Hi there,
we are about to sell our first 'do-er upper' and we are hoping to clear around 100k profit (partly due to 1.5yrs additional capital gain). The aim is to then go straight into another do-up, but my partner then wants to quit his job (yes it really does mean Just Over Broke), and rennovate full time. We will definitely live in the next house we do up, but we will now be looking at much shorter time frames.
What I would love to hear, is how do we go about getting all the legals sorted? My Dad is a mortgage broker and my mother in law is an accountant, and they are both telling us that we need to live in it for a year, otherwise banks wont lend to us, and IRD will ruin us. But there are property investors all around us who are going it full time and still making money. So who has been advising them?
Surely I'm not mistaken in thinking that there is a way to legally and profitably do full time rennovating?
I look forward to your replies. By the way, we are based in Hamilton.
Thanks very much, Sarah.
we are about to sell our first 'do-er upper' and we are hoping to clear around 100k profit (partly due to 1.5yrs additional capital gain). The aim is to then go straight into another do-up, but my partner then wants to quit his job (yes it really does mean Just Over Broke), and rennovate full time. We will definitely live in the next house we do up, but we will now be looking at much shorter time frames.
What I would love to hear, is how do we go about getting all the legals sorted? My Dad is a mortgage broker and my mother in law is an accountant, and they are both telling us that we need to live in it for a year, otherwise banks wont lend to us, and IRD will ruin us. But there are property investors all around us who are going it full time and still making money. So who has been advising them?
Surely I'm not mistaken in thinking that there is a way to legally and profitably do full time rennovating?
I look forward to your replies. By the way, we are based in Hamilton.
Thanks very much, Sarah.
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