Welcome to the forum. This is a good place to start.

I would suggest getting a few books and also borrowing some property magazines from your library. Reading stories about people's journeys is interesting.

Be careful, it's addictive. LOL

I have friends with property in the US. One is actually a buyers agent there and is now retired on her rent.

Yes the gross yields are great (and were even more amazing when they got in). But looking into it I couldn't see the point unless you were buying multiple properties. After deducting the fees to set it up, plus the high management fees and the high maintenance costs. Tenants are very fussy. One property was fully renovated and had to be re carpeted and painted after 2 years.

Also when you are paying cash I think you can do better with your money by leveraging it here. For example I could buy a property there for $50,000 or use that money to buy a CF neutral property here for $400,000. So if yours goes up 10% you've made $5,000. If mine goes up 10% I've made $40,000 gain.

1- depends where it is, what the rent is and what rent you'd get on an IP in a different area.

2) If it's  where you want top live and it's not an area where it would be more beneficial to own an IP elsewhere.

3) Not legal so NO!!!

So in other words- without knowing the nitty gritty- Who knows?

That looks great Jacqui.

If it were me I'd do that with the view to replacing the kitchen down the track, rather than spend $1,000's and still have an old kitchen.

We had one kitchen we didn't want to replace yet. We painted the doors and put new handles. Cheap and we hope it will give us another 5 years (it's already been 2 and still looks good).

Most valuers just do a desktop valuation anyway so won't even see it.

No mention of defence services (NSW). I'd give Fair Trading a ring. He should at least pay rent until you find another tenant (although also liable for releasing fees etc).  

100   Early termination without compensation to landlord

        (1)  A tenant may give a termination notice for a fixed term agreement on any of the following grounds:

            (a)  that the tenant has been offered, and accepted, accommodation in social housing premises,

            (b)  that the tenant has accepted a place in an aged care facility or requires care in such a facility,

            (c)  that the landlord has notified the tenant of the landlord’s intention to sell the residential premises and did not disclose the proposed sale before entering into the residential tenancy agreement,

            (d)  that a co-tenant or occupant or former co-tenant or occupant is prohibited by a final apprehended violence order from having access to the residential premises.

        (2)  The termination notice must specify a termination date that is not earlier than 14 days after the day on which the notice is given.

        (3)  The termination notice may specify a termination date that is before the end of the fixed term of the residential tenancy agreement.

        (4)  The tenant is not liable to pay any compensation or other additional amount for the early termination of the agreement.

OK, I enlarged the print.  

I haven't had good luck with financial advisors and discussing buying property with them. I find most don't get it. First question to the advisor- How much property do you own?

If the answer is not many he/she may not be the best person for you to get advice from. Maybe a good broker would be more helpful. There are some great ones who have portfolios themselves and have helped people buy multiple properties.

The most important thing in moving forward is to get the structure right. As Qld said stop paying principal and interest and change to interest only if you are going to make it an investment property. To get the structure right speak to a property savvy accountant (MOST important).

Most investors go interest only. If you have non deductible debt (your home, car etc) pay that off first. If you have no non deductible debt get an offset account (not a redraw) and pour the extra money into that. That way it is your money to withdraw when you want.

When you get your new home get a LOC on that for deposits and legals. You can then get 80% loans on the new IP. That way they aren't cross securitised (VERY important).

Some people get 90% loans but usually if they have no equity.

Don't be embarrassed to plan to have a big portfolio.It's a goal. No-one ever got anywhere by having small goals.

You are in a great position and there's no reason you can't have multiple properties. Go forward and prosper. LOL

Living on the street on the pension (which you can't get because you are homeless) is a blessing. hahaha.

If it's such a blessing why not quit work, sell everything and go on the pension (at least you'd have a house to live in).

That's why I asked if it was in relation to a tenancy agreement.  You did not  mention tenants in your first post. It makes a difference to the answer.

So has the heater recently stopped working or needs fixing? If they are both working you could leave it for now.

Seeing you leased it with cooling and heating, you are obligated to provide both.

I would speak to the tenants and suggest that it would be better to have a reverse cycle AC instead of the heater and cooler. They may actually prefer it.

It's your place. Do what you want.

or are you asking in relation to as tenancy agreement?

If it's a new lease I'd take the heater out because if it's there and not working they could ask for it to be fixed.