I am thinking of starting a property trust based on ten poeple with different skills for eg Plumber, painter, accountant, real estated agent, solicitor, and so on. Each person puts a lump sum of ten thousand dollars in to start and gets $100 taken from a nominated account per week, which goes into buying growth rental properties. When one property is fully paid off we will use the income (rent) from that property to assist us in paying off the next property. As you can see the more property brought the more rental income can be used to pay off the next property. We would manage the properties ourself and each person in the trust would be responsible for different duties eg builder,painter,plumber for renivations and so on. What do people think?
Welcome Tails77
It’s a great concept Tails77.
Personally I reckon it’s more effective to have one lion and an army of sheep than to have an army of Lions
Cheers
Rob“A bank is a place where where they lend you an umbrella in fair weather and ask for it back when it begins to rain
Hi,
Sounds very interesting.
You’d want to think about rules for getting money out if someone no longers wants to be a part of the set up.
You’d probably set it up via a unit trust.
The success of the venture would depend on attracting people who were like minded.
But it’s different and I quite like it as a concept.
Bye
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi Tails277,
Sounds like a jolly idea, however accountants and lawyers/solicitors, charge more per unit/hour than a labourer (although the one’s I know charge like wounded bulls- No offence to all the labourers out there! If we need you we need you!!!). How will you divide chores/responsibilities equally between the two, so that neither one feels they are contributing more?
10 people at 10K each only gives 100K. The extra 1K per week for buying growth rental properties? What sort of property are you looking at? Who decides who to let the property to? Who gets the tax benefits or losses?
I might be wrong, but although it sounds like a good idea, It might be a headache in the making.
What about getting an investment group together based on the same idea and give the money to me. I’ll find something to do with it [
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Just kidding! [:0)][:0)][:0)]Have a good weekend and stock up on Panadol
Cheers
A Cheeky Sooshie [:0)]There are no problems, only solutions!
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