All Forum Posts by: Matthew Song Loong

:) If I compare purchase price with what I found online: yes, the 50% is quite accurate. I believe I could sell it for more though

I believe one of your colleagues also attended some seminar, she recently advised me about CSOB/Hypotecni banka
If you can get into other financers, we may be able to have a chat yes :-)

Welcome, my fellow neighbour :-)

I recently had to check on some house prices in Vienna for my business plan. Rent is pretty low there, I believe...

Anyways, I hope the States will be more profitable to rent out, I believe it's rather hard in our local area...

Cheers,

Matthew

In my case I just stumbled accross two people with real estate experience: both neighbours. One advantage of living in good neighbourhoods. A bit like how the two guys got an ISDA in the movie "The big short"

Strictly speaking they're not mentors, but now and then I get a push in the "right direction".

So, although hanging out at places with more successful people helps, it's not always a guarantee to find someone though, sometimes there are some dodgy characters there too :)

Welcome too :-)

Sounds like a nice plan, although lots of EU countries now have limitations to mortgages, based on net income

Maybe there's a way around that with an LLC, but then the interest may be higher

Anyways, hope things will work out, and just in case it helps, I have most experience/affinity with European (mainly Czech) mortgages

Cheers,

Matthew

Welcome, I happen to have some family in/from South Africa, I heard interest rates are pretty high there, plus I hear about people losing property etc...

Maybe I'll visit Namibia next year, see if there are some opportunities, my dad used to be some time in Windhoek when he was a bit "gatvol" of Cape Town :)

Prices have gone up quite a bit here, that's for sure :-)

Not sure if interest rates from hard money lenders will kill me, cap rates for long term rent can be rather low over here...

As for renovation, I don't have too much experience with that yet. Apartments can only be sold un-taxed after 5 years, and as for value increase... I don't believe it'll be that much with my apartments. Better keep HODLing for some years :-)

Anyways, I believe I'll still be around by the time you'll be in Prague

Cheers,

Matthew

Hi Dmytro, thanks for your message :-)

As for rent income: Yes and no, rent prices should (and did!) eventually catch up with mortgage payments here, even apartments in Josefov area seem to be renting out with prices quite near to it...

I can try to leverage some of my equity in this case, see if that'll help...
To be continued :-)

Hi, just a quick introduction of myself

I'm Matthew, born in Holland, and I've been living in the city centre of Prague (Czech Republic) since 2012 and bought my first property in 2014.

I acquired my second property this year (waaaay smaller, as the prices have shot up!) and I'm working on getting my next property/properties now. Renting out in the centre is often not profitable, but there should be enough potential to still make money (e.g.: Rent out, Buy & Hold).

The biggest question however, is how to finance it? I could wait yet another few years when my income finally increases enough to be allowed to get another mortgage... Yup, mortgage can "only" be 45% of net income here. Who knows how old I'll be by that time...

However, there should be other ways to finance another property too, I believe (e.g.: apply for mortgage as LLC)?