Hey guys (and gals),
I'm new to this, so please...DONT HURT ME.
I was wondering if anyone has taken out a personal loan for their first deposit on their investment property.
I am looking at taking out a loan for $10,000, passing this over to my LAQC, then buying our first investment property (32% below GV with $22,000 instant equity).
After 6mths, I would then take out the equity, and pay the loan back to the finance company, and reinvest the remainder into another property.
Has anyone done this?
What sort of tax implications are their (if any)?
What does the finance company need to know (what do I say if they ask "what are you using the money for")?
What does the bank need to know (in terms of wanting to know where I got the deposit from)?
IS THEIR AN EASIER WAY THAT YOU CAN RECOMMEND???
PLEASE HELP
James
I'm new to this, so please...DONT HURT ME.
I was wondering if anyone has taken out a personal loan for their first deposit on their investment property.
I am looking at taking out a loan for $10,000, passing this over to my LAQC, then buying our first investment property (32% below GV with $22,000 instant equity).
After 6mths, I would then take out the equity, and pay the loan back to the finance company, and reinvest the remainder into another property.
Has anyone done this?
What sort of tax implications are their (if any)?
What does the finance company need to know (what do I say if they ask "what are you using the money for")?
What does the bank need to know (in terms of wanting to know where I got the deposit from)?
IS THEIR AN EASIER WAY THAT YOU CAN RECOMMEND???
PLEASE HELP
James
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