In episode 83 of Ask Kevin Young I answer a question from Arif in QLD. Arif wanted to know as to what she should do about her rental property in Cessnock as her rental income has gone down from $450 per week in 2011 to $350 per week. After reviewing your property profile I think you have done well here as you have bought a 4 bedroom home in a 3 bedroom area. There has been some stagnation but you have only had the property for five years and as a member of Property Club you understand that there is a cycle to property prices.
What I would recommend for you is to sit down with your mentor and goes through your cash flow with you and to see if you are able to hold onto this property better than you are, as interest rates has come down far enough in the last five years. With a new campaign that we running to beat the big banks, we have found that we are able to save our customer over $2000 per year (That’s $40 per week). This is equivalent to getting a $40 raise in your rental income. We can sit down and review everything step by step but keep in mind that you do have the best property in the area and do not have allegiance to the letting agent. Let property Club do the work for you but finding out what the rent has moved too and find two other competing agents to see if they are able to lease your property out at a higher rate. You are on the right track and keep diversifying Arif!
P.S You can also listen to our episodes on our Podcast – The Kevin Young Show
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