Hello to everyone in this amazing community at biggerpokects.com. First of all, thanks for all the education you provide.
Ya, I know I go against to what Joshua and Brandon preach at their podcast (and they are correct) in terms of helping first and then asking for help. But I couldn't contain myself in asking for help at trying to know if you guys see this deal as a potentially good opportunity.
(images from the biggerpocket's rental property calculator analysis are attached)
I am from Portugal, so let's forget about the economics and market conditions in play here. I am also 25 years old without family to support.
My intention is to buy and hold a brand new modular home and place it in a trending eco-resort in the west coast of Portugal.
The purchase price is 37,900.00 USD, closing costs are 3,775.00 USD, "estimated repairs" (aka furnishing the house) are 2,000.00 USD. So, the total project cost is 43,675.00 USD and I can get a 4-year personal loan of 44,000.00 USD with 4% interest.
The average monthly income in the last 3 years for investors in this eco-resort has been 600 USD.
The totality of monthly expenses paid to the eco-resort for the management, water, electricity, gas, etc. is 187 USD. In the rental property calculator, I also add the property taxes and potential repairs along the years.
I know the first few years I will be paying much more than I can get, but I am focusing more on what this investment can give me after these first 4 years. Until then, I have a stable job with a monthly income of 3,000 USD that can help me survive and pay the bills in these next 4 years.
What are your thoughts? They are very much appreciated.
Thanks again for all the education this community has been giving to me.
Filipe Coimbra
