From student to multi-million dollar property investor - Eric Wu

Ask him what domains have come up for sale recently.

 

Great work. And curious to know when is the next meet up and where?

 

Hi @Vince-VX , there are 2 coming meet ups, pls see below:

NSW - Sydney CBD Meetup No. 5 - Thursday 9th February

https://www.propertychat.com.au/community/threads/north-ryde-meetup-thursday-16th-february.16812/

I am going to both, hope see you there

 

Awesome! Thanks for the update!

 

Great work @Eric Wu ! I have read your piece on sbs as well.

I am curious on why did you stop on 9? Is it because of finance/serviceability?

 

Morning @TFBoy, thanks for the kind words. I am writing 5 pieces for SBS, onto the last pieces (5th).

Re the properties, I intentionally pause a little while, need to let the properties settle into the portfolio for a little while. And see stronger signs to get into some particular markets.

 

Interview with the Wu Man on the SPI podcast The Smart Property Investment Show: your independent guide to Australian property investing by Smart Property Investment: about property investing, by property investors on Apple Podcasts

Again, excellent story!

 

It's not the number that is important but quality imho.

 

That's awesome! Super brave too, by nature I'm a very private person and wouldn't want details of all my stuff online.

Congrats!

 

Yeah that's true. One place I bought in 2014 has doubled for me in 3 years. I was convinced of the quality even though the yield was meh. It has paid off big time.

 

Congrats @Eric Wu Thanks for sharing your story! Alot of parallels with mine. I'm on magic 9 aswell

 

I actually thought @sash is a dentist. Are you not?

 

yes a bad one

 

thanks @House , used a month worth of courage to listen to my own voice.

 

But the question is, did you pick up any wisdom and or hot tips ???

 

Not that I want to be all doom and gloom, but....

On the figures provided in the article, there is a interest rate of about 4%.

If the interest rate went up to 5% - Which is actually a common interest rate, esp in a IO on investment type loan, then the figures I get are.

Weekly interest repayments - $3064
Weekly income - $3160.

So you have a whole $94 per week that is meant to cover your insurance, PM costs, upkeep, repairs etc.

If it was to go up to 6% then you are in the hole for $500 per week!!

Then what happens if (when) the IO period expires and then you can't qualify for IO and have to revert back to a PI payment (Even if you refinanced to max out the time period)?

You have certainly amassed a great deal of capital growth and therefore wealth in the property portfolio - and that's a great thing that can't be denied.

However, in my eyes, the portfolio is a house of cards (unless you start to service shortfalls yourself).

 

I did not look at his or anyone's numbers, but surely we are expected to be throwing money at the properties we buy at certain stages along the way?

If you have limited income and you buy too many that only pay for the interest on the loan, then yes, it will bite at some stage.

 

Definitely picked up lots of wisdom and hot tips from you at the past meet ups, @dabbler

 

What ? like..... Don't drink and drive, cause you may spill it ?

 

much more than that @dabbler ,