[xx(] hi this newbie is aware of the 11 second rule ,have read the book and listened to fastrack tape,although i need help with these numbers if poss! am approved for $220,000 which i would like to lever as 20% deposit on bigger $$’s if allowed to,have hunted and found 16 units in 2 blocks of 8 on 2 seperate titles all 2 beds,units are going for 100-120,000 in worse parts of town these are 2 mins to cbd,15 are currently tenanted and returning 110-125 per week although not sure yet how many are 125 etc so minimum of 110 pw anyway seller is looking for around 800,000 for the 16 and has been offered above this but wants to go to auction,my questions are, are these a good goer and any idea of what kind of going in costs would i have in nsw .am i dreaming of too big a jump??[
]Hi Wannabe
Well it’s hard to calculate, as there are many varying factors as Steve points out in his book.
Interest rates
Water/council rates
Insurance
Management fees etc etcThe only advice I can give is don’t be afraid of large numbers, just work them as you would with small numbers, there is no difference however for some reason some people panic with large numbers.
If you bought Steves book, u would have received his calculator for working out deals in excel?
Maybe consider doing the calculation on one unit and multiply that by 16 as a guide or consider a partnership.
As long as the figures add up don’t be scared. Do you have an accountant you could contact?
Many professionals out there willing to help at a fee of course.
I hope at least some of this helps?
Sorry I could not offer more help!
Regards Bear
[
] thanks for the reply bear, loan is a low doc 7.2% , left school with little and am a computer dinosaur so excel is out of the question,however i’m not going to be daunted by big numbers,if anyone out there will shout me a billion bucks i’ll find some property to spend it on!![]
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