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

Discussion in 'General Property Chat' started by D.T., 7th Sep, 2015.

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

  1. Not there yet

    35 vote(s)
    49.3%
  2. 1 (I buy mansions)

    2 vote(s)
    2.8%
  3. 2

    2 vote(s)
    2.8%
  4. 3

    6 vote(s)
    8.5%
  5. 4

    12 vote(s)
    16.9%
  6. 5

    4 vote(s)
    5.6%
  7. 6

    6 vote(s)
    8.5%
  8. 7

    4 vote(s)
    5.6%
  9. 8

    0 vote(s)
    0.0%
  10. 9+ (I buy el cheapos)

    0 vote(s)
    0.0%
  1. D.T.

    D.T. Adelaide Property Manager Business Member

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    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?
     
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  2. Coota9

    Coota9 Well-Known Member Premium Member

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    Melbourne
    Damn not there yet but have 45k from 2 IPs
     
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  3. thatbum

    thatbum Well-Known Member

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    Location:
    Perth, WA
    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+.
     
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  4. D.T.

    D.T. Adelaide Property Manager Business Member

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    You evil bugger :)
    You going to rent that church out? What will that rent for?
     
  5. Krakers

    Krakers Member

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    Location:
    Sydney
    It took me the first 7 properties to get there.
     
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  6. thatbum

    thatbum Well-Known Member

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    Perth, WA
    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 :)
     
  7. bob shovel

    bob shovel Well-Known Member

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

    thatbum Well-Known Member

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    Location:
    Perth, WA
    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.
     
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  9. MindMaster

    MindMaster Well-Known Member

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    19th Jun, 2015
    Posts:
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    Location:
    China
    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.
     
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  10. Taku Ekanayake

    Taku Ekanayake Well-Known Member

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    Who has $100K net rental income?!
    I digress... That's probably for another post...
     
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  11. D.T.

    D.T. Adelaide Property Manager Business Member

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    Adelaide, SA
    Well done mate
     
  12. Brady

    Brady Well-Known Member

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    465
    Location:
    Adelaide, SA
    Give this thread time over the years and the same posters should be there :)
     
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  13. Taku Ekanayake

    Taku Ekanayake Well-Known Member

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    Location:
    Sydney, Australia
    No doubt about it
     
  14. MindMaster

    MindMaster Well-Known Member

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    Location:
    China
    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 :(
     
  15. D.T.

    D.T. Adelaide Property Manager Business Member

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    Significant head roads into it though :)
     
  16. Biz

    Biz Well-Known Member

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    Location:
    Sydney
    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.
     
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  17. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    Location:
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    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. :)
     
    Last edited: 8th Sep, 2015
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  18. spludgey

    spludgey Well-Known Member

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

    upload_2015-9-8_7-47-35.png
     
  19. neK

    neK Well-Known Member

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    Location:
    Sydney
    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.
     
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  20. Bayview

    Bayview Well-Known Member

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

    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.
     
    Last edited: 8th Sep, 2015