No it doesn't.
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Thats what happened to him or something very similar.Im all ears...?
Sorry to be clear the house was listed for auction ; he put his offer in and the Realestate firm were forced to bring the auction forward.They didn't like that.
Disagree with you at this point.I will verify his experience and report back. Maybe i missed a crucial detail.
Possibly the offer contained a time-clause and the vendor decided to bring the auction forward, which would be highly unusual once the auction date has been publicised. But an offer prior to the fall of the hammer does not force anything.
P.S. Are you sure the property was to be suctioned - sounds more like it was for sale by deadline treaty?
Hey JT I am in a similar position I am currently looking at investment properties but have enough for a deposit in a savings account(which I gathered from selling down some of my portfolio) and the rest in stocks. But after reading your strategy I am considering doing the same and selling more so i can buy a property outright however when you say take out a huge mortgage to buy stocks how would you go about doing that? as far as i understand borrowing against your house to buy stocks would come with a premium interest rate right? or would you set up a separate entity to sell the property to and use the proceedings from the sale to invest whilst paying off your mortgage over a 30 year term? I am very interested to hear your answer. cheers.
Talk to your bank about interest rate. You'll get a good deal. Generally it is the security you offer that dictates the interest rate - not your intended use of the money. The whole point in buying for cash, then raising a mortgage to invest to increase your income means your interest payments are tax deductible.