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I need a financial planner to help me take a decision for either pay capital on my home or buy a second home to rent it.
I want to buy a house in mexico (12.5 MXN = 1 USD)
Price of the first home = 2 000 000 MXN
Price of the second home = 500 000
Bank loan rate = 11.5% (very high in mexico.)
Minimum first payment on the first home = 10% or 200 000MXN
Disposable Income = 800 000 - Min first payment of 200 000 MXN = 600 000
I want to know if I am better off buying a second home at 600 000$ and rent it at 10 000 per month OR put all my 800 000 on my first home.
I have financial freedom which allow me to know I will easily make my monthly payment on my first home. Just want to know in details what are the pros and cons in number of both alternative.
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