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Updated over 2 years ago,
Buying rental property whole living on rent?
Hi all and thanks for putting together this great community
I am brand new in rental property investing, and now at a point that I decided to invest in my first property. As I cant quite afford to do so in London yet, I am thinking to buy in my homecountry, Cyprus. With my good salary here, and the low prices there, I can quickly repay it and move on to investing in more properties over there. As I am probably going to repatriate in 4-5 years time, the vision is that by the time I do so, I will have a small fortune of 9-10 rental properties to manage and receive substantial passive income from.
What I cant wrap my mind around is whether it makes sense for someone who is living on rent himself, to buy a rental property - even if that is to take advantage of the affordability of the Cyprus market for a Londoner with a good salary. Are there any caveats here I am missing? Any paradoxes?
Thanks a lot and sorry for asking something that is probably profoundly basic for you all :D