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Hi,
Thanks for your response.The interest rate used was 6.91%
Management fees/body corporate was included in the outgoings ($35 weekly)
The park is currently leased until Nov 09I think I might have to give this deal a miss this time round due to my limited funds.
I’ve only just started looking at investment properties and I’m sure I can find a deal that suits me.
This one particularly appealed to me since a car park seems easier to manage than an entire house.I’ll have to find some due diligence lists to assist me in assessing properties, and talk with some agents to see what’s out there.
By the way, you were spot on the money, I found the listing on realestate.com.au
Thanks again,
SamHi Dan,
Here’s my workingsCASH NEEDED
Deposit $5,000
Closing $2,500
TOTAL $7,500CASH INFLOW
Rent $5,760CASH OUTFLOW
Outgoings $1,820
Loan Repay $3,564 (P+I) or $3,108 (I)
TOTAL CASH OUTFLOW $5,384 (P+I) or $4,928 (I)Cash Inflow $5,760
Cash Outflow $5,384 (P+I) or $4,928 (I)
NET CASHFLOW $376 (P+I) or $832 (I)
CASH on CASH RETURN 5% (P+I) 11%(I)What do you think?