Paying off a mortgage in less then 10 years?

[Dale Viljoen]

I have not studied to much about real estate, I have read the Ultimate Beginners Guide by Bigger Pockets, side course with 6 lessons and about 10+ articles from bigger pockets so I have the general understand of everything. The course taught me some good calculations that everyone should know and told me to put it to the test on a local MLS. Everyday I have a look and just calculate things to try and understand more. Before asking my question I just want whomever is reading this to know I am still learning alot by the day so would appreciate it if you gave me advice/help instead of getting bothered.

My question is, Is it possible to pay the mortgage of a property you are renting in less then 10 years? I looked at apartments and houses in a similar price range. The one I chose to go in full detail with I found that I was making roughly $250-300 NZD (170 USD) after expenses (Dis-including Mortgage). Now the problem is to get out a $700,000 NZD (460000 USD) mortgage with a 50000 NZD (33000 USD) Deposit I would have to do minimum repayments of 800 a week. Now as you can tell that's well over what the house is bringing in. I guess the leads to another main question that has been playing on my mind. How does one even purchase a property that is able to pay for weekly mortgage and expenses.

Thank you for reading my question, once again I appreciate all feedback.

[Joe Villeneuve]

This isn't a deal.  Understand the difference between "cost to buy" and "cost to control".  You want to reduce both.  You want your tenant(s) to buy your property for you through positive cash flow.  

Any money that comes out of your pocket, is a cost to buy to you.  This includes:

1 - Down payment
2 - Negative cash flow
3 - Added money out of pocket to pay off mortgage faster.

If you put $20k down, have $4k negative cf per year, and add $4k month out of pocket to pay down mortgage faster, your cost is $20k plus $8k/year.  If you hold this situation for 10 years, that property cost you $100k...and you have to recover all of that $100k before you start making a profit.

However, if you put $20k down, and you have positive CF, that property cost you $20k...period.  That means as soon as your total positive CF = $20k, you start making a profit.  That's because your tenant is actually buying the building for you.  That's their job.  Don't help them.