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Episode 295 | How To Reach The Summit: Achieving $2K Per Week in Passive Income – Q&A

So… earlier this week, we posted this on our Facebook page:

And the response was overwhelming! Thank you to everyone that everyone that wrote in and that’s why, in this Q&A episode, we cover everything you need to know to build a property portfolio that pays you a passive income you can live off.

Here’s the deal… if you’ve listened to us for some time, you’ll know already that we bang on about “$2K per week” a fair bit. So, first we’re going to tell you what we mean by this “magical” number. Including why it’s NOT magical at all, but instead is actually ACHIEVABLE for many folks!

From there, we’ll dive deep on the considerations and investment strategies to build a portfolio, like the big one – how to finance multiple properties without significantly impacting your cashflow! Plus, we’ll walk you through heaps of new questions on this topic AND share the secret of reaching the summit of $2K per week!

It’s a big episode, but we’re about to deliver some fresh gold nuggets as well as some quality reminders. Tune in now & let us know what you think!

Psst… We’ll be continuing this episode next week as we received a tonne of questions on the “Who, What, When & How” of achieving a passive income… so keep an ear out for that.

You can suss all of the questions we answer today further down 😊

 

To the summit we go!

 

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Questions Answered In This Episode…

Question from Mark Bradicich:
Is it $2k clear of expenses?

 

Question from Samantha Dean:
How many properties, earning how much per week would you need to acquire within your property portfolio in order to earn a passive income of $2000 / week ? And would this be $2000 / week income be during length of loan (say year 10 of the loan – when it’s negatively geared?) or once loan is entirely paid off and all income coming from said property is positively geared?

 

Question from Hugh Nitt:
2k is a great target! Is it possible/likely for a couple to achieve this income individually as a goal? Granted that every couple would have their own set of specific financial / income scenarios that impacts this goal. For example, a combined 2k each. 4k total passive income. How rare is this to achieve?

 

Question from Christine Browning:
If you are over 58 can you still achieve this?

 

Question from Helen Harrison:
I’m 52 years old and woken up to passive income. Have I left it too late to build wealth? Have equity in my home of residence. Educating myself including a daily lunchtime dose of your podcast!! Thanks

 

Question from Jenny Ann:
With $500k to invest and low cash flow, can this be done and how? (Ps I’m 54, single and a sole trader with only 4 months income statements, otherwise debt free).

 

Question from Sabrina Gajnabi:
What is the best way to find an investment savvy mortgage broker?

 

Question from Benjamin Tuxford:
What is the best way to find an investment savvy mortgage broker?

 

Question from Angus O’Loughlin:
At what stage do you go to principal and interest to try and retire the debt?

 

Question from Angela Niznik:
s it a good idea to sell an investment property to wipe out most of the mortgage on own home and significantly improve cashflow for further investments property purchases?

 

Question from Mat Newbury:
Is using LMI a good strategy to buying a third investment property to get in quicker? Seeing as the LMI is tax deductible. Rather than waiting for the equity to build and potentially missing out on a good buying opportunity in that time. Currently have one in Melbourne and one in Brisbane and am a borderless Investor. Would love your advice!

 

 

 

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