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  • Profile photo of MGMMGM
    Participant
    @mgm
    Join Date: 2013
    Post Count: 5
    December 21, 2013 - 3:31 am

    Thank you both

    Profile photo of MGMMGM
    Participant
    @mgm
    Join Date: 2013
    Post Count: 5
    May 31, 2013 - 7:10 am

    Thank you for information.

    I am in VIC.

    At the moment i think i have 90-100K. Once its sub divided think will be at least 200-250k.

    My lender already know what im going to do and said i wont have any trouble getting money to build a unit. I wanted to take 20K  so we can go to other lender and purchase another property through them.All properties would be and are IO LOANS.

    If i was to move into property while im building unit at the back i was thinking should i convert current loan from IO to P&I, but because i am Not sure for how long would i be in there i dont know is it worth doing it for a year maybe>

    If tenant decides to stay i would adjust his lease agreement and drop rent, but don t think that will happen!sad

    Profile photo of MGMMGM
    Participant
    @mgm
    Join Date: 2013
    Post Count: 5
    May 29, 2013 - 11:54 pm

    Thank you for your advise. We were planning to buy something round $360k mark n do sub division  again . But if it will stop me from building unit then I will wait. I'm planing to get builder to build the unit. In regards to tenant  there's nothing in the lease about building as the tenant doesn't know what I'm about to do will tell him in July so he has 3 months notice! N then ill move in. Should I convert my loan on PI  loan or leave it as Intr. only?"

    Thank You

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