Good morning every one,
Haven’t been on the site for awhile, found myself too busy, but things are a changing.
I have decided to semi retire in my work and to go into property investing, and I need a bit of guideness (even though we have done very well I want more info)
If I buy a house and do it up sell it in a year for a profit will that profit go towards my income so the banks will look at this as income so I can buy more properties mainly to keep?
Has any one got any advice for me?Caitlyn
This is a question best answered in conjunction with an accountant. In short depending on how oyu structure the initial investment, and subsequently how you then sell it and where the wealth is distributed will decide how it is viewed. You can always pose your question to the ATO and they will process it and come back with a ruling.
Lenders are fickle and constantly change their lending policies. Sometimes for better and sometimes for worse. You shouldn’t have too many issues obtaining future funding though and yes some will accept that you are a professional investor and accept what you do and the profits as income. It gets more complex than that when compiling the information, but a decent Broker should be able to steer you in the right path.
Best of luck with your future career..
Stuart Milne
Non-Conforming Specialist
READY Mortgages
http://www.readymortgages.com.au
[email protected]
Mob: 0404 056 055Hello Caitlin,
All the best with yr new steps!
As far as the banks taking into account income from property deals,I have found that they need to see more than one property deal profited from .If yr income starts to show a pattern though of succesful deals they will look at you with more favour.
I would suggest to make up a specific plan and show yr bank how,why , & what returns you expect from yr ventures.
(This is just my experience with banks,Maybe its different with brokers . )We’ve got 70 yrs on planet earth,Lets make the most of every day!
Luke Taylor | Hope Property Investing
http://hopepropertyinvesting.com
Email MeProperty Support,Strategist and Buyers Agent
Caitlyn
This will generally show up as a capital gain on your tax return. Banks are generally reluctant to take capital gains into account as they are usually one off. If you can show you have done a few, however, they are more likely to accept it.
Terryw
Discover Home Loans
Parramatta
[email protected]
Sign up to my mailing list.
Just send me a blank email, with “subscribe†in subject line.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks guys for your input, have been reading a few more posts bought some stuff to educate myself a bit more.
I now know how and where I am going to start .Caitlyn
You must be logged in to reply to this topic. If you don't have an account, you can register here.
