So in my country the goverment has made it illegal for the banks to give out loan to a consumer if the loan puts the consumer in a debt equal to more then 5x the consumers income.
So if a consumer makes 30.000 a year. And has no debt Its illegal for the bank to give out a mortage for more then 150.000 so if the consumer purchases a appartment for renting out for 150.000 its impossible to get a mortage for a second appartment. Which makes it impossible to invest in more appartments unless you make shittons of money. 30.000 Is the average income for a person each year. And most appartments go for 300.000$+
Alot of people in my country has no way to get a mortage and purchase a home so the rental market is really good and stable because people need to rent because they cant get a mortage to purchase a property. Only thr really really wealthy are able to grt multiple properties.
A appartment that cost 300.000 would rent out for 1200$ – 1500$ and every year you can increase the rent by 100-300$ and you get 28% tax refund on any interest paid on the loan and 28% tax refund on any maintanance cost on the property.
So im thinking maybe its best to get a loan from a foreign country?
My countrys currency is really strong a bottle of 0.33L coke is 2.80$ in my country. And