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Property Investment Help: Need guidance to help get away from mother-in-law
Topic Started: 31 Dec 2013, 12:43 PM (2,117 Views)
Rumba84
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Ok so my situation is: I really need to move (live with the mother in law, crazy I know) and I was thinking of getting a 5% interest only loan and getting a place with the intension of it becoming rental after a year or so of living there.

So my questions are:
After a year can I use the property to leverage of and upgrade?
I already have a investment property (not much equity) will having two investment property's work against me when trying to upgrade in a year?
Thank you for any help it's greatly appreciated
Rob
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mel
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you need to politely ask your mother in law to leave.
APF - a place where serious people don't take themselves too seriously. There's nothing else like it.
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skamy
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IMHO he is an ungrateful wretch taking away his poor Mother-in-law's daughter after she has been so kind with all the free accommodation and all.

:dry:

I actually have my daughter and fiance moving in with me as it is silly to leave their house empty 3 weeks outta 4 -they may as well get someone in to pay the mortgage for them, he probably gets annoyed with us all at times but hey if it gets them good start that is the main thing. We all adore him btw.

My view is that it is a good time right now to invest in property as I believe we are at the start of a new up cycle, just don't overstretch to do it, and don't rush away from the free accommodation too quickly, milk it while you get away with it :)
That' s my tuppence halfpenny, it is only my view and you should make up your own mind and take your own chances.
Edited by skamy, 31 Dec 2013, 03:48 PM.
Definition of a doom and gloomer from 1993
The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
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Sober
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Rumba84
31 Dec 2013, 12:43 PM
Ok so my situation is: I really need to move (live with the mother in law, crazy I know) and I was thinking of getting a 5% interest only loan and getting a place with the intension of it becoming rental after a year or so of living there.

So my questions are:
After a year can I use the property to leverage of and upgrade?
I already have a investment property (not much equity) will having two investment property's work against me when trying to upgrade in a year?
Thank you for any help it's greatly appreciated
Rob
If your current investment property has not generated much equity, why would you think that adding another one would do so in just a year?

As mel has already suggested, your best strategy is to find a direct and immediate solution for your mother-in-law, rather than trying to become a property-investor-in-a-hurry.

Perhaps you should rent "Strangers on a Train"...?
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zaph
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mel
31 Dec 2013, 02:29 PM
you need to politely ask your mother in law to leave.
I think Rumba is staying at his MILs not the MIL is staying with him. Either way I suggest watching some murder crime shows. Wear gloves!
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mel
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zaph
31 Dec 2013, 05:24 PM
I think Rumba is staying at his MILs not the MIL is staying with him. Either way I suggest watching some murder crime shows. Wear gloves!
and bring plastic wrap

Edited by mel, 31 Dec 2013, 05:43 PM.
APF - a place where serious people don't take themselves too seriously. There's nothing else like it.
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Sober
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Where's Danny DeVito in evil mode, when you really need him??
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mel
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Sober
31 Dec 2013, 05:44 PM
Where's Danny DeVito in evil mode, when you really need him??
I reckon we need Joe Pesci
APF - a place where serious people don't take themselves too seriously. There's nothing else like it.
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skamy
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mel
31 Dec 2013, 05:34 PM
and bring plastic wrap
I don't like the way this conversation is going :(
Definition of a doom and gloomer from 1993
The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
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Count du Monet
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Rumba84
31 Dec 2013, 12:43 PM
Ok so my situation is: I really need to move (live with the mother in law, crazy I know) and I was thinking of getting a 5% interest only loan and getting a place with the intension of it becoming rental after a year or so of living there.

If you're in a mind threatening situation and want a place for a year.....you could merely rent.
The next trick of our glorious banks will be to charge us a fee for using net bank!!!
You are no longer customer, you are property!!!

Don't be SAUCY with me Bernaisse
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