How many houses did it take for you to acquire $100k gross rents?

In similar vein to the "How many houses did it take for you to acquire $1 mil worth?" poll thread, just curious about the rent side of the equation.

It took my first 7 properties to reach $100k in gross rents per year, how about you guys?

 

Damn not there yet but have 45k from 2 IPs

 

I'm on 7 and haven't yet cracked the $100k gross. Its looking like I will be on track to be an 'el cheapos' slumlord at 9+.

 

You evil bugger
You going to rent that church out? What will that rent for?

 

It took me the first 7 properties to get there.

 

Haha I'm hoping to Airbnb it - not sure how much demand that will be to be honest. But for you, I can give you a special rate as a Perth - Adelaide stopover accommodation

 

Are you doing up an old church?? Where abouts is it if you don't mind divulging

 

In Wickepin, about 30kms out from Narrogin. Anyway, its a bit slightly off topic, so I'll probably do up a thread for it separately once the conversion work gets started.

 

Interesting question.

4.5 (one has a GF) properties gives $102k a year. If there are no maintenance costs (never happens) I take home $30k before tax.

So $100k gross gives $30k net, 30%. Guessing the % for el cheapos with higher costs would be a little lower.

 

Who has $100K net rental income?!
I digress... That's probably for another post...

 

Well done mate

 

Give this thread time over the years and the same posters should be there

 

No doubt about it

 

Dunno... When you have a goal of $80k plus net revenue a year from LOR after tax and many people already have $100k plus net a year, still have a loonngggg way to go

 

Significant head roads into it though

 

Took me 3 to crack 100k.

My next goal is to get to about 200k gross (I will have about 50k surplus by then) and let time do its thing. After this next deal i will be at about 175k gross so almost there.

 

I've just listed a second property on Airbnb, I put a reasonable price on it to start and the first booking I took (and it was within 24hours of listing) was a 42 nighter. That one is just in suburban Sydney... interesting, the suburban guests who book or enquire (so far) are families moving to Sydney needing accommodation while looking for a permanent rental and people whose parents come and visit the country for extended periods and people having events on at SOP, whereas the city one I get holidaymakers, conference goers, people visiting the city.

Since listing just 10 days ago I've already got the first 2 weeks of September filled too, so now I've just got 1 week available in September and I'm all booked up for the next 2 months already. Just have faith it will work out. Mine have.

There's a lot of work setting it up, then you should "test live" it so you work out what you could be missing or what can be improved from a guest's perspective (for me, it was only when I tried it out I realised I needed to attach a low flow shower head and I needed to get some cups suitable for tea and coffee and a water filter jug), and the other place I realised how uncomfortable the futon bed was after sleeping on it so I upgraded it.

I think you could be surprised (and in a good way).

Oh, and to answer the original poll question, my answer is 4.

 

The numbers below is the lower of the rent at purchase and the rent now.

 

2 houses with a granny flat on each. I voted 2 as they must be sold together. Just shy of 120k gross.

One more should do the trick After that I'll need to buy some cheaper ones with cg potential with the view to offload in the future to clear off the debt quicker.

 

I got there with 1 - my workshop....rent paid by it back to me in the form of wages.

Well; for a little while, anyway.

Currently, the ROI is back down to 14.5%

Only have one IP and the workshop now (I regard the workshop as an IP).

Total current rent from these two is $75,400 gross per year.

When we had 5 x resi IP's we had a total rent of $85k approx, from memory - never added it up at the time.