Toymods Car Club
www.toymods.org.au
F.A.Q. F.A.Q.    Register Register    Login Login    Home Home
Members Members    Search Search
Toymods » The Outhouse » Buying a new home, but want to keep this one as a rental- HELP!

Show: Today's Posts  :: Show Polls 
Email to friend 
Switch to threaded view of this topic Create a new topic Submit Reply
AuthorTopic
Dust
Forums Junkie


Location:
Brisbane
Registered:
February 2004
Buying a new home, but want to keep this one as a rental- HELP! Thu, 25 August 2005 07:06 Go to next message
So yeah, we have decided its time to get a bigger house, we have found one we like and want to keep the house we are in as a rental, anyone done this before? I am not really sure where to start, every direction I can think of going seems like a viscious circle.

Anyway, my thoughts are, borrow against the house we are in, to the maximum we can (for negative gearing?), then use some of that money as a deposit on the new house.

But, how long does this stuff take? can we put money down on the house we want to buy and have them wait till our loans go through?

We both have good jobs and according to the banks little loan calcualotr things, we can afford the loans on both houses, I just don't want to go about this all the wrong way.

anyway, long post, if anyone can offer advice, I would appreciate it, thanks Smile


ps. yeah the new house is huge, going to be a big house warming hehe Smile
  Send a private message to this user    
Corona RT142
Forums Junkie


Location:
Campbelltown
Registered:
November 2003
Re: Buying a new home, but want to keep this one as a rental- HELP! Thu, 25 August 2005 07:12 Go to previous messageGo to next message
edit didn't read the whole thing disregard if you read it

[Updated on: Thu, 25 August 2005 07:15]

  Send a private message to this user    
Dust
Forums Junkie


Location:
Brisbane
Registered:
February 2004
Re: Buying a new home, but want to keep this one as a rental- HELP! Thu, 25 August 2005 07:16 Go to previous messageGo to next message
Som I cant refinance the house I am in as an investment house?
  Send a private message to this user    
Corona RT142
Forums Junkie


Location:
Campbelltown
Registered:
November 2003
Re: Buying a new home, but want to keep this one as a rental- HELP! Thu, 25 August 2005 07:17 Go to previous messageGo to next message
wait to tomorrow when i have time to have a read of it in detail i'll post a reply.
  Send a private message to this user    
WiLo
Forums Junkie


Location:
wollongong NSW
Registered:
August 2003
Re: Buying a new home, but want to keep this one as a rental- HELP! Fri, 26 August 2005 12:37 Go to previous messageGo to next message
id speak to the banks before hand and see if you can get the loan before putting any money down. and is there any reason why you want to negative gear?
  Send a private message to this user    
Mr DOHC
Forums Junkie


Location:
Brisbane
Registered:
October 2002
 
Re: Buying a new home, but want to keep this one as a rental- HELP! Sat, 27 August 2005 08:30 Go to previous messageGo to next message
Dust wrote on Thu, 25 August 2005 17:06



ps. yeah the new house is huge, going to be a big house warming hehe Smile


interesting, do u know where to send my invite Razz
  Send a private message to this user    
trevtrev
Regular


Location:
Brisbane
Registered:
October 2004
Re: Buying a new home, but want to keep this one as a rental- HELP! Mon, 29 August 2005 00:37 Go to previous message
See your accountant.

Dodgy/home DIY mechanic will fcuk your car.. dodgy/home DIY accountant will fkuc all your money!

I am in the same position. The accountant will tell you to sell the place you are in because you will not legally be able to claim much expenses for your negative gearing. Buy the new place. If you want investment property, buy it later and claim all your expenses.

Remember, it is a business deal, don't be too emotionally attached to your house.

Trev
  Send a private message to this user    
  Switch to threaded view of this topic Create a new topic Submit Reply
Previous Topic:Obtaining Child custody
Next Topic:Fav Drop?
Goto Forum:
-=] Back to Top [=-

Current Time: Fri Mar 29 12:03:24 UTC 2024

Total time taken to generate the page: 0.0053198337554932 seconds

Bandwidth utilization bar

.:: Contact :: Home ::.

Powered by: FUDforum 2.3.8
Copyright ©2001-2003 Advanced Internet Designs Inc.