There's no rule of thumb.

You need to work backwards.

Work out how much YOU would need to live off and then devise a plan from that.

Cheers

Jamie

There's no set rule – if you think there's some equity in your property and you need to access it, then do it now rather than waiting until you find a property. I put together this article on the topic recently.

Cheers

Jamie

Hi James

That's not always the case.

I think in most states there's a certain amount of notice that needs to be issued for the tenants to vacate once the lease expires.

Cheers

Jamie

No worries at all – I'm glad you found it useful.

I'd keep it as interest only with an offset so you can keep your options open.

The only time I'd recommend against this structure is if you're bad with money and will simply make the minimum interest repayments each month and will blow your spare cash elsewhere. In this instance, P&I is a forced savings mechanism.

Cheers

Jamie

Hi Wally

First thing I'd do is grab a copy of both your credit files to make sure there's no defaults that are going to cause an issue.

Like Tom said, if your wifes credit history is in bad shape then you'll need to demonstrate that you can service the loan on your income alone and keep your wife off the application.

You'll have a much better chance getting a 90% deal approved over a 95% deal every day of the week so if you can save the 10% deposit and costs that would be ideal.

Cheers

Jamie

Hi Leonard

There are a few things you can still deduct – PM fees, maintenance, insurance, rates, ect. However, the interest repayments (which are the largest deduction) aren't available – which is a bit of a bummer.

There's a few options to consider. If your able to transfer the asset to a spouse, this could regear the debt. Selling to another entity such as a discretionary trust or selling like you suggested. All options are likely to incur upfront costs – it's just a matter of weighing up them in terms of the benefits over the longer term.

Cheers

Jamie

I saw a pic of a cool renovation where someone made a little cubby house under the stairs of their home….it was like a little house in a house. If I find the pic I'll post it.

Cheers

Jamie

Hi Sunny

I've always preferred ownership over renting.

Providing your property goes up in value then what you've outlined makes sense.

Keep in mind that there are other expenses with owning a house as well though – such as maintenance, rates, ect.

Cheers

Jamie

Hi fbmisc

What sort of advice are you looking for?

Personally I wouldn't bother with the financial planning if your after advice on IP related matters.

For investment property financing and structuring, a good broker is important and most of us don't charge a fee for service (we get paid a commission from the lender).

An IP savvy accountant is another good person to get on board.

If you're buying interstate then a good buyers agent may come in handy.

Apart from that, there's nothing that you can't learn yourself about IP related matters without forking out big bucks on mentorship type companies that operate in an unregulated environment.

Cheers

Jamie

Hi Matthew

Here's a sticky thread on good books to read – https://www.propertyinvesting.com/forums/community/heads-up/6845

I've got a list of handy property related websites here as well – http://www.passgo.com.au/property-data-websites.html

Cheers

Jamie