Starting out
Hi my name is Jason.
I have just registered with Somersoft and this is my first post.
I am a carpenter with about 15 years experience and I would like to go out and start buying properties and renovate them and either sell or rent them out depending on the circumstances.
I am seeking advice on where to start and the feasability of doing this on a full time basis.
My wife and I have just bought our first house for 250k of which we owe 237k. I have just renovated it and have already had it valued at over 300k.
My wife and I both work fulltime but I would like to get into the investment property business fulltime.
A couple of questions
How do I go about getting financing for this ? Bank ? Financial Broker? Mortgage Broker? Which is better ?
And with the way the financing is structured can I do this full time ( well maybe not during the first one but after that).
Can I use this equity that I have accumulated in my existing property to start out?
As far as tax purposes what would be the best way? a company and incorporate it?
What about the projected downturn in the market would my timing be a little off for starting this ?
Any help or advice would be great because as you can see, I am a novice at this but I would really love to pursue this as I am tired of working for someone else.
Sorry for the length of this post.
Jason
Hi my name is Jason.
I have just registered with Somersoft and this is my first post.
I am a carpenter with about 15 years experience and I would like to go out and start buying properties and renovate them and either sell or rent them out depending on the circumstances.
I am seeking advice on where to start and the feasability of doing this on a full time basis.
My wife and I have just bought our first house for 250k of which we owe 237k. I have just renovated it and have already had it valued at over 300k.
My wife and I both work fulltime but I would like to get into the investment property business fulltime.
A couple of questions
How do I go about getting financing for this ? Bank ? Financial Broker? Mortgage Broker? Which is better ?
And with the way the financing is structured can I do this full time ( well maybe not during the first one but after that).
Can I use this equity that I have accumulated in my existing property to start out?
As far as tax purposes what would be the best way? a company and incorporate it?
What about the projected downturn in the market would my timing be a little off for starting this ?
Any help or advice would be great because as you can see, I am a novice at this but I would really love to pursue this as I am tired of working for someone else.
Sorry for the length of this post.
Jason