Hi everyone,
I was hoping some seasoned investors could help me with understanding the process of turning the house we currently own and have rennovated into a rental.
Here's how I think it works from research, but need clarification;
- We have the mortgage currently, obviously as owner occupied.
- We need to effectively break the mortgage and pass it into a look-through company we set up as a mortgage with intention for rental purposes so there is a clear cut line that it is in fact a rental property so we can reap the tax benefits.
The next place we are buying, we will offset the mortgages so this property (soon to be the rental), shows a loss.
Am I heading in the right direction with this or not?
I look forward to the input of everyone, thanks.
I was hoping some seasoned investors could help me with understanding the process of turning the house we currently own and have rennovated into a rental.
Here's how I think it works from research, but need clarification;
- We have the mortgage currently, obviously as owner occupied.
- We need to effectively break the mortgage and pass it into a look-through company we set up as a mortgage with intention for rental purposes so there is a clear cut line that it is in fact a rental property so we can reap the tax benefits.
The next place we are buying, we will offset the mortgages so this property (soon to be the rental), shows a loss.
Am I heading in the right direction with this or not?
I look forward to the input of everyone, thanks.
Comment