Anyone have any experience in making money by buying homes in holiday/vacation destinations and renting them out?

Anyone have any experience in making money by buying homes in holiday/vacation destinations and renting them out?

I have a little money to invest and have been thinking this might be a good idea.

I like the idea of mortgaging one in the Canary Islands and letting the holiday makers pay off the rest of the mortgage via rent to me. But the agents I've spoken to out there require 30% of the value in deposit which is a little out of my price range to start with.

Any ideas or tips? Where would be other great locations that have better mortgage deals?

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Seriously, no one has any experience in this on here?
It's a great way to make extra money alongside your actual income.

try biz you faggot

Buy flats in Europe.
Prague, Budapest, Paris, and Western Berlin are hot atm. For around 250.000 bucks you can get a decent one in either cities. If you have twice that, you're set

I don't have anywhere near that, which is why I need to mortgage first and get whoever I rent to to pay the rest of the mortgage off for me.

Budapest is a nice idea though. I've been a few times and it's a hot city that's relatively cheap.

How much do you have? You're best bet will be to flip homes.

I suggest you start off in your own country first. Seems like it could be a nightmare to manage the properties internationally with no experience

Around ten grand. But I am constantly saving.

I live in England. London is extortionate and no one really wants to live outside of London.

As Spaniard, my advise DON'T DO THAT IN SPAIN. Nowadays the housing sector is really expensive, well over the real price. Plus Spain is a consolidated country for tourisme and the market is realy saturated. I have an apartment at the best beach zone in Catalonia that I bought 28 yeards ago. Now that I saved enough again, I found that the proportional value almost increased 90%.

I suggest try the new emergent tourist destinations like Croatia, were the bubble is still rising and the requirements for a mortgage may not be that high.

That's really good advice. Thank you :)

Croatia is my best bet, too.
If a janitor is required in the next 2 years - you know where to hire

My house in an outer suburban development has doubled in value in 10 years. 90% in 28 years for a beach zone apartment is really poor.
Besides, didn't Spain go through a construction industry collapse a few years ago with projects being abandoned? Surely that leads to a shortage of housing stock and consequent higher prices.

Doesn’t matter where they want to live. The have to live somewhere. Buy a property near a school or hospital

The only people who ever made money this way is the person selling the property in the first place.
Unless you get full occupancy your fucked. The maintenance fees in resorts is ridiculous.
And there is always additional expenses you cant budget for.

10k pounds? Hopefully you have a lot of equity in your home because you can’t buy shit with that

There are some 1 bed apartments for sale in the Canary Islands for around 60K Euros. 30% of that is around 18K. So, I'm not far off. It's just I want to do this now, not in a year when I have 18K.
(Obviously talking about the deposit for a mortgage)

I did that in nj
Whatever you do. Don't rent to niggers

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how about you save your money for the time being and wait until the inevitable market collapse in a few years to swoop in and snap up a whole bunch of properties for the price of one right now

Have you looked into tax rates for foreigners?

When do you think it will collapse?

i can't predict that but given the real estate prices are current'y matching or exceeding 2008 prices should be a warning. real wages haven't grown so price increases have been entirely driven by speculative borrowing

First of all you're the biggest fucking idiot for asking advice on Sup Forums.

Second of all make sure you understand the tax laws in whatever country you want to buy a property in because governments in a lot of countries will absolutely rape you cos hey, rich, stupid white man..

Also, 10 grand? You'd be lucky to buy a 2 bedroom apartment in a shitty town in Ukraine.

What the fuck is wrong with you?

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