Newbie just joined, my welcome post!

7 Replies

Hi All,

I'm a new member here at Biggerpockets. I decided a week ago that  I will jump in real estate investment and build my future on that. After 1 day or such, I found these awesome guys on YT and now I'm hooked, watching at least 3-4 podcast a day, they are brilliant.

About me a little: I'm living at the moment in the Czech Republic, Prague and planning to building my base here, maybe in Brno as well, we will see about that. 

If anybody from here is located in Prague, please feel free to hit me up, I would be interested to talk to you and your experience. 

Also, I have a question, which is not clear to me at the moment, if somebody could help me out, would be great.

So, it's clear that how to buy me first property (my focus will be on flats first). As far as i know I will need at least 20% down payment to buy a flat, which currently would take 1-2 years. So after the first one, do you have any tip how to buy the 2nd, without waiting 1-2 years to put aside 20% (the down payment for the next one)? Would it be possible to get a 2nd mortgage on the first flat once I have proven cash flow from it? 


Thanks a lot and take care folks! 

Welcome to Bigger Pockets, @Farkas Krisztián Balázs !

You'll find plenty of friendly, knowledgeable people willing to help respond to your questions. Many members are experts in their respective fields related to real estate investing, whether that is real estate brokerage, wholesaling, flipping, buy and hold, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.

There are some pretty cool discounts on various products and services offered as Perks to BP members that you might want to check out: https://www.biggerpockets.com/perks/pro

If you haven’t checked it out already, the Bigger Pockets blog features links to their awesome podcast and many great articles: https://www.biggerpockets.com/renewsblog/

The site has quite a few tools that can be helpful for new members. For example, if you are looking to connect with other members near you, want to learn from people in a specific area you’d like to invest in, or have a desire to find people interested in certain topics, you could start your search here: https://www.biggerpockets.com/search/users

@Farkas Krisztián Balázs

Hi Farkas,

nice to see another person from Czech Republic. :)

There are nor many people on BP, so I am glad we expand out Czech base. I work in real estate specialized in financing expats and foreigners investing in Czech Republic, both buy-to-let and residentials.

20% is preferable but you can do with 10% as well - count with interest rate 0,3-0,7% higher than with 20% down payment. Also don't forget to factor in the 4% transfer tax which makes your investment usually 14/24% on down payment.

Don't hesitate to contact me for more details.

Best regards,

Robin Petrásek

@Farkas Krisztián Balázs

Hi Farkas one more time.

Forgot to comment on the income from rental property. Banks can take income from rental property as well, but usually they consider only 50% from the net amount if it wasn't already taxed in your annual property tax return - ie.you rent out the property in March and in September you want to include the income - it is possible but usually with 50% only.

If you would ask for loan next year and have the income from the property included in your annual tax return, then banks consider the full amount or 70% from it, depending on how do you claim your expenses in your tax return.

With best regards,

Robin Petrásek

Hi @Robin Petrasek , I'm so glad to see another member from Prague, was not sure if I manage to find somebody :) 

Your tips / comments definitely helps to understand the "local" numbers. Sadly there are not too much content I've found regarding real estate investment in Prague / CZ. 

I will take your offer and will invite you for a coffee or such once I returned to Prague after the holidays. 

Once again thank you for all the useful information and have a blessed Christmas and New Year! 

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