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  • Profile photo of profitmanprofitman
    Member
    @profitman
    Join Date: 2003
    Post Count: 3
    March 20, 2005 - 5:24 am

    [rolleyesanim] Tip
    Never believe all that you read especially when it comes to property investing.

    Profile photo of profitmanprofitman
    Member
    @profitman
    Join Date: 2003
    Post Count: 3
    March 17, 2005 - 8:02 am

    I think I would refinance the Melbourne IP to a line of credit loan to its maximum debt ratio. Then I would purchase the 2nd IP for cash, if I had to contribute my 30k to complete the purchase then thats ok.Next I would get a construction loan to build the 12sq unit.This loan would be drip fed as the construction progresses.Once it is completed I would maximise the rental return on the 2 units and obtain a 1st mortgage on the completed project. With these funds I would repay my line of credit on the Melbourne property and start the process all over again.The chain reaction is now in place and you can start looking for the next deal with lots of twists.
    Good luck.

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