Hello everyone
I'm new to this forum and I'm in the processing of learning about investing in property. I haven't contributed much at this stage but i intend to in the near future when I have learnt a bit more about IP.
I would like some suggestions or advice in relation to purchasing a family home.
At the beginning of this year, I bought my first IP off-the-plan in Innaloo, Perth which is due for completion early next year I purchased it for $500,000 and have taken out an interest-only loan.
My parent's have plans to go on a long vacation later this year and have offerred to sell me their property for about $150,000. This is the amount they have still owing on the property. The property is worth about $500,000 on the market.
The only draw back is they will be returning to live at this property when they get back from their vacation and I won't be receiving any rent from them.
what do you guys think? I thought that it might be a good idea, as it will increase my borrowing equity for my next property?
I was thinking of utilising the FHOG to purchase the property and after six months change it over to an investment property. Will I be able to do this and claim the interest back on tax?
How should we go about with the transaction to minimise tax for both my parents and myself?
Any information or advice would be much appreciated.
Thanking you guys in advance
I'm new to this forum and I'm in the processing of learning about investing in property. I haven't contributed much at this stage but i intend to in the near future when I have learnt a bit more about IP.
I would like some suggestions or advice in relation to purchasing a family home.
At the beginning of this year, I bought my first IP off-the-plan in Innaloo, Perth which is due for completion early next year I purchased it for $500,000 and have taken out an interest-only loan.
My parent's have plans to go on a long vacation later this year and have offerred to sell me their property for about $150,000. This is the amount they have still owing on the property. The property is worth about $500,000 on the market.
The only draw back is they will be returning to live at this property when they get back from their vacation and I won't be receiving any rent from them.
what do you guys think? I thought that it might be a good idea, as it will increase my borrowing equity for my next property?
I was thinking of utilising the FHOG to purchase the property and after six months change it over to an investment property. Will I be able to do this and claim the interest back on tax?
How should we go about with the transaction to minimise tax for both my parents and myself?
Any information or advice would be much appreciated.
Thanking you guys in advance