Rental warning from IT guru who owns 12 Qld properties - realestate.com.au

Demand for rentals in Helensvale saw rent rise dramatically for this property this year.

“Currently, interest rates are rising, but investors still have a good chance to raise rents, especially in Qld suburbs with low vacancy rates. This is a result of interstate movement, improved lifestyles, and opportunities for work from home.”“My major objective is to buy as many properties as I can during the accumulation phase. I make sure to screen the tenant from the start and maintain a positive connection with my property manager,” he says of his approach to tenancy.

One of his largest homes is this four bedroom property in Chinchilla, bought for $260,000 in February this year. “For example, if you have 10 properties and if you increase $20 rent a week which will become nearly $10k increase in income which helps to cover your rising interest rates and put you in far better financial position.”“Today it can be used to replace my full-time salary,” Mr Patel says, but he has no plans to quit his day job or sell his properties if it can be helped.

“At the end of the day, if you can start somewhere, you are in the game of property investment instead of waiting many years to save large deposits and the market to cool down.”

realestate_au Negative gearing wound back to one property over the next few months will sound out a different warning.

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