zander1983
Contributor
User Power
Value/Post Ratio
74%
- Jan 24, 2021
- 54
- 40
Hi
I know little about real estate investment but want to get into it asap because of inflation. Here are my circumstances.
I have savings of 165k (79k was inherited). Im an IT Consultant and my earn 92k per year. I pay myself 60k and keep the rest in my company account. The top rate of income tax here in Ireland starts at only 35k, at around 40k you're paying a marginal rate of 50%. I reduced down my salary from 92k as I got sick of paying so much tax. Im using the money into thw company account to buy stocks and BTC.
I rent in Dublin, paying 1200 per month for a 1 bed. Im looking to buy a property, or hopefully 2 (rent out the 2nd). Im in Ireland and a deposit of 10% is required for a first home and 30% for a second, third etc. Rental income is subject to income tax. There's capitals gains tax too. In general, what is the best strategy for someone like me? Im thinking to try to get a 1 bed for around 315k (putting 31k down), and after buy a 2 or 3 bed for 400k (120k down) and rent this. Is this a good strategy?
By the way, I using BTC as a long term savings account. Recently, spare money per month goes into this, and spare money after buying probably will too.
Thanks
I know little about real estate investment but want to get into it asap because of inflation. Here are my circumstances.
I have savings of 165k (79k was inherited). Im an IT Consultant and my earn 92k per year. I pay myself 60k and keep the rest in my company account. The top rate of income tax here in Ireland starts at only 35k, at around 40k you're paying a marginal rate of 50%. I reduced down my salary from 92k as I got sick of paying so much tax. Im using the money into thw company account to buy stocks and BTC.
I rent in Dublin, paying 1200 per month for a 1 bed. Im looking to buy a property, or hopefully 2 (rent out the 2nd). Im in Ireland and a deposit of 10% is required for a first home and 30% for a second, third etc. Rental income is subject to income tax. There's capitals gains tax too. In general, what is the best strategy for someone like me? Im thinking to try to get a 1 bed for around 315k (putting 31k down), and after buy a 2 or 3 bed for 400k (120k down) and rent this. Is this a good strategy?
By the way, I using BTC as a long term savings account. Recently, spare money per month goes into this, and spare money after buying probably will too.
Thanks
Dislike ads? Remove them and support the forum:
Subscribe to Fastlane Insiders.