, and there for the optional rent paying period has been extended again.
Good luck OP. You'll need it.
I know someone who hasnt received any rent in over 3 years and that is going to continue.
I know a fair few who havent received rent in over 2 years. My guess is they will all make it to 3.

JPup

Coming to this late, but the point about comparing an 8% yield on an individual property to a 4% yield on a REIT is not comparing apples to apples.

A REIT at that yield level is regarded by the market as holding prime assets. It’s a diversified portfolio of high quality properties. Big difference in risk profile to a single residential property in an out of town location.

If you want a good REIT with higher yield, look at Yew Grove. Buying passively through a REIT takes away all the headache of managing the property such as dealing with bad tenants etc.

If this is income for retirement, get some tax advice. Could make sense to buy through an ARF or similar.

Mad_maxx

JPup wrote: »

Coming to this late, but the point about comparing an 8% yield on an individual property to a 4% yield on a REIT is not comparing apples to apples.

A REIT at that yield level is regarded by the market as holding prime assets. It’s a diversified portfolio of high quality properties. Big difference in risk profile to a single residential property in an out of town location.

If you want a good REIT with higher yield, look at Yew Grove. Buying passively through a REIT takes away all the headache of managing the property such as dealing with bad tenants etc.

If this is income for retirement, get some tax advice. Could make sense to buy through an ARF or similar.

I recently opted for a 4.5% yield on the commercial REIT Hibernia instead of an office purchase in Limerick ( with tenant) yielding 6.5%

REITs look far better to straight buying right now to me ,however, with all the government meddling in property, I do have a slight concern that this could spook foreign money which underpins the REIT share price

If those fears are unfounded , 4.5% of a dividend with a well diversified portfolio of prime location property seems very decent to me, I'd leave Yew Grove for now though, too small, IRES for residential, Hibernia for commercial

Maybe I'm wrong however and traditional straight buying is still the best?

JPup

Good points there I think.

Also to add, if you invest €200k in a REIT you can sell €50k worth in a couple of years if you like. Hard to sell a quarter of an apartment.

Big thing to get your head around with REITs is that the price will bounce around. Best to ignore it once you’ve bought in, but if the share price falling 10% is going to cause you a panic attack then it’s probably not for you.

Chris_5339762

Don't do it, invest it elsewhere.

The problem of overholding tenants here would mean I'd never rent any place out. No chance. I had the opportunity when I left Dublin, and I left the apartment completely empty for a year until it sold. Would rather do that than let someone rent it.

Cantstandsya

This thread is hilarious.

The OP hasn't a clue what they're doing, has done minimal research about the Irish rental market and wants people on an internet forum to tell them where to invest.

No wonder this country is a joke when the likes of OP can sink 200k into an apartment from abroad and become an absentee landlord.

Bad enough with incompetent Irish gob****es buying up houses without the rest of the world's chancers piling in.

Yellow_Fern

Cantstandsya wrote: »

This thread is hilarious.

The OP hasn't a clue what they're doing, has done minimal research about the Irish rental market and wants people on an internet forum to tell them where to invest.

No wonder this country is a joke when the likes of OP can sink 200k into an apartment from abroad and become an absentee landlord.

Bad enough with incompetent Irish gob****es buying up houses without the rest of the world's chancers piling in.

As risky as it is, I dont think a single country in Europe bans such transactions. Switzerland has a overseas ban but it excludes rented property.

DubCount

Cantstandsya wrote: »

This thread is hilarious.

The OP hasn't a clue what they're doing, has done minimal research about the Irish rental market and wants people on an internet forum to tell them where to invest.

No wonder this country is a joke when the likes of OP can sink 200k into an apartment from abroad and become an absentee landlord.

Bad enough with incompetent Irish gob****es buying up houses without the rest of the world's chancers piling in.

Maybe you need to consider the hard work and good financial practice that has left the "incompetent" and the "chancers" in a position to be able to afford an investment property.

handlemaster

DubCount wrote: »

Maybe you need to consider the hard work and good financial practice that has left the "incompetent" and the "chancers" in a position to be able to afford an investment property.

Good one

Darc19

Cantstandsya wrote: »

This thread is hilarious.

The OP hasn't a clue what they're doing, has done minimal research about the Irish rental market and wants people on an internet forum to tell them where to invest.

No wonder this country is a joke when the likes of OP can sink 200k into an apartment from abroad and become an absentee landlord.

Bad enough with incompetent Irish gob****es buying up houses without the rest of the world's chancers piling in.

That's why I call all FOUR threads the op has as utter attention seeking BS.

Best ignored.

John1648

I have received a few private message from some of the boards followers saying this:

- many persons commenting here have a strong anti-landlord agenda
- they try to promote the anti-investment sentiments - working to - as they think, downplay the prices increases, predicting doomsday for landlords, owners
- many promote a certain anti-foreigners agenda (would not apply to me though, but being expatriated, feels the same here)
- many SF voters

Accordingly, I was told that many would discourage me from buying, so that there less demand - and presumably they would get a higher chance to buy for less.

not sure this is true.

But let me tell you one thing - I planned to buy in 2014, when prices were 50% from what they are now - I have checked with a few persons, and - surprise - they were VERY negative to the idea of buying.

essentially their message was - soon apartments will be handed over almost free of charge.

I did not buy back then. I was priced out of Tallaght, City West, Ballymun, Finglas. Now, Balbriggan is falling too.

Perhaps I came too late now - and I have listened the negative advise back in 2014. Hey even in 2019, I could have done something. What I could have bought with 150 000, now is 200 000 and growing.

And if you open my other threads here posted in December 2019, you will see that - this is all documented, all the comments I have received. I can only blame myself for listening to the kind of "advice" some provided here. So I incurred a 50 000 loss in a go.