Newbie in need of assistance
Hey guys, I am a newbie in the real estate game. I have been watching a few of the biggerpockets youtube videos, listening podcasts, and reading a few of the blogs and articles on how to invest in multifamilies rental properties. Recently I checked a few of the real estate websites in my country ( I'm from Grenada, West Indies) and tried analyzing a few of the properties in the area I am interested in for a practice, using the biggerpockets rental calc and a few estimated expenses costs.
In all of those deals, the monthly mortgage payment alone exceeds the monthly income, using the 20% downpayment. It would be awesome if a few of you guys can check out a few of the websites and hopefully give me a few tips on what I should do?
PS. I believe my country has a very high buying cost.
Websites with the area I am interested in selected:
https://www.point2homes.com/GD/Real-Estate-Listings.html?location=Saint+George&search_mode=location&page=1&SelectedView=listings&LocationGeoAreaId=337201&location_changed=true&ajax=1
https://www.terracaribbean.com/Grenada/Search/?country=Grenada&market=sale&type%5B%5D=house%2Chouse+%26+cottage&type%5B%5D=townhouse%2Capartment&type%5B%5D=apartment+building&location%5B%5D=st+george+¤cySearch=USD&minprice=0&maxprice=100000000&minbeds=-1&minfloor=-1&minland=-1&maxland=8712000&furnishings=Any&btnSubmit=+¤cyMarker=+%24USD
https://www.remax-grenada.com/searches/28158808?
The websites prices are quoted in USD.
Ps. My country currency is called Eastern Caribbean Dollars (XCD or EC) 1XCD = 2.67 USD
Estimated monthly income: 1 bedroom ($850 - $1000 XCD), Two bedrooms (1200 - 2000 XCD).
Mortgage rate: 5.99 - 6.25%
Thanks in advance for the advice and tips.