Spoke with a business guy/investor in Madrid that I meet while drunk...
He just bought an house near Sol for around $300k to rent, with only 10% down.
The house that he showed me and the location it's at would probably go for $800k or more if it was in Lisbon!
I really need to start investing in other countries, Portugal is done for small investors.
Maybe in Portugal Algarve I can find some good deals 🤔
He bought the house to use as a rental? How much is it on average in USD to rent in that area? I am not looking to do the landlord thing. I am just curious. When we moved out of our apartment to move in to my family home with my Dad our rent was about to go up to $1700 USD a month. The aparment was 1520 square feet and had 2 bedrooms and 2 full baths with a laundry closet all on the same floor over a 600 square foot 2 and a half car garage. Nice digs. I miss that place.
It depends, but in that area for an Airbnb that accommodates 2-3 ppl the prices are around:
$1k a week low season
$2k a week high season
Don't know about long term, but I would aim for around $1.5k per month. It's really central and with 3 bedrooms.
I'm actually amazed by the price and location.
Me and a friend are thinking about each throwing $15k into a one if these deals and see how it goes 🤔
Wow! The only type of property I'd want to invest in to rent is self-storage. Those things can be a real gold mine. If I was going to invest in a rental, that's what I'd do. We are renting a storage unit. The one we rent is pretty reasonable for the size. We moved to the one we are in because the one we were in wasn't as close to our home nor was it as nice as what we are renting now. Plus they were going to raise the price way over 300 dollars a month. We did the math and even with having to get movers to move our stuff we were still going to save money. And from an owner's standpoint they're pretty low maintenance. I look at it this way. People are always going to need a place to keep their stuff. Even if it's only until they can go through it and either donate it or throw it away.
Even though what you are saying is true, a house probably increases in price more than a storage rental, but I'm not really familiar with that over here, have never seen such things in Portugal or Spain tbh.
Who was drunk? You or him? or both? lol
Mostly me 😂, but we meet up a few times after that first meeting, he even allowed me to put my bags in his home after I checked out out of my airbnb and invited me and my friends twice for dinner.
He owns a school that teaches different languages and is now going for real estate. Since he has a lot of connects he gets quite some good deals.
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There are a lot of countries like that.