I was checking my account on the internet today and I noticed that the bank had snuck another increase this week so that makes 3 rises in eight weeks. What bugs me is the increase starts the day the bank sends the letter or dates the letter and I am not officially informed for about a week after the event. I am looking for a better deal.

I hope you have the deposit. I would keep it and start again. Ask your lawyers opinion to give you the options available.

The short answer is yes. I did this myself.  Approach your present lender to borrow for the second property, the result is your present property would be security for itself and the second property and the second property would only be the security for the second loan. It will only work if the total equity in both the properties is equal or more t…[Read more]

Put an ad in the paper and see if you can find a tenant with the property as it is. I generally use the internet putting the rate higher than I even expect to get, then I drop it gradually until I find a tenant. The last time I did this I had tenants interested immediately.Putting ducted gas heating will make the property more attactive for any…[Read more]

I am not sure of your present situation but if you live on a suburban block then maybe you will have the opportunity to build a flat or some sort of extension to your house that would provide a separate space for your mother. $140,000 could build between 50 to 70 sqm extension or flat. In this situation you  will not need to charge rent therefore…[Read more]

Vinyl may be all right for a kitchen or maybe an old bathroom. I think polishing the floor boards is a better looking solution and costs about the same or maybe even less. You will need to check the state of the floor under the carpet by pulling up it up at a corner, you will need to fold it back about a meter or so to get a good look. It should…[Read more]

HiI had a share of property in Firle near Norwood. It was in a rundown state when we got it, so we polished up the floorboards and painted inside and out. It was a great rental for a while. We eventually sold it and doubled our money after 4 years.Happy hunting

Hi

I lost all my savings and ended up with heaps of debt when I was conned into purchasing a non existent business when I was 30. I learnt the meaning of due diligence and how to read contracts after that. I had enough money to put a purchase on a house but I thought I buying a business that would make a good return and I would buy later. Enough…[Read more]

Hi

I dont know your exact position at the moment but my feeling is that you should consider selling the the negative geared property and putting any capital gains into the the other properties. It may be possible to put enough capital into the break even properties so they are giving a positive return. Whatever is left over could be put in to…[Read more]

Hi. It sounds like you have thought this through a lot. I can see a problem with your plan, in so much as, you will need to find good tradesmen and builders to make the plan work really well. If I was in your situation I would start with one property and keep as much money back for the future. I would then go through the whole cycle of purchase,…[Read more]

Hi. I have place in Canberra where I rent the rooms separately. The rooms have beds in them, I have put a few sofas in the living area, a washing machine and fridge. I charge rent and also for the services such as electricity, gas and a phoneline. It has been reasonably successful. I chose students that are not in their first year, I was lucky I…[Read more]