The Plan To Acquire The First Property
Hi guys, this will be my virgin investment which will be done overseas. The reason why I'm doing this overseas is because I'm currently working in Thailand, Bangkok. Long story short.
I've spoken to my dad and he agreed to help me financially which is kinda good news though.
My dad owns a property which no longer has any mortgage attached to it (Full Equilty) and the estimated worth is about $340K.
My virgin investment property in Bangkok is about $58K.
My plan which I'm not sure if it's viable or not. I intend to borrow out part of the equilty of $58K to purchase my rental property. I'll be borrowing the money from my home bank to purchase the property in Bangkok because the banks in Thailand refuse to do any conventional mortgage with foreigners.
Loan Period: 30 Years / 360 Months
Interest Rate: 7%
Monthly Payments: $385.88
The Property Financials
Gross Rental: $1000
NOI: $500
Debt Service: $385.88
Cashflow Estimation: $114.12
Please correct me if I'm wrong. Thanks alot in advance.