Hi All,
I was looking for a simple way to maximize my investment strategy in terms of cashflow.
I just settled on my 3rd IP last wednesday (hurray!) and I got a professional package with an offset account.
This is what I want to do (please give me feedback):
1. Have my savings (approx. $70K) placed into the offset.
2. Have the 3 lenders of all 3 mortgages use this offset to direct debit each month for the interest owing.
3. Have all 3 realtors use the offset to credit in the rent for each month.
This way I have a single pool where funds are drawn and credited whilst offsetting the interest repayments by the amount in the account each month.
Is this a good way of doing this?
Also, since this is professional package I also have the option of using the "package debit card". Should i utilize this somehow? What is the best way to maximize my cashflow? Someone made mention of doing using the card for all my living expenses but Im not sure exactly how this benefits me.
Thanks guys.
I was looking for a simple way to maximize my investment strategy in terms of cashflow.
I just settled on my 3rd IP last wednesday (hurray!) and I got a professional package with an offset account.
This is what I want to do (please give me feedback):
1. Have my savings (approx. $70K) placed into the offset.
2. Have the 3 lenders of all 3 mortgages use this offset to direct debit each month for the interest owing.
3. Have all 3 realtors use the offset to credit in the rent for each month.
This way I have a single pool where funds are drawn and credited whilst offsetting the interest repayments by the amount in the account each month.
Is this a good way of doing this?
Also, since this is professional package I also have the option of using the "package debit card". Should i utilize this somehow? What is the best way to maximize my cashflow? Someone made mention of doing using the card for all my living expenses but Im not sure exactly how this benefits me.
Thanks guys.