As I mentioned in the post before, I received some unexpected money (14 000 €) and I decided, that the best option will be to invest it to real estate. I knew about it and had some (not very good) experience from a few years ago. I'm saying invest, because I already owned my own apartment, and this will be purely for renting. So I started to look for a 2 or 1 room apartment somewhere closer to the Vilnius center, in the areas I know the best.
But there is a good saying, that if you don't know where to invest - invest to yourself (knowledge). As this will be a quite expensive purchase, I decided to collect more information about investing to real estate before buying something. And I came across some online courses. Chose the one, that looked the best for me and purchased it (around 100 € for 7 days course). And it was really worth the money, as I got a lot of knowledge from professionals, who are working with investing for a long time.
So I started to look for an asset, that could generate me more revenue than just a simple 1 or 2 rooms apartment. And in Lithuania at the moment that's the dormitory type flat. As they are not very popular and their prices are lower than a normal apartment in the old (build 20 - 30 years ago) buildings. But, of course, they have their own issues.
After 2 months of intensive search I decided to stick with a flat that was in the building next to the one I was living. As I was thinking about short term rent - it will be much easier to manage it. And the location is quite good - just 2 km away from the old town.
So for 41 000 € (unfortunately the price was average, not below the average, as my first intention was) I bought 2 rooms dormitory type flat. It looked like this:
Entrance to the flat
First room and the entrance in the back
First room and view through the window
Entrance to the second room. On the left there is a small kitchen, on the right - room
Kitchen in the second room
Kitchen in the second room
The second room.
Toilet
Bathroom
Now you probably remember, that I had only 14 000 € in my pocket. And the flat price was 41 000 € It's probably quite obvious - I took the loan from the bank. But as it was my second loan, I had to cover around 30% of flats value by my own money. Actually, I had choice, different banks send me a different offers and some asked for a lower initial contribution but gave higher interest rate. So I chose offer with the the lowest interest rate and spend all my money to buy this flat.
But I had a plan.
P.S. Check (or wait) next article for that.
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