Hello everyone im new on here and have only been researching investment property for the last year. Im at the stage of building up a deposit to kick of my first few propities. The plan is to borrow only for the property 80% and use the money from the pot ( feed the pot for two years) to pay other expenses. We have just had a new estate open up in my area thats growing fast and it's becoming imposible to find a old property for under 300K. I was thinking about purchsing a block of land now at 219K for a 16 frontige 512sq or for 247K 18 frontige 576sq, if i buy now i only need to put down 10% deposit till april next year when the land is ready. Once the land is ready I have one more year till it's compulsory for me to build on which gives it two years to gain more value. Put it back on the market and add the profit towards the the pot (my investing money). Would like to know what people think, should i go ahead? or walk away…
cheers..
Can you qualify for finance now, and are you sure you will next when it comes time to settle? That is a potential risk these days with finance tightening.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Im waiting on a answer from the bank, shouldnt be too long now. I done number crunching and i think i shouldnt have a problem of getting a loan of this size. If i can make some money on the block in two years that would be great if not i was thinking even build on it live in it for a year then sell win no capital gains tax..
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