Who does 'stated income' lodocs?

[RumpledElf]

This deal isn't going to set us up for life but it will be a good start. Bought it for $65k, probably $50k of reno on it now, plan to sell for about $175k. BUT its been subdivided and between selling that and my old house we're going to come out of it with (now we *have* to sell) a fully paid off PPoR valued in the high $200s or low $300s there's no way we could have got otherwise. Perfect family home until the tween becomes a teen and wants her own space from the little ones.

Should be enough change leftover to move onto something new, but only via the business. Or we could save and buy some land and subdivide outright.

We didn't get loans for the subdivision and about $30k of the renovations so we don't have a savings record. We have a spending record. There's a physical limit to how much we can save (or spend on renos) in a year of about $20-30k, which is why I'm surprised they think we can't afford $500 a month. People on much higher incomes than us can't save that much.

Also peeves me that they want to use last financial year's income (lower than this year's) but the current financial year's expenses - I had a baby at the start of July.

 

[random]

Yeah I really like what your doing though RF , I mean like my stuff it's not setting the world on fire like some of these guys, or talking trillions but you've got some stuff and you've found really worthwhile ways to work with that.

I've got the two I bought cash which are a similar scenario . They are up for sale now but things have slowed a bit and if they didn't sell , plan b can still make them very worthwhile.
I'm sort of sick to death of those two though and that area so in ways I'd really rather they were just gone rather than go on with them further but , if I get stuck I can turn it into a positive .
They're just a couple of cheapie regional blocks but if I could be bothered putting on a shift house or similar and did a lot of the work myself , they'd be way CP and have probably another 100k equity . Banks would like them more too as there'd be something solid on them then and with good returns .

It actually gets pretty confusing doesn't it at times , there's often a few ways you could go , can be tough making a decision.

Cheers

 

[random]

Actually , those blocks already have a small transportable i put on them too . I rented that out for awhile , even that was good for $100pw . But I had a few hassles with the tenants and the council came out , so now they're aware of the place. Gotta get a certificate of occupancy now if I wanna rent that out again. But if I did , that alone would still make those two well worthwhile as a keeper so we'll see what happens , still tossing it a round while I see if they sell.

Meanwhile we've got two new ones to work on now . One great little house that's popped up which if I can get that , also has enough in it to cover our bush block later so , that's gonna be my new yr start.
Just having another week off and then it's back to the financing nightmare !!!!!!!
We're using a different approach this time round though from lessons learnt on the other and hopefully we're in with a good shot this time.

Cheers