How to convert my owner occupier property into investment property

Discussion in 'Property Experts' started by Ian fitzgerald, 3rd Oct, 2020.

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  1. Sunny8888

    Sunny8888 Active Member

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    Brisbane
    Not planning fraud, it might sounded that way tho. I work FIFO and want to buy the 1st property , got FHBSSS deposit and the FHOG to use. Working in Qld but most likely be in WA I ntge next 12 months again. So,probably get a PPOR in Brisbane now and another one in Perth next yr & sell the Brissy one in 6 yrs CGT free and pay off the Perth one ....rough plan atm
     
    Sunny8888, 5th Oct, 2020
    #21
  2. Terry_w

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

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    in that case you might want to live in it for the first 12 months, without renting, then move out and rent it and then sell CGT free within 6 years.
    Putting a flat mate in there with you in the first 12 months could result in say 50% of it being subject to CGT
     
    Terry_w, 5th Oct, 2020
    #22
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  3. Sunny8888

    Sunny8888 Active Member

    Joined:
    7th Aug, 2020
    Posts:
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    Location:
    Brisbane
    It is not a bad idea however I am hardly ever home and don't like the idea of a whole house just to myself for 12 months.Will be buying entry level so wont have lifestyle factor for a single person either in the 25-30k radius of Brisbane CBD. I'm used to short term / hostels living on my breaks from FIFO

    Might just buy it as an IP and let go of the grants .Any thoughts ?
    Cheers
     
    Sunny8888, 6th Oct, 2020
    #23
  4. wylie

    wylie Moderator Staff Member

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    That allows you to know you are not doing anything wrong. Sleep at night factor = priceless.
     
    wylie, 6th Oct, 2020
    #24
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