This is my first post but I have already learned so much from the forum. Now I am hoping I get some advise for our specific situation.
PPOR
Estimated value $ 300,000 (loan $120000 i/p)
IP
Land value $ 240,000 (gift from in law)
2 x3bd duplex on construction (loan $400,000+ I/o with off set)
Estimated rent 2 x $400-420
Both loans are from Heritage bank. Both titles are my name only.
Our combine income is around $80,000 and I earn much less from my part time work.
I am looking into one particular property of $ 700,000 for ppor. It is 1800sqm with old house at front.
The plan is to live there for a few year before building new house at back, knock down the house at front to build new house (or duplex) or sell as vacant land after being subdivided.
Question is what is the best way to finance using equity we have? Selling ppor to my husband is one thing comes up in my mind. Or selling one of unit can be possible too. We'd like to see all possibilities for educating ourselves.
PPOR
Estimated value $ 300,000 (loan $120000 i/p)
IP
Land value $ 240,000 (gift from in law)
2 x3bd duplex on construction (loan $400,000+ I/o with off set)
Estimated rent 2 x $400-420
Both loans are from Heritage bank. Both titles are my name only.
Our combine income is around $80,000 and I earn much less from my part time work.
I am looking into one particular property of $ 700,000 for ppor. It is 1800sqm with old house at front.
The plan is to live there for a few year before building new house at back, knock down the house at front to build new house (or duplex) or sell as vacant land after being subdivided.
Question is what is the best way to finance using equity we have? Selling ppor to my husband is one thing comes up in my mind. Or selling one of unit can be possible too. We'd like to see all possibilities for educating ourselves.