I've now completed the purchase of a new rental property. The cost was a lot less than my existing rental property due to its location away from big cities, but knowing the area, the property should be ideal for young families close to a local school.
I expect the net yield after costs and tax to be around 4%, which is higher than my existing property yield, although it probably doesn't have as much potential for capital appreciation.
There are a few odd jobs to complete but i hope to have it on the market with 2 weeks. I had not fully factored in the costs associated with the purchase into my annual plan, so June expenses were higher than usual.
This has helped to reduce my cash reserves to under 30% of net worth, the lowest proportion it has been for around 3 years.