buy two properties in a short period of time?
I've been looking to buy a property for a while. A house I am keen on ticks most of boxes except one thing I can't make a deal with, too much asbestos. I do like its location and land just don't want to live in it. To my knowledge, the tenants have been living in it for nearly 7 years. And its rental income can cover the loan interest. I wonder if can buy it as an investment.
However, I am a first home buyer. If I start from an investment property, I wonder if I will automatically lose the First Home Grant. Also, I will continue to rent. Will my expense on rental be deductible on tax purpose?
Another bold option is I have this house as investment first and keep looking to buy one for living. How can I figure out if it is feasible?
BTW, I need to take out a loan on my first home.
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1st, how do you know there are 'asbestos', it deemed to be dangerous so you will have to spend money to remove all of them. current 'stable' tenant may leave or even take advantage if he knows about 'asbestos'
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It's easy to tell by its claddings. Also, it is a weatherboard house built in 1954. Asbestos was popular back then. I assume the tenants know this as well because it is common sense to locals.
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but new tenants may argue about 'asbestos' so better call for a few quotation on how much it will cost to remove them complete, then you can decide it.
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in regards to the first home owner's grant, you won't loose it if you choose to purchase an investment property first, you just need to state that this is an investment property when getting your loan done and let your solicitor know as well...then, when u purchase your second property, you can then apply for the FHOG.
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Thank you heaps.
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