Real estate Investment Last minute doubts
Shit! I find myself in a fight against myself I have the opportunity to purchase a two-bedroom apartment with a terrace, sea views, 100m from the beach on the outskirts of Salou (Tarragona). The price is around 90,000 euros but it would require a very little budget to reform it slightly and make it ready for rent. I have spoken on the phone with the owner and he did not seem to want to negotiate a discount...But I'm thinking of making him a purchase offer.
Having a look in the market there, in August the night reaches a value of 150 Euros for similar apartments in the area, 120 Euros in July and September and a minimum of 80 Euros per night the rest of the year.
Obviously, I would also like to enjoy it with my family so I could reserve certain weeks for us...
Conservatively I think I could get 12 to 14% a year after expenses, which is not bad... I would have to think, however, about how to market it (Airbnb?) or delegate its management to a company specialized and take care of everything. I don't know, the truth is that the opportunity has come to me almost without looking for it and after the conversation with the owner I have remained cold because I do not see any problem with the apartment, now I am a sea of doubts... On the one hand I think it's a good investment opportunity, on the other, I'm a little lazy to embark on a project like this, basically because it's not literally close to my house but a little over 1 hour by car with what that logistics can be a bit complicated...unless, as I have already said, I delegated it to a specialized company. Surely I would get less benefit but I would avoid headaches... Shit! I think I'm going to have to do a more in-depth visit...before it blows. @toofasteddie