Just bought 2 properties and need some advise and ideas. Take a quick read !!

Hi all,

I am pretty new at this game of investing, and only really started my research a few months back. I have been educating myself in property investment. I have just finished Steve's book 0 to 260+ properties in 7 years, which was fantastic. A few weeks back, I took the plunge and invested in two properties in a country town, under 2 hrs from the Melbourne CBD. I will list the details of the properties and would really appreciate some feedback from people on what they think, what I should/could look out for, and any advise that would assist me.

The small town is growing and recently had Big W and McDonalds added to the area. Has all the banks, and supports and serves the surrounding smaller townships.

Property 1

3 houses from a the main strip of retails stores in the middle of town. 850sq metres. A dilapidated 3 bedroom house at the front with a heritage listing on it (which more than likely will be removed very soon). The house sits on approx one third of the entire property. There is a 4 metre lane on the left and at the back of the property.
This property is a short term investment property. Ideally, I would like to build 3 small units on it. The area is predominantly older and the units I would build will suit that type of person as it is close the main retail drag.
Cost of the investment is $202,000. 90 day settlement (payout in June – 10% deposit). No access to the property prior to settlement. (Tried everything to get access, but could not convince them. Which is a problem, as the house has not been lived in since 1999 and needs work to make it livable). Rent once I get it up and running s/b $170-$175 approx (yes I know its negatively geared, but it is not part of the bigger plan). Given that the place will be demolished, every dollar invested in getting it up and running is a dollar wasted unfortunately.

Property 2

Long term investment unless offered good money on it. This property sits on 950sq metres and is 4 km from the city centre. It has a 3 bedroom house and has been lived in for many years by an elderly couple. Its in good condition, but needs about $5K of re-stumping, and possibly re-carpeting 2 rooms. It is in good nick with a nice large garden. Single garage at the front of the house and is generally in good shape. half way down the property there is a 1 bedroom granny flat in excelent condition, with a garage which has been converted into a workshop. There is rear access via a large lane and even a place for a car spot next to the workshop.

I plan to keep the property, as the front house could be rented for $170-$180/week, and the 1 room apartment with back studio (or workshop) for $150-$160/week.
I plan to split the garden in half for each property, put a fence between the 2, so that access to each property is separate.
Cost of the investment: $210,000 with a 60days settlement (10% deposit). I have a reasonable access, to fix the stumping, and put up the fence, and pave the single card spot area at the back. Mind you it wouldn't take too long anyway to arrange to set them up.

I would be hounoured to get some feedback here as I don't have much support financially or otherwise. Other issues that may help paint the picture:
1. I have done what Steve suggested and have signed both properties in the name of a company which is the trustee of a family trust.
2. I am married with 3 gorgeous daughters and I rent my own home and careful with expenditure.
3. I make $50,000 a year and I am self employed
4. I am always grateful for what I have and look forward to a great future, and I am very happy with life
Cheers Jonathan