Looking for experienced mentors/advice

Hi all,
I'm looking for advices from experienced members whom could guide me into taking my property portfolio to the next level. A bit of background on myself:
I reside in Vic and currently have 3(4) properties.
First property (a unit) in 2006 with a sibling.
Second property is a house in Melton in July 2009 with my partner.
Third property I moved into in April 2011 with my partner.
finally fourth one that I moved into in April 2013 with my partner.

So my sibling still lives in the first house and pays all the repayments.
2nd and 3rd properties are currently my IP and I live in the 4th one with my partner. Unfortunately, my IPs aren't positively geared which is the reason
I'm at a stage where I feel I can't go any further as our combined income(plus rental) is near capacity for the 3 properties. Most of the equity I got was from the first one which has grown 1/3 of its value allowing me to top up my borrowing to 80% each time.

I'm thinking to sell/renovate/re-develop my IP in melton.
The property has not shown much increase in value over 5 years (~15%). It's an old 3br house with a big backyard (total land ~600sqm). Its old and I've been hit with tenancy issue, maintenance and gardening cost and bad tenants.
I am divided in thoughts between
- Developing another dwelling at the back while keep renting the front.
- Re-developing the whole property, taking it down and rebuild 2-3 units.
- Renovate to get better rent as I'm at the low end of the rate of rent due to newer estate in the area.
- Sell or renovate then sell.
I have gotten advices to sell and use my money somewhere else due to the properties prices in Melton being too low to bother with the cost of developing from scratch or even subdividing.

What do you guys think ?
Any thoughts/advice on what I've done and what I should do welcome !
 
I would run the numbers on developing the block, if you can retain the front and build out the back this using creates equity and extra income. Would make sure end product is in demand and you can sell them or rent them easily. If this adds up its a no brainer...

How has the overall cash flow been for the Melton property, tenant issues/maintenance are sometimes parts of being a landlord... Is the property costing you money each year to hold... If it is as mentioned above get rid of the dud investment and purchase elsewhere with better growth.
 
The cashflow isn't positive but after depreciation it is very close to neutral so it doesn't cost much to hold and wait.
The thing is I don't know much about developing and how much effort/money it's going to cost in the Melton area.
Would be good if any Melton members have done it recently and able to provide numbers for me to use as a rough estimate.
 
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