Hi all,
We are a middle aged couple with middle income. So far it is quite simple to us to buy PPOR then first IP, both in our name with IO + offset account. There is some equity in IP and I would like to top up and park the cash to PPOR offset account with the intention to develop our spare lands in backyards.
Our plan is to build a studio/ bungalow at IP backyard, and a townhouse at PPOR (corner block) to maximize yield at both properties then looking for a new PPOR. Plan have been submitted to council and seem they happy with that.
After doing analysis panalysis, there is so much confusion about the right way to funding the development and set up the right structure to go further. Of course, we will see the professional, but hope someone shed a light first for dummies first.
I heard that trust maybe a good option. Should I put both properties in trust and run my own design/development business as trustee?
Thanks in advance.
We are a middle aged couple with middle income. So far it is quite simple to us to buy PPOR then first IP, both in our name with IO + offset account. There is some equity in IP and I would like to top up and park the cash to PPOR offset account with the intention to develop our spare lands in backyards.
Our plan is to build a studio/ bungalow at IP backyard, and a townhouse at PPOR (corner block) to maximize yield at both properties then looking for a new PPOR. Plan have been submitted to council and seem they happy with that.
After doing analysis panalysis, there is so much confusion about the right way to funding the development and set up the right structure to go further. Of course, we will see the professional, but hope someone shed a light first for dummies first.
I heard that trust maybe a good option. Should I put both properties in trust and run my own design/development business as trustee?
Thanks in advance.