/biz/ - Business & Finance

Hello /biz/ please let me know what you think of my business plan.

>Have €70,000 in savings
>Live in tourist hotspot
>Want to buy 1-2 bedroom apartments and post them on AirBnb
>I don't own my own property to live in

My plan is to buy one a one bedroom property to begin with, transfer ownership over to the GmbH I will create for laibility reasons. Set the price point enough to cover the mortgage. Anything extra will go towards purchasing the next property.

Strengths
>My salary from my day job is €5300 a month
>My expenses are low so I can cover renting a place to live, as well as the mortgage of a place I buy

Challenges
>German requires about 9% upfront in fees that doesn't count towards the downpayment on the loan
>Loans wont give a good rate if you dont have 20%
>a cheap one bedroom at my location is €150,000.
>a decent 2 bedroom is €300,000-450,000

My end goal is to quit my day job to only host out vacation rentals. I haven't done the math on how many properties I would have to buy to accomplish this though.

What do you think? Is this crazy or does this approach make sense?