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Buying a property to rent out

Marymoore · 2023-02-18 19:11:16

I wanted to get advice on an idea I had to see if people think it’s a good or bad idea?! so I have built up 30,000 in savings. I rent an apartment but can’t afford a mortgage for my family with my salary. I was thinking I could buy a small 1 bed apartment somewhere where the houses are cheaper and rent it out. That way it…

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18-02-2023 8:11pm

#1

Marymoore

Registered Users Posts: 165 ✭✭

Join Date: June 2021

Posts: 90

I wanted to get advice on an idea I had to see if people think it’s a good or bad idea?!
so I have built up 30,000 in savings. I rent an apartment but can’t afford a mortgage for my family with my salary. I was thinking I could buy a small 1 bed apartment somewhere where the houses are cheaper and rent it out. That way it could be a good investment without letting my savings dwindle away with inflation. The tenants would then pay my mortgage. Or am I missing something? Thanks

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#2 27-02-2023 2:17pm
Yellow_Fern

Registered Users Posts: 2,603 ✭✭✭

Join Date: December 2019

Posts: 2467

I really think you need to keep the money to get a place to live. First own mortage and then an investment mortage.

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#3 27-02-2023 2:22pm
wildwillow

Registered Users Posts: 1,168 ✭✭✭

Join Date: April 2018

Posts: 1168

Read all the threads here on rental property and you will soon change your mind. A one bed in a dodgy are is a complete disaster.

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