Hi this is my first post so bear with me if its not up to standards.
Well im almost 19 and doing lots of research into property investing and im currently lost as to the best way to get started. I will have no job for 6 months when i am planning to join the police force so i really have no opportunity to invest just yet. My dad has a house which we are currently building which will be worth about 200,000 with nothing owing. My first question is can i use the equity in his house for an equity or line of credit loan without the house belonging to me or does it need to be in my name. I also cant find a simple answer to the implications of my dad gifting the house to me. Would it be better for him to gift the house to me personally if he can or for me to start a trust or a company with him either being a joint partner in the business or just gifting the house to the business as an asset. Im planning on using the equity to fund a 100% purchase on a cheap cashflow positive property in the pilbara and hopefully going from there.
I could really use some help from you experienced investors, it would really make the world of difference!
Cheers!Hi there, You have so many questions and given you are just starting out you are absolutely doing the right thing in making sure you have all the information and set up your structures etc correctly right from the word go..
I am not sure exactly what your ultimate objective is? You can't take a line of credit or borrow money from a property that doesn't belong to you so your Dads property is his property (from the Banks prespective). There is other alternative options just depends on your objective??
I am more than happy to talk it through with you drop me an email at [email protected] and we can work it through…
Jodie
Property Coach and Finance Specialisthttp://www.multiplepropertyservices.com.au
I help people achieve their lifestyle goals using property as the vehicle.. As me how today – no cost and obligation free!Hi Andrew
Firstly welome to the forum and I hope you enjoy your time with us.
Whilst you are unable to borrow against his equity in your own name (referred to as a 3rd party mortgage) this is a situation which we come up again regularly with clients and structured correctly there is a couple of ways around it.
Of course without further information it is difficult to provide you further details information but feel free to drop me an email if you want some options.
Richard Taylor | Australia's leading private lender
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