Hi
Currently find myself in the situation where i have access to $100k in credit and cash, but am unable to obtain a new loan due to me working as a contractor/freelancer (get paid weekly PAYG by Hays recruitment).
Have thought about buying a cheapie house in the country, maybe some land in a rising area, sub leasing, buy off the plan (not the best idea i think), buying overseas or a business or shares.
I am Rattling my brain trying to thinik of creative ways of making a positive cash flow deal, whilst retaining an asset that will grow in the mean time. If anyone has had experiences, ideas, advice on this subject, would love to hear from you and how you went about your deal(s).
Best wishes
IanA ‘joint venture’ with someone else that does have serviceability may be another option. This could be a temporary measure until you can service or a long term thing.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Like it, thanks Terry
One example of how you could structure it is
Ian owns 90%
Dad owns 10%
Tenants in common
Both incomes used for servicingLater Ian’s income increases.
Ian buys Dad’s 10% for market value. CGT and stamp duty will be minimal as just on the 10% portion.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terry has nailed it with the best option.
You could go regional but at the end of the day you will have minimal growth unless you do renovation work and a few extra thousand in cash flow compared to a savings account.
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
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