All Forum Posts by: Esteban Pau

@Mike Warder Hey, thanks for the reply. I'm a bit ashamed to say that I've read the book already haha. I have to go back and re-read it!

But it's actually that book that got me thinking to get several properties over time and as you say start a snowball effect.

I guess I'm just a bit scared to get started because I feel like the bank will stop giving out mortgages after 1 or 2 properties.

I didn't know that was an option. Thanks @James Holland

Also how would I go to create an "empire" and make the best out of this situation? Let's say I have 3 flats all renting out for $1.500, with a mortgage of each being around $500.000.

That means I have to pay back $1.5m within 30 years.

Now to keep it simple, that would mean I could pay back all monthly mortgages and still have about $300 profit on the side. 

However, $300 is nothing and it would take me forever to save up for a 4th property, let alone convince the bank to give me yet another mortgage.

That's why I feel stuck when I try to envision my future and draft out a plan.

Hey guys,

So I got a question which might sound dumb..

Basically I am soon going to be able to finally purchase the apartment or flat I'm currently living in. I've saved up enough for a downpayment and since I live in a great area and very expensive one as well, I couldn't be happier to purchase this property.

The price will be €250,000 but the actual value is probably double of that! (it's a family property so I'm getting a family price on it).

My question now is, once I purchase the flat, how do I get a second mortgage for a new flat?

Is there a way to get a mortgage on the flat I will be buying although I'm going to ask for a mortgage for it already?

Basically what my plan is, is to purchase this flat and pay off the mortgage with my girlfriend and myself. Then get a second mortgage somehow and purchase a new flat somewhere else and rent that out.

I'd the repeat that step and have several flats until I don't have to work anymore and happily live off my monthly rent coming in whilst paying off all the mortgages!

Would love to hear your answers as I'm obviously very new to all this and if I wasn't very clear I'd be happy to try and explain it a little better.

Thanks in advance!

Oh right thanks for the info. That actually makes a lot of sense now. I always assumed property managers are individual people who take a certain fee. In the UK you can watch out for certain certificate to see how legitimate they are and secure. Not sure about the whole half a month worth of rent etc :/ Seems quite harsh. I will continue investigating on that area though. My issue with property is that in luxembourg ( wheren I am from) properties are extremely expensive. Average apartment here costs about 500k (in euros that is) so I thought only logical plan would be to invest outside my country and uk seems very affordable at the moment. But since I don't want to fly over there every time I have to sort something I figured I'd use one of those letting agencies/property managers. We'll see but thanks a lot for the clear up :)

Hi guys, I was wondering if anyone ever used letting agencies in order to rent out property. I'm still far away from buying my first property but since I live in Europe and uk market seems to be fairly affordable I keep reading articles about that specific area. A friend of mine told me to use letting agencies to take care of all the work such as finding tenants, upkeep etc. for a mild fee of 6-10% of the monthly rent. I don't know if letting agencies exist anywhere else but I would like to hear some of your opinions whether or not I should consider renting out property through agencies like such. Thanks! Looking forward to reading your comments !

Hi,

I bumped onto midasestates.com a few weeks ago on youtube and watched an hour long documentary they created about the company.

I was wondering if anyones ever heard of them and if they are actually a safe company to invest with. It seems a little bit too good to be true with minor risks etc.
If they actually are secure to invest with, have you guys got any idea if its profitable at all?

Thanks guys.

Haha from experience I know that most people don't really know about this country. Anyway as for the buildings, I really have no clue whether to go to a real estate agency and advertise the property or whether I should ask around, write newspapers etc.

Any thoughts on that?

Hello BP people,

So today I got the first exciting news in terms of real estate in a while.

The house I am currently living in is divided into 4 different flats/apartments. 3 of which are all taken and being rented to family members. The owner of the house is my lovely grandmother.

My uncle is supposed to be renting out the last flat, which has been empty for almost a year now since he doesn't actually do anything to find a tenant. The flat is worth €1500 per month in rent and is includes 1 bedroom 1 decent sized living room, full bathroom, half bathroom (sink and a toilet) and a kitchen. We have been compensating this price to the lowest already in the hope of getting someone to rent it out.

I might have to include that I do not live in the states but in Luxembourg (small country next to France, Belgium and Germany) and that we live in a very urban neighborhood.

I talked to my family and told them about my interest in real estate and that I want to get involved eventually as a career to be able to quit my job and focus on real estate completely, and I got the permission to take over.

My other uncle is trying to sell his family home for a few months now and I haven't spoken to him yet but I am sure he will let me take over as well in order to get his house sold.

I will get more detailed information about both buildings by the weekend.

My question to you guys is, what advice can you give me?

How should I proceed?

Like always, every advice is a good advice.

Thanks a lot!!!

I'll look forward to hearing from you.

Hello BP people,

So today I got the first exciting news in terms of real estate in a while.

The house I am currently living in is divided into 4 different flats/apartments. 3 of which are all taken and being rented to family members. The owner of the house is my lovely grandmother.

My uncle is supposed to be renting out the last flat, which has been empty for almost a year now since he doesn't actually do anything to find a tenant. The flat is worth €1500 per month in rent and is includes 1 bedroom 1 decent sized living room, full bathroom, half bathroom (sink and a toilet) and a kitchen. We have been compensating this price to the lowest already in the hope of getting someone to rent it out.

I might have to include that I do not live in the states but in Luxembourg (small country next to France, Belgium and Germany) and that we live in a very urban neighborhood.

I talked to my family and told them about my interest in real estate and that I want to get involved eventually as a career to be able to quit my job and focus on real estate completely, and I got the permission to take over.

My other uncle is trying to sell his family home for a few months now and I haven't spoken to him yet but I am sure he will let me take over as well in order to get his house sold.

I will get more detailed information about both buildings by the weekend.

My question to you guys is, what advice can you give me?

How should I proceed?

Like always, every advice is a good advice.

Thanks a lot!!!

I'll look forward to hearing from you.

Thanks for the replies! I am currently really busy with work etc. I am still trying to get a fixed job seeing as I'm only on a 9 month contract. I am also trying to eventually move intern to the states which would make it easier for me to get familiar with the area I want to invest in real estates in.

But I will get back at you Ali because what you've told me sounds interesting :)

Thanks again!