You are neglecting a few very important things around real estate transactions in Belgium
- Aside from the original price you have to pay 10% 'registration rights'. There is a reduction on this, but only if you are going to live there yourselves, you'll pay the full 10%. You may be lucky if it's an older building you only have to pay 5%, but don't count on it.
- You have to pay the notary for the house transaction. This is not a fixed percentage.
- You have to pay costs for the loans. There are two systems here but most likely the banks will demand a 'hypothecair krediet' in your case. Together with step 2 most people assume about 5%
- Every bank will demand you have a life insurance (schuldsaldoverzekering). This is not a huge cost, certainly not for young and presumably healthy people, but don't neglect it.
So in the end a 300K building may cost you more than 340K, let's take some unexpected costs into account and use 350K for remainder of calculation. Even worse if it's newly built (which I doubt) the first percentage is 21% (VAT) instead of 10%. All these costs can be checked on the useful site www.hoeveelkostmijnhuis.be
Now, aside from that most banks will and actually have to demand you pay part of all this yourself. So you can't do 5*60K (or 5*70K now). Mostly banks will only finance up to about 90% of the value of the building, so 90% of 300K, which is 270K (5*54K), the other 80K (5*16K) you have to pay yourselves. But it could be the bank goes as low as 80%.
Another part to complicate the loan is how much you can pay a month. Since the mortgage crisis they're very strict on this. There are lots of banks that will not allow you to make monthly payments of more than 33% of your monthly income when you are going to live there. This is a nuisance even when buying one house, you want to buy 2. Odds seem low they'll accept high monthly payments because you either need an additional loan or need to pay rent, so don't count on a 5y deal.
Now this is all based on a single loan, it will probably be a bit different with multiple loans. However, it is unlikely any bank will accept this, even if all loans are with the same bank. You need to consider the basics of a real-estate loan: A bank trusts you can pay it off and if not they can seize the real-estate hoping to regain their initial investment. It's very hard to seize a complete asset if only one out of 5 loan-takers defected. You could maybe do this with another less restrictive/higher risk type of loan but rates will be a lot higher (think 5-6% instead of 1.5%).
And don't underestimate the running costs: for that price and 5 rooms in that city you're likely looking at an older building. Expect lots of cost for maintenance and keeping the building according to code. Also expect costs for repairs (you rent to students...). You'll also have to pay quite a bit of money on insurances and of course on real estate taxes (which are average in Ghent). Also factor in that currently there is not a housing shortage for Ghent students so you might not always have a guaranteed occupation. Also take into account responsibility: if a fire breaks out or the house collapses or a gas leak occurs, you might be sued. It doesn't matter if you're at fault, it's costly and a big nuisance.
Simply because you didn't think of any of this: don't do this. It's better to invest in real estate funds. But if you still think you can do better then all the landlords Ghent is riddled with, don't do it as a personal investment. Create a BVBA, put some investment in here (like 10-20K each), approach a bank with a serious business plan to get the rest of the money as a loan (towards a single entity - your BVBA) and get things going. When the money comes in you can either give yourselves a salary or pay out profits on the shares.
You may be confused about how rich you can become because we as a nation tend to overestimate the profitability of real estate. It's really not that much better than other investments (otherwise everybody would only invest in real estate funds). There are a few things that skew our vision however:
- Your own house (the one you live in) is a relatively good investment. Not really because of rising prices, but because mortgage rates are low, you get quite a bit of money back due to tax benefits and the alternative, rent, is ridiculously high (certainly in the area you mentioned).
- Many rich(er) people have lots of real-estate: Don't ignore history, house prices went up insanely in the nineties/early 2000s, people who bought multiple houses before that (relatively cheap) are rich now, but it's almost impossible that will repeat itself (they still go up but match inflation more closely). Also don't confuse causality: they may have lots of real estate because they're rich and housing in Belgium is maybe not high-yield but still a relatively 'safe' investment on large scale.