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  • Profile photo of WA Handy ManWA Handy Man
    Participant
    @andyi
    Join Date: 2014
    Post Count: 2
    August 20, 2014 - 1:53 pm

    Hi Fabs, there are a number of strategies to get the best bang for your buck with quickly turning over properties.

    A few people I know have purchased land and constructed, moved in, to avoid the CGT and then started on the next one.
    If this is done properly, you can pick up $50K to $100K each project. This can also be done as live in Renovation.

    You have to do a lot of research on your location and the type of property in demand in that location.
    I could give you many stories of where people have achieved great results over a number of years, mainly the ones who can resist the temptation of spending their new found income on toys.

    WA Handy Man | Loan Market
    http://andy-iriks.loanmarket.com.au/
    Email Me | Phone Me

    Profile photo of WA Handy ManWA Handy Man
    Participant
    @andyi
    Join Date: 2014
    Post Count: 2
    August 18, 2014 - 6:41 pm

    Hi Eagle75, it would seem that the first broker may have given you the wrong advice.

    There are a few lenders that will look at one year financials only. It happens that those same lenders require the $19K to be genuine savings. Have said that, these lenders will deem your contribution as genuine savings if it is left in your account for 3 months, saved or not.

    There is also the option of using a third party security guarantor, this can alleviate the need for savings at all.

    • This reply was modified 10 years, 3 months ago by Profile photo of WA Handy Man WA Handy Man.

    WA Handy Man | Loan Market
    http://andy-iriks.loanmarket.com.au/
    Email Me | Phone Me

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