Story:
Have seen a few properties for sale at between 0,000 and 0,000 in regional Victoria which claim to have a past rental price of 0. Current tennant etc etc.

After doing a few quick searches I found out that according to the latest figures, regional victoria is growing at a faster rate (1.9% growth compared to .9 for melb from memory). One important thing I did read was that unoccupied rental properties were scarcer in regional vic. Higher demand in regional areas.

My Idea:
Save ,000 a year for 4 years T = 0,000 (easily do-able)

Take 0,000 and buy one house outright so there would be no martgage. At the same time, buy another house with finance (0,000 loan). Then rent both houses out for roughly 0 pw each.

According to basic online repayment calulators, repayments on a 0,000 10 year loan at about 9% would be roughly around 0. So rent from both properties would cover repayments.

Then just wait and let other people pay the mortgage and after 10 years I end up with 2 houses for the prices of 1.

Does this all seem do-able?

And yes i realise that there will be times when they are vacant and not bringing in rent, but since I wont personally be paying any mortgage I still will have disposable income and so will be able to cover repayments during tougher times.

There must be a lot that I missing as this all seems quite easy. Seems to me like a good way to get your foot in door.

Can someone bring me down to reality?

Thanks in advance
Obviously its not 0 a month…. its 0 a week. Though u might have picked that up when I said I’d get 0 PER WEEK rent from both houses.
and since I will (after the first 4 years) go back to saving ,000 a year I should have no troubles covering insurance and taxes, and times of vacancy etcetc…
bull –

I dont mean 00 a month…i mean 0 per week (0 per month). So both together 0 per week (00 per month).