Hi alli am a relatively new property investor and am writing this post for some advice or even some ideas, so if anyone can help or just wants to add something please feel free.
Ok here goes. I have 2 investment properties both negatively geared.
1st property
Purchase price $218k
Amount owing $228k
Worth $400-420k2nd property
Purchase $336k
Owing $343
Worth $390-400kWhat i want to do is renovate the 2nd property for hopefully 20-25k and make it my PPOR and then sell it. After speaking to a few real estate agents from the area my estimate is that after renovating, I should get 440-470k.
However, I was thinking of using my tax return from this financial year to fund at least 80% (plus some of my own savings) of the renovation. What im not sure about is whether I should borrow the money off the 2nd property and put the money that ive accummulated on my tax return on the first property loan. Any advice would be appreciated.Cheers
Before we comment can you tell us why you wish to sell and wanting you are ultimately wanting to achieve.
Just makes the response easier to comment on.
Richard Taylor | Australia's leading private lender
sorry about that I haven't written many posts!!
Ok, I'm thinking of selling the property so that I have a decent deposit to buy my PPOR which will be within 500-700k region.
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