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  • Profile photo of Gorilla404Gorilla404
    Member
    @gorilla404
    Join Date: 2007
    Post Count: 3
    August 25, 2007 - 11:07 am
    L.A Aussie wrote:
    I have the same loan as Terry.

    We have one account for the day-to-day use where all income (earned and rental) goes in. All expenses are paid out of this.
    The interest on the investment loan is also paid out of this account via automatic transfer every month.

    Marc,
    thanks for the writeup, this might be the solution i'm looking for.
    just wanting to clarify..with this structure, does all the income coming into the day-to-day account, offset the interest of the investement loan aswell or ..? ( In the Lomas' books she mentions that , "you should have all your income going into the loan to offset the interest, then only withdraw your expenses")

    cheers
    Matt

    Profile photo of Gorilla404Gorilla404
    Member
    @gorilla404
    Join Date: 2007
    Post Count: 3
    August 25, 2007 - 3:35 am

    Great advise all, Cheers!

    Basically i'm looking to buy an IP with 20% cash down. 1-2 bedroom unit for 200 k.
    As soon as that purchase is completed I want to be able to use the equity towards a deposit on IP number two within the next 6 months or so (probably another 1 bed room unit..)

    I havent got exisiting equity to draw from and dont want to take out a loan to finance a PPOR since i reside in Perth
    and missed out on the boom. so I'll keep renting and keeping my 1st homerbuyers grant for later.
    Instead i ll enjoy the flexibility of an investor and invest in an area that i think might have growth potential.

    cheers
    Matt

    http://www.Gorilla404.com

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