I would definitely recommend that you get a professional builder to give you a quote on fixing all structural damage.  Whatever their quote is add on an extra 20-50% and see if you still think the property is a good buy.  eg.  house valued at $250kbuilders quote $30k plus an extra $15k just in case something goes terribly wrongasking price $1…[Read more]

Hi Bonds I think Daedalus makes a reasonable point.  If you were thinking of doing some improvements to increase the overall value of the property that is great but it might be a little more difficult when trying to rent out the granny flat.  Assuming that you can get permission etc you would have to ask yourself two questions1.  Would you lik…[Read more]

Hi JJust the other day i posted an article on my blog about this exact question.  Ive posted it below if your interested CHAPTER 8.  LEASING YOUR PROPERTYWhen you are leasing out your property you will be faced with two main options. You can either employ a real estate agent and let them do all the work for you – or you can rent it out yourself. < …[Read more]

Wealth Accumulator wrote:
Hi To be a full time property investor – and survive – that is have money to eat and have a house to live in you would need a property portfolio worth over at least $2 million with no debt.  As net residential property returns are about 2% this means you would get about $40000 from such a portfolio – hence you probably…[Read more]

Hey mateRendering looks very even and perfect where as bagging has more of a rough nature look.  If you were to paint it a different colour this would change but depending on the location of the house i like the rustic look.  I have never rendered a property but i think it would take much more skill and precision where are with bagging you just &…[Read more]

There are no rules for this situation.A deposit bond is a good idea or at the very minimum you should try and get $5000 for the deposit.  Have you thought about how you are e going to pay the taxes and legal fees?  Cheers Banjo Smyth

Hi sjbeaveSounds like a great idea especially if you both have different skills and knowledge that you can use.  The most important thing you do is talk about your long term plans for the property and how you would react in different situations.  For instance if one of you moved overseas, or stopped working and wanted to sell the house.  I wo…[Read more]

Hi LukeRendering might be a good job for a pro but bagging can be done by anyone.  All you need is some patience and a bit of time!  This is a picture of an investment property that i have just finished bagging. 

Hi KenzelWhere have you heard about this scheme?  Normally http://www.sro.vic.gov.au it the place to go for that sort of information (first home owners etc) but i couldn't find anything? Best of luckCheers Banjo

HiNo i haven't but their site looks reasonable.  I would love to know how you go with them?  Are they just coaches or do they source properties as well?Cheers Banjo Smyth

Hi nucopiaI recently renovated one of my properties and rather than replacing the tiles in the kitchen and bathroom i used 'White Knight' tile paint.  I did the whole bathroom in White and the Kitchen in a nice red.  Looks great!  The only thing i would worry about is the longevity? but if you prepare the surface properly i think it is pretty lo…[Read more]

I think the answer is simple.  If you can afford to hold onto it then you should.  There would be little point in selling it and then buying a new place as the transaction costs would be too high.  But on the other hand if you will struggle to hold onto the property then you should consider selling.  But Property should always be looked at in the…[Read more]

Jon Chown wrote:
You have to be kidding TT552.   Jon

Thanks for your common sense Jon.  I also believe you would be crazy to sell – especially considering you income is relativity high.  Hold on to the properties and enjoy the rewards in the future!Cheers Banjo

I think his books are great, and they have taught me many great lessons.  There are always going to be people who are negative and try to 'cut down' people who have been successful.  Surely he is to be applauded for bringing these great ideas into so many peoples life.Cheers Banjo

Hi TerranceYou need to think about why you want to buy the Investment property?  Generally the properties that are more likely to be positively geared aren't likely to increase in value as much as a negatively geared property.  Like Chis said, you may be able to find a positively geared property in a rural/mining town – but in 10 years time the p…[Read more]

Hi AtevansThanks for your posts . . . very interesting!Cheers Banjo Smythps. good luck 'notsolucky'

Hi MareeRick Otton is the main person in Australia who deals with that sort of thing.  I think there is some info at the below website but if not just Google his name and I'm sure you will find heaps of info!Cheers and good luck Banjo

Very interseting Winzer.I had no idea it actually originated in Lilydale!All i know is that if you dont 'roll it' or use a 'wacker' to compress the topping it will end up everywhere if it rains!I learnt the hard way Banjo 

Great work mateI look forward to some 'before and after' shots!The strategy you talk about is my favorite!  I find it funny when people talk about the 'lack of liquidity' in Property Investing.  But after you have refinanced or have a line of credit the equity in your property becomes a very versatile investment tool.In a way it has more f…[Read more]

Great  Work MiikeHow is it coming along? Are you planning on selling the unit after the 12 months of PPOR is finished or are you going to hold onto it?  I like the idea of holding onto properties long term (if you can afford the repayments).  And remember if the property does increase in value as you expect it to you can still get access to th…[Read more]