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    Question How to use 1 home for 2 rentals in 1 year?

    Hi everyone.

    I need some help I have been coming up with ideas how to buy rentals quicker but I do not know if my ideas are possible.

    I am 24 years old, I am not trying to get rich quick but I am trying figure out how to do real estate more efficient.

    Is There any financial experts here that could tell me if these ideas are possible?

    Assuming my income is sufficient and repayment criterias are met.


    (I have a house worth 760k and have 500k mortgage with ANZ.
    So I have equity of $108,000. I could buy a rental for $360k. I want to buy a rental for $310K and have $50k sitting in a revolving account for contingency. Assuming i do not draw out any money from the revolving account and waited till I saved $50k in cash. I then draw out all of the 50K from the revolving account (then put the loan on a fixed term) and combine it with my 50K cash, does that mean i can use this 100K cash as a 30% for a 3rd rental?)


    (have a house worth 760k and have 500K mortgage with ANZ. $108,000 equity to be used as a deposit for the first rental of 360K.
    Assuming my home goes up in value to 800k few month down the line and we managed to pay down the mortgage back down to 540K. Does that mean I could further use 100k equity from my home to purchase a 3rd rental?


 

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