Good morning all.
First timer in posting here and am not sure whether there is any relevant information i could garner on sourcing an investment group.
What im looking for is information regarding like minded people who may or may not be a member of a network of investors who actively search out and purchase renovation properties as a conglomerate.
My thinking here is that as a group this would allow for the purchasing of properties in need of refurbishing/redevelopement in areas where land values are greater than the the actual dwelling itself and then this would spread the cost across the group lowerring the expendatures too each individual but also allow for greater purchasing power.As to whether you keep the property as a let investment or then on sell too buyers is something that I would be keen too learn more about.
Any information regarding the pros and cons of this kind of strategy would be appreciated.
Regards
HawkHi Hawk
What you are really talking about is becoming a joint owner of a property as an individual, or under a company structure. Remember that either way, there will be increased accountancy costs and legal costs because each respective part-owner will require his/her own legal representation.
Personally I don't do sharing (I don't do sharing properties, and I don't do body corporate. I'm not interested in having a meeting to get permission to paint my own property). So I personally would prefer to own the whole thing. Much easier.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Cheers Jac for the post. I understand the way you manage your portfolio and appreciate the thoughts you use in determining your wealth creation strategy.
I suppose my thinking is that the more buyer power I have, the more lucrative the properties i could source would be. At this stage Im trying to guage whether this is a feasable strategy or as you say just a quagmire of obsticles and red tape.
Much appreciated advice mate TY
Regards
HawkHey hawk,
What state you in?
NSW Mate. Sydney area.
Hawk,
Sounds like you will need to treat it as a business enterprise.
Whether you do it as a partnership, or through some company, you will need to have clear guidelines and parameters on how the investment will be managed. Each member really should have an independent lawyer, accountant and other advisers.You may also want to speak with a broker on how the financing works, and whether a purchase as a group would be ideal? Of course you would be able to bigger investments. However, the whole of the loan may be apportioned to individual members, hence restricting future borrowings.
Good luck.
Hi Hawk- What will you bring to the table? ie do you have money/expertise in renovating?
So you want to joint venture so you can buy more expensive properties? renovate more quickly (with more people)?
There are a few groups in Sydney that meet regularly. The Right Group is one which meets in Rosehill (Parramatta) every fortnight. You may meet some people there that may be interested. Only $10 a meeting and you get good info and an opportunity to network.
There are also meetups in Parramatta and Chatswood (not Right Group) whish are usually great for a chat. Good way to hear how others are doing it.
I have the same idea as you do, I've just strated to attend some seminars. This one I am going to next week is near north sydney and it's free of charge. I got nothing to lose anyways. Say the worst, I will meet some like minded ppl.
Hey catalyst,
You know any similar groups in Brisbane?
TY all for the advice and tips. Catalyst and DC i would be interested on hearing when either of these groups are next meeting and if im not working i would make myself available to get too at least one of those seminars.
Cheers
Hawk
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