I will go and talk to the bank today and see what my chances are.

My main question is, is there anything to be weary of? is it a big no no? It would take me some time to save the deposit required and by that time these properties will be sold.

That would be the ideal plan but currently my IP is gutted undergoing a full Reno. So no equity available as yet.

I earn a good income so im quite comfortable that i would be able to obtain the required finance.

Once the 70k loan was paid back out the properties would be returning approx $500 pw positive cashflow plus the oportunity for capital…[Read more]

Im doing a similar thing in Tas at the moment. If you plan to sell for quick profit also keep in mind real estate fees. I know with my place it cost me 15k in buying costs and will cost approx 10k in selling fees.  Thats 25k i need to get back in profit on top of reno costs.

Cheers
Pagey

Thanks Richard, but can you please explain the advantage in a 100% standalone investment loan?

I would have thought it would be better to pay for the renos outright instead of owing money on them? Therefore creating real equity not having a debt on your equity?

Cheers
pagey

Thanks for your comments Don,

What do you mean by an income accelerator? I earn good money (about 180k per year) and am currently putting most of this into my first 2 properties, they are both in need of renos which will increase the capital and give me approx. 100k in equity (about 70k profit) in 6 to 12 months.

I have done some research on…[Read more]

I am awaiting my delivery of Steve McKnight's book package as we speak haha!

Thanks for your help Jamie!

I am awaiting my delivery of Steve McKnight's book package as we speak haha!

Thanks for your help Jamie!

Thanks for the reply guys! .

To answer you Shahin my ideal plan is to keep investing in property, im 26 years old, single and earn good money. I'd like to buy a couple houses a year (or more!) and set myself for early retirement. So yes property is my target at the moment.

Cheers
Pagey

Hi Jamie, thanks for the reply.

I do have a car loan but this is set up as a private lease to claim back on tax for work purposes so is a set rate for another 2 years.

My PPOR i have only also just brought a month ago which i am moving into to claim the FOHG. After this (6 months) it is my intention to rent this out also as i work away and do…[Read more]