Forum Replies Created
I brought the block in January 04 and the house is at lock up stage at the moment. It is supposed to be finished by April this year. Me and my girlfriend of 5 years recently broke up (hence the need to sell asap and cash in on our profits !!!)
BUGGER !!!!! [angry2]
Thanks heaps for the quick reply Monopoly [biggrin]
Can anyone else confirm that it is 12 months and not 6 ? I am sure I have seen people in this forum say you must live in PPOR for 6 months before you are Capital Gains free ???
Thanks !
Thanks guys,
Some great advice. I have just joined my local library so I might just keep reading some books. The best thing is that it is FREE so I can keep saving those deposits !!!
Cheers [biggrin]
I wish I had started at 18 like you Jo ! I was too busy wasting my time at University getting pissed every Thursday, Friday, Saturday night !!! [drunk]
I eventually got my arse into gear and built my first house at 22. I am currently building my second house and will hopefully use the equity in this property to purchase my first IP !
I am learning heaps from this Property Investing website and it is great reading about people with similar goals and interests !
I am sick of getting negative feedback from friends and family members and I am determined to prove them wrong !!!
I think it is fantastic that you guys are willing to share your knowledge and experience with us ‘beginners’ !!!
Cheers [thumbsupanim]
Bradles
What a great response, thanks guys [thumbsupanim]
Surely this is a smart way to get started in property investing !
Buy a house in need of renovations, claim FHOG, live in and renovate for 6 months, move out and rent property to tenants while living / renting somewhere else. In the right location this would surely be cashflow positive after the renovations and FHOG ! Renovations will increase the rental potential and the $12,000 will result in less mortgage and therefore less interest to be paid !
Is anybody else using this strategy to purchase their first IP ? Are there any negatives to this approach ?
Fantastic feedback guys, I really appreciate it !
I agree with Richmond, it is not worth doing a dodgy on the FHOG and that is why I am asking these questions to find out what is legal in terms of renting your PPOR !
Correct me if I am wrong but is it possible for us to buy a house in my friends name, claim the FHOG, live in and renovate for 6 months as PPOR, rent out property, friend moves back in with parents, sell property after 12 – 18 months and pay no capital gains ???
This sounds too good to be true ?
Thanks guys,
Not planning on doing a ‘dodgy’ !!! Just curious to find out what my options are to get renters in ASAP so I can start paying off my mortgage !
Is it legal to receive rent for your PPOR while you are still living there (in the first 6 months) ? ie : my partner will advertise for 1 or 2 housemates to rent while he lives in the same house ???
Has anyone else got some ideas ???
Thats a bloody good point kp !
Is there any way around this ? How long will he have to live in the PPOR to receive the FHOG ? I think it is 12 months but not sure !
Is there any way that he could still call it his PPOR while renting it out to someone else and living with his parents ? It sounds a bit dodgy to me but may be possible ? Maybe he could get a few ‘friends’ to pay rent to live in the house with him for the first 12 months ?
Any suggestions on the best way to do this ? We want to get the FHOG but also want to rent the property ASAP !
Thanks guys, your advice has been extremely helpful !
Cheers [biggrin]
Thanks everyone for the replys but I am still confused [confused2] !
Can I borrow up to 80% of the house valuation or is it 90% ???
If I can borrow 90% then I will be able to get the $495,000 ($550,000 x 0.9) but 80% will mean I can only borrow up to $440,000 !!! It makes a HUGE difference !!!
I am sticking with PropertyGuRu on this one !!!
Thanks for the reply KP !
These are the issues that I need to know before I jump in head first ! I will draw up an agreement with my friend for the new investment property stating that we will go halves in all costs such as maintenance, property management, etc, etc.
I may be asking too much to borrow $495K based on my current situation but this is what I need to find out !
Thanks for the fast reply PropertyGuRu !
NATS12 : I am building a house with my girlfriend but my investment partner is my best mate who is a he ! There aint no gay shit going on here !!!
We have full mortgage insurance for the $395K loan. Can you guys recommend any good mortgage brokers in the melbourne region to discuss some options ?
Thanks heaps !
Hi Mad-Cat !
I just read this thread and there are some awesome reviews on hundreds of investing books.
Go to the following link :
https://www.propertyinvesting.com/forum/topic/6845.html
Bradles C
Hi sis,
Sounds like both Property and Stock Markets are a little hard to predict at the moment !
I think the property market may take a dip before it starts to pick up again. Interest rates are sure to rise after the coming election and this could send the market into a downward slide ???
Thanks for the advice [biggrin]
Bradles C
Thanks for the advice sis !
I see that you are also interested in the Stock Market ! If you had a choice would you invest in the Stock Market or Property ?
From what I have been reading, the Property Market has hit a plateau and may take 6 or 7 years to experience another boom (according to API magazine). Positive Cashflow properties are also VERY hard to find ! Maybe the Stock Market is a better investment option for the next few years ???
Thanks again,
Bradles C
Thanks for the advice Derek !
I am 25 years old and like the idea of early retirement !
No plans for kids in the next 5 years and hoping to obtain some positive cashflow to eventually replace my current job (within the next 10 years).
I want to start investing ASAP but am not sure whether borrowing $500,000 at this stage would be over commiting in an uncertain market ?
