We're considering / probably moving to QLD end of year. My husband refuses to rent. I'd rather put equity into another IP. We could possibly buy an IP & PPOR but it'd be tight.
Can I do this :
- draw down equity from current IP (it's in our personal names), lend to company for deposit / fees etc
- buy another IP in company name
- rent privately (in our names) & pay the company rent
- draw extra equity / buffer to cover shortfall of IO mortgage
-There would be depreciation to consider aswell (to make up shortfall)
Surely it's that easy?! Claim all costs, expenses, etc as a normal IP but I just happen to be living in it.
I've done a few searches on the forum but can't track down any info in this regard. Any ideas if this has come up before? I'm sure this is a strategy used / written about by Chan & Naylor accountants in their property investing books.
Cheers
Can I do this :
- draw down equity from current IP (it's in our personal names), lend to company for deposit / fees etc
- buy another IP in company name
- rent privately (in our names) & pay the company rent
- draw extra equity / buffer to cover shortfall of IO mortgage
-There would be depreciation to consider aswell (to make up shortfall)
Surely it's that easy?! Claim all costs, expenses, etc as a normal IP but I just happen to be living in it.
I've done a few searches on the forum but can't track down any info in this regard. Any ideas if this has come up before? I'm sure this is a strategy used / written about by Chan & Naylor accountants in their property investing books.
Cheers
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