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From: Mike .
Converting current home into an IP?
From: Richard
Date: 6/27/00
Time: 12:16:19 AM
As a newcomer to this forum I have to say that it has proven to be a valuable source of answers to many of my questions. Well done to the regular contributors!!
My wife and I purchased a new townhouse two years ago as our first home that has proven to be a great buy. So good in fact that it would make an ideal IP as rents are also very good in the area to go with the strong cap growth in the area.
Whilst wanting to start acquiring real IP's now our need for a bigger family home will be great in a year or two so I am thinking ahead for opportunities in this area also as otherwise moving will become a big problem later if I gear up with IP's now.
In the meantime I could continue on reducing the mortgage to increase equity levels.
Does anyone have any solid advice on the logistics of converting our current home into an IP at the time of buying a new property? This would seem to be the ideal outcome.
Jan touches on this subject in her book but I just wonder how difficult, or costly it might be in real life. Maybe it is not the best solution in any case? What are the key determining factors?
Thanks Richard
Converting current home into an IP?
From: Richard
Date: 6/27/00
Time: 12:16:19 AM
As a newcomer to this forum I have to say that it has proven to be a valuable source of answers to many of my questions. Well done to the regular contributors!!
My wife and I purchased a new townhouse two years ago as our first home that has proven to be a great buy. So good in fact that it would make an ideal IP as rents are also very good in the area to go with the strong cap growth in the area.
Whilst wanting to start acquiring real IP's now our need for a bigger family home will be great in a year or two so I am thinking ahead for opportunities in this area also as otherwise moving will become a big problem later if I gear up with IP's now.
In the meantime I could continue on reducing the mortgage to increase equity levels.
Does anyone have any solid advice on the logistics of converting our current home into an IP at the time of buying a new property? This would seem to be the ideal outcome.
Jan touches on this subject in her book but I just wonder how difficult, or costly it might be in real life. Maybe it is not the best solution in any case? What are the key determining factors?
Thanks Richard
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