All Forum Posts by: Andy Dunn

@Stephanie Hardy Thanks for the tip. Transferring the loan wasn't something I'd considered. 

I still need to decide how feasible it is to setup a new LLC and apply for a loan as that company. Part of me wonders how a new company can apply for a mortgage with zero credit history, or is it me as owner of the company providing that credit and deposit?

Great, I'm based in Ireland so Legal Zoom wouldn't apply so I'll maybe have a chat with my accountant. Aside from how Ltd/Llc mortgages work the only thing I'd need to think about is capital gains tax for moving the property from personal to business. Currently 33% on profits, which should only be the property appreciating between when I buy it as an individual and move it into the company.

If I was to purchase my first appartment, is it important to setup a limited company before that happens? I realise the benefits of doing so in the long term but I wondered if you could move a property from personal to Ltd easily enough at a later date.

Anyone have any thoughts or comments on this? I think as a first time opportunity it makes sense, but I'd love to hear from someone else who's been there and done that. Thanks!

I'm very much a newbie investor and while I run a successful software company, am still only learning about property. On my initial research I've found a couple of one bed apartments in a nearby town. Financially, I'd be looking at 30% deposit on a mortgage of €40,000. This gives me a mortgage payment of ~€160 per month over 25 years. The rent on the apartments would be €350-400, netting me around €190-240 per month (- fees). Does that sound like a reasonable sort of deal to start working towards a more passive income?