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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 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 manufactured growth and found the below article which was very hepful! I have looked at doing a similar thing with units in the past, which may be next on the cards after finishing these two houses.
Thanks for your comments Don, definitely put some ideas in my head!
Cheers
Pagey
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 not need a house necessarily. Therefore setting both properties up as investments.
Are there implications with renting my house out then renting a room back for 'storage' and claiming it as an investment?
Based on your article it would appear that i should be putting both properties on interest only. Is that your recommendation?
Cheers
Pagey
