Where do people get money from? It's been a dream of mine to own some property, not necessarily a huge one, maybe rent out 4 houses in a building or something like that . I don't have knowledge here or much savings, so I have a lot of doubts. If I don't have the money to purchase it, how do I own it ? Do banks provide large sums as loan to buy a property? Where do someone with 30lpa needs to start ? Greatly appreciate any kind of advice, even better if anyone here is already doing it . When funds are taken care, what location to pick , should I get it in Bangalore (work location )or like my hometown where land prices are cheaper than Bangalore. Please guide me , thank you. I'm 27 if that helps.
Look up prices for land and ready made flats (commercial+residential)
Calculate how much you'd spend to own it (if it's land, cost of purchase+ construction+loan emi. If it's flat, purchase+ loan emi) maintenance cost+taxes will be there as well for both.
Calculate expected earnings from it per year
Compare the two numbers
If your earnings can't exceed the cost within a few years, there's not much point to it, plus it's a risk to take on illiquid assets.
This gamble only makes sense if you're betting on real estate prices increasing a lot, which means you need to pick the place really well. Has to be near highways/airports, facilities etc.
You'd be better off creating an Airbnb/Oyo rental of sorts, my friend is trying to do that in my hometown in a particular spot he picked out.
Do you think your properties would generate rentals higher than loan interest?
I am afraid this passive income obsession is ruining many youngsters.
I understand it has these obstacles. I'm actually asking what's the right way to start? At what point or based on what factors do I need to decide? Now we know the obstacle, what should be my approach. Everyone started from somewhere right? If you have experience, please let me know.
Loan
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