Am I missing anything ????

Hi there people,

Firstly I`d like to say thanks to all those who contribute to this forum for providing alot of help and encouragement.

Quick intro I`m 24, own PPOR valued at $220,000 with $90,000 outstandin on loan. Have been reading and researching, personaly i favor CF+ investments. I have been searching and this is my first glimmer of hope they do exist.

Would greatly appreciate any feed back on figures, or anything I`ve overlooked

Property details

Location: Melbourne CBD

Purchase Price: $170,000.00

Stamp Duty: $6000.00

Legals: $1000.00

Toal Purchase Cost: $177,000.00

Intrest  p/a: $13260.

Expenses,                                              

Body Corp: 1700
Rates: 270
Services: 300

Total: $2270.00

Rental Income p/a: $13,000.00

Depreciation(building + fixtures etc) p/a: $4,000.00

Personal Income without IP;

Gross income: $75,000.00
Tax             : $17,475
Nett Income : $57525.00
Cash in Hand per week: $1,106.00

Personal Income with IP;

Gross income: $75,000.00
Rental income: $13,000.00
Total:            $88,000.00

less
Property Cost (intrest + expenses): $15,530.00
Total Depreciation: $4000.00
Total:                  $19,500.00

New taxable income: $68,500.00
New tax:                  $15,585.00

New Cash in Hand per week

Income: $88,000.00
-Property Cost $15,530.00
-New Tax: $15585.00
New Cash in Hand per week:$1093

So basicaly it will cost me $13 a week to own this property. The figures are rough at this stage but thought it was worth considering. Also during all these calculations which I followed from Margret Lomas book, the princable part of the loan repayments is not mentioned. I gather this is just added to the weekly cost of the investment.

Thanks for the help
Pat