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  • Profile photo of SAMTIMESAMTIME
    Member
    @samtime
    Join Date: 2009
    Post Count: 3

    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 09

    I 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,
    Sam

    Profile photo of SAMTIMESAMTIME
    Member
    @samtime
    Join Date: 2009
    Post Count: 3

    Hi Dan,
    Here’s my workings

    CASH NEEDED
    Deposit $5,000
    Closing $2,500
    TOTAL $7,500

    CASH INFLOW
    Rent $5,760

    CASH 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?

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