Hi,
I am looking for a little advice. Starting 2 yrs ago & using equity in my own home I have purchased 4 invest propeties all +ve. 2 propeties my Wife & I renovated. The agent who sold us the last propety came & inspected after reno & told us she could get us approx. 40k more then we paid 2 mths earlier. Anyway I have been thinking of tossing my job & doing this full time but not sure how to approach the business / finance arrangements.
I would like some sought of LOC to allow property purchase, reno then sell again.
I don’t like the idea of selling the propeties I already have to fund this.
Any suggestions?Ozzienite62[
]Hi Ozzienite62 & Welcome to the forum,
Borrowing more funds will depend on the LVR of your portfolio,
I would suggest you contact a good mortgage broker, and discuss the best way to structure your borrowing both now and in to the future,
Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
VictoriaPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
Hi Ozzienite
I’m sure a mortgage broker can help, as Simon says. I’d love to hear about your renovations. What did you do?
JudiPerhaps u may still need the income from your job to finance new property(s), im guessing a house in need of a good reno would be vacant, or either way u would want it vacant to do the reno??? (ie no income)
If it was me, i would buy up as much as i can, while you can (while still in current job), perhaps with tennant in place, hold for 7 or 8 months till you want to do the reno, that way u get some income, then when it comes time to sell u would have held it for 12 month and I THINK u then get a 50% discount on the CGT u pay…
if you buy 1 property every 2 months, then by the time u hav 4 its around the rite time to start the reno on number 1 that u bought…. you can also decide if this is the right time to quit your job..
This all depends on your financial situation at the moment, your goals, and where you intend to buy etc etc etc there is no 100% correct answer. there may be another way to structure your finances to pay minimal CGT but…
hope it works out,
Jason [
]ps, in 2 weeks im off to dubbo for a week or two to do the same thing.. cant wait to see the “before” and “after” shots… [^]
]
]You must be logged in to reply to this topic. If you don't have an account, you can register here.
