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Old 08-06-2013, 09:52 AM
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I think you forgot to calculate the mortgage you need to pay every month. For $800k condos let's say you pay $200k and borrow $600k then you need to pay arround $2800/month for 30 years. If you rent out for $3000/m, then your net passive income is only around $200/month (not $3000/month). Do you think it worth?

Quote:
Originally Posted by Unregistered View Post
I did some research on propertyguru and found quite a number of 2 bedroom condos are selling for $800k. For my family and I, we just need a 2 bedroom unit for stay. I can then buy another 2 condos for rental. In total $2.4m. I will need to use my savings for the various transaction costs and stamp duties and small renovations. After deducting all these, I still have about $200k as emergency fund.

With the 2 bedroom condos, I think I can get about gross $3k per month each or net $2.5k per month, so I will get passive income of $5k a month in total. Our total spendings per month can be about $4k a month as we would have no mortgages and no other debt. If we can maintain the car, we will keep but if the maintenance and running cost is too high, we will just sell it away or use less often.
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