Flipping for a lifestyle

Discussion in 'Investment Strategy' started by Lady_S, 5th Sep, 2017.

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  1. Lady_S

    Lady_S Member

    Joined:
    27th Dec, 2016
    Posts:
    13
    Location:
    Melbourne vic
    Hi Forumites

    I'm after some advice to see what is involved in setting up an entity that flips for profit. I've done a couple of projects in the last 10 years (buying OTP, build new and reno) but I'm thinking it's time to cash out of our current situation and jump into flipping property full time together (hubs and myself).

    So many questions, but I'll start with the first:

    is it better to hold the PPOR or cash out to begin? PPOR is a 3/4 acre block so not necessarily suitable as rental...

    Your advice is appreciated!

    Lady_S
    (Formerly Miss_Terious)
     
    Lady_S, 5th Sep, 2017
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,917
    Location:
    Australia wide
    I think it is important to have a main residence as it is the only major tax free asset you can have.
     
    Terry_w, 5th Sep, 2017
    #2
  3. MorganHB

    MorganHB Well-Known Member

    Joined:
    8th Dec, 2015
    Posts:
    113
    Location:
    Sydney
    Definitely factor in entry and exit costs (including capital gains). Hard to do, but if done right can be rewarding
     
    MorganHB, 5th Sep, 2017
    #3
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