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  • Profile photo of PugPug
    Member
    @pug
    Join Date: 2001
    Post Count: 3
    November 4, 2002 - 10:22 pm

    Sooshie,

    I emailed it both to your hotmail and yahoo adresses awhile back.

    Did you spell your yahoo address wrong, because you should have received it. I also sent it to [email protected]
    As this was the most logical typo.

    Which state do you live in?
    Im in Sydney and can send you the tape if there is no one closer.

    PS. Thanks for the formula askegg. Ill give it a try

    Profile photo of PugPug
    Member
    @pug
    Join Date: 2001
    Post Count: 3
    November 3, 2002 - 12:02 pm

    Thanks AD,

    I found your post really helpful and encouraging. 7 deals in 7 months? Thats the sort of momentum I want to get going.

    Sounds like Im doing the figures right but need to be a little more creative. I would really appreciate the numbers on some of your other deals if you have them in soft copy and its not too much hassle.
    my email is [email protected]

    The Reno sounds like a great idea. You could depreciate the improvement as well.

    So when you bought the place, did you just say “I want an extra $30k to improve the property” and they add that onto your original home loan? Or did you just fund that seperately?

    I want to try and buy a property this month to get the ball rolling. Ill let you know when we get the first one.

    Thanks again

    Peter

    Profile photo of PugPug
    Member
    @pug
    Join Date: 2001
    Post Count: 3
    November 2, 2002 - 2:26 pm

    Thanks for the replies guys.

    Sooshi:
    The guys mention a straight rental plan called the No brainer passive income plan on the “milking not being milked” video in the wrap kit. In order for the plan to work, you basically need a cash on cash return of 37% (or 50per week net) on each property with a total of 20 properties to get a $100 000 passive income at the end of 10 years.

    Im finding that a cash on cash return of 37% is … well, very challenging to find.

    I am working the figures out on the asking price. If Im looking at a house for 119k thats renting for 245pw , maybe I could get them to knock off 10k but even then its not going to get anywhere near 37%.

    Ill send you the spreadsheet now. The only thing to watch out for is I havent figured out the formula for the loan monthly payments yet so you will need to use one of the online calculators and then enter it manually.

    Darren:
    Dont get me wrong, im keen as beans to get started, but my enthusiasm got me into a negatively geared property the first time (An expensive learning experience to say the least)

    I vowed that I would do my homework properly before I buy the next one. Im just frustrated that I cant find even one that comes close to the 37%. I know Steve says he has done much better than this, but it seems it must come down to some heavy negotiation on price?

    If anyone is interested, I wouldnt mind posting the numbers as a case study to see what would need to happen in order to get the necessary returns. Wagga’s a 5 hour drive for me from Sydney so I want to get it right before I drive down there again [:)]

Viewing 3 posts - 1 through 3 (of 3 total)