Hi all Just a quick one
I plan on getting a personal loan to pay for any shortfall in my subdivision/development. After the house is built i will get it valued,draw out the equity and pay off the personal loan. My question is where to park the funds while i use them. If i was to put it in my normal everday account this may infect the funds and the 100% deductibility may be compromised. Cash would be best but i dont want to carry huge amounts of cash. I have an investment account that all my rent goes into and loan repayments are taken from. its not used for non investment purposes. Im thinking this would be the best bet to keep things clean.
Does this sound right.
I plan on getting a personal loan to pay for any shortfall in my subdivision/development. After the house is built i will get it valued,draw out the equity and pay off the personal loan. My question is where to park the funds while i use them. If i was to put it in my normal everday account this may infect the funds and the 100% deductibility may be compromised. Cash would be best but i dont want to carry huge amounts of cash. I have an investment account that all my rent goes into and loan repayments are taken from. its not used for non investment purposes. Im thinking this would be the best bet to keep things clean.
Does this sound right.