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.
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, 4 months ago by WA Handy Man.