From: Gail H
Hi everyone,
This is a dumb little question, but it is the nuts and bolts of buying multiple IPs that baffles me. I'm planning to use a line of credit on my home loan to use as deposits. I'm hoping to buy 3 or maybe 4 IPs this year. Do I have to draw the deposits for the different properties from different accounts (for tax purposes), or can I just do it all from the same account? Is there any real advantage in having the loans with the same lender? Would you ever have more than one property for the IPs, or would you always take out separate loans for each one? Sorry about this very basic stuff, but these are the questions that the books never address.
Thanks everyone
Gail
Hi everyone,
This is a dumb little question, but it is the nuts and bolts of buying multiple IPs that baffles me. I'm planning to use a line of credit on my home loan to use as deposits. I'm hoping to buy 3 or maybe 4 IPs this year. Do I have to draw the deposits for the different properties from different accounts (for tax purposes), or can I just do it all from the same account? Is there any real advantage in having the loans with the same lender? Would you ever have more than one property for the IPs, or would you always take out separate loans for each one? Sorry about this very basic stuff, but these are the questions that the books never address.
Thanks everyone
Gail
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