Hi to you all
I have a few questions to throw at you P.I’s. I’ll explain my situation first….
My partner & I have 1 IP that is +geared and our primary residence. Total mort. = 175k. Total value of Properties approx 820k. In that available equity is a loan from a family member of 230k for our use of approx 1year. We are developing our primary home into a duplex in 9mths – 1 year. We will give the 230k back +int. when one of the units is sold.SO Q1. While we have use of this money we are thinking of doing a few renos to make more money. Good idea? Any other ideas? I have just been made redundant and am excited about renovating full time( have done this before).
Q2. We have been trying to get advise re finacial stuff and tax implications and seem to be going nowhere. I personally would love a mentor as I love property!!! ANYONE OUT THERE? Or does anyone know a good accountant/ finance advisor on the Gold Coast. No sharks please plenty of those in the water.
I think thats it. Look forward to your replys.
Melanie
Dear Mel,
Just wanted to know how is your progress in developing your home into a duplex? If you already started on it, then good luck and hope you making $ on the sale. But if you haven’t done anything, I would advise you to look for more + “cashflow” properties to replace you income first. Since you got so much equity to play around with, find + “cashflow” properties is far more easier than developing….
Beside, you can find more + “cashflow” properties and also finding rehab properties as well. Personally, I think rehab job is too hard and taken too much time that stop you from missing great deal during that time. But if you enjoy it and have experience rehab before than you would make good money if you analysis the whole deal carefully.
Well, I wish you well…And one more thing…If I were to have $800K equity, I would use its to buy $4 million worth of property at 20% deposit. Let say each property cost $100k and each generate $25 + “cashflow” than total weekly income is $1000 perweek. Your just created $52K income per annual…How would you like that. That what I do anyway, but what you do I wish you the best of luck and good investing…
Cheer[^]
DreamerP.S. Forgot to tell you that, I said “+cashflow” not + geared!!!!! Make sure every properties is “+ CASHFLOW”…
Thanx Dreamer
Have been looking for +cashflow props and not having much luck. Me thinks I have much to learn!!!
My partner is a registerd builder but not actively building at mo. thus the development of duplex and renos quite viable.Will look further into this +cashflow thing.
Cheers. mel
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