I've joined an irish forum to discuss this, but interested in any view points from here.
I've put an offer on a 5 storey terrace in central dublin (Dublin 1) in an "up and coming area". It contains 19 studios, 1 and 2 bedders. Asking price is 525k euros. I offered 460K. The gross return is 90K a year in rent. I am verifying this through rent roll statements. That's just about 20% gross return. There are all sorts of risks, and plenty of opportunities, but this being a cash buy, I am leaning towards the opportunities.
If anyone has any experience in this type of commercial endeavor I would love to hear it. If it works out, it could be a great little cash cow. people here are very scared about getting back into property, lots of gloom, and therefore a good time to buy?
I've put an offer on a 5 storey terrace in central dublin (Dublin 1) in an "up and coming area". It contains 19 studios, 1 and 2 bedders. Asking price is 525k euros. I offered 460K. The gross return is 90K a year in rent. I am verifying this through rent roll statements. That's just about 20% gross return. There are all sorts of risks, and plenty of opportunities, but this being a cash buy, I am leaning towards the opportunities.
If anyone has any experience in this type of commercial endeavor I would love to hear it. If it works out, it could be a great little cash cow. people here are very scared about getting back into property, lots of gloom, and therefore a good time to buy?