buying predicament for a non investor, Europe

[Chris Peri]

Dear forum members,

Since Bigger Pockets is a Social Network and we are urged to share our thoughts and ask questions, I need to share with you my predicament, hoping to get an advice on how to proceed since I am not in the RE sector, nor in any investment sector for that matter.

Data:

€60000 debt with 0.5% interest, so I am not in a hurry to pay this debt.

€67000 cash in hand

Real estate options:

• Nicosia, Cyprus: Maisonette 65sqm, one bedroom upstairs. Part of a 9y/old condominium 10 mins drive to state University (looks older). Not a very good neighbourhood, roads are being rebuilt. Needs big renovation. Bad bathroom floor, problems on the walls, attached to other maisonettes on both sides so windows are only front and back. On the plus side, it has a small yard, which again needs renovation. Price advertised: €65000 (thinking of bidding aggressively on €40000, still don’t know if it will be worth it/ rented out)
• Nicosia, Cyprus: One-bedroom apartment walking distance from the state University, almost within the campus. NEW. 55sqm. Good neighbourhood. No need of renovation apart from some stylish upgrades. In high demand area, can definitely be rented out almost immediately. Price advertised: €95000. Mortgage interest on the extra €30000: 3.7%.
• Limassol, Cyprus: Two-bedroom apartment, 1st floor, one small balcony. Old building, but not bad shape. Apartment needs basic renovation. 75sqm. 5 mins walk to the beach and very close to new luxury high rises. Not so much for permanent renting, but for Airbnb? Thoughts on Airbnb: it will have more hassle to bring in cleaning services and will probably need to pay for amenities (eg Wi-Fi) so it will be attractive and rented frequently.

I appreciate any advice you can give me.

Goal: some passive income and get some more real estate

Chris.