Hello Bigger Pockets Forum!
I am 24 years of age, I have a son that is 11 months old and a wife that is 3 months pregnant. I have been married for 2 years now. I have 2 properties under my name which I have achieved in the last year in Perth, Australia.
I am unsure if my properties are considered 'good' and would love tips on how to improve them.
They are both set in the suburb of Baldivis and both are being rented out.
My first property is on a $307000 5.16% interest only loan that rents out for $1800.
I am currently paying $1370.01 monthly on this piece of real estate. (Includes Morgage and Insurance Only)
This house is newly built and is being rented out by a couple that I have an agreement with. The agreement is that the house will be sold to them for the current market value + 10% at any given time they would like to purchase it, with the contract being for 5 years for the tenancy agreement. I don't do inspections, I don't do anything but receive payments from the tenants and they pay for everything else. Council rates, housing utilities, fixtures and if they break something they are to pay for it.
My second property is on a $265500 5.14% principal and interest loan that rents out for $1400.
I am currently paying $1574.95 monthly on this piece of real estate. (Includes Morgage and Insurance Only)
This house is more newly built and is being rented out by a couple and their kids. This is only a 6 month agreement and they pay utilities and others. I haven't done an inspection and just receive payments from the tenants weekly.
If you have any more questions please feel free to ask me. All constructive criticism is greatly appreciated.
@Hariz Koelmeyer I guess there are not a lot of Australians here. All I can say is that they don't sound great for rentals unless you are expecting appreciation and are just waiting on that. The second thing is that I'd never enter into a 5yr agreement, especially if a property isn't cash flowing well. What is you needed to sell it for whatever reason next year?
@Hariz Koelmeyer Welcome to BiggerPockets, Hariz. BP is maybe the greatest free resource to help you get started in Real Estate Investment there is on the internet. Congratulations and I wish you a ton of success.
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