Just got to finishing up Steve’s “0 to 130 property in 3.5 years. So now i am ready to go into looking for my 1st IP. The problem is I am assetless andpretty much cash strapped as a baby boy has just arrive into my life. However, I have thought of 1 person who can help me. My dad, he has a 2br unit in Indroophilly(300k) and a piece of land at Oxley and presently,building a 4brm house on it.And good news is that both is finance free. nothing own on both property .he is living in the unit as for now.So his total asset base is 600k at least.
Now, my dad is very against loans and intrests. tried to convince in that he is in a good position to invest properly. But he is a stubbon person. sticking to his belief.but recently he , he started to listen to what i am saying, so i might have a chance to team up with him.
So the question is if i were to team up with him. Anyone with ideas on what is the way to go about. a trust? or a solo . And if you guys were in my position what will u do?[
]Also, i am looking in to invest in carina, tingalpa or wynnum west.what do u guys think about these suburb of QLD.
[]jarvis
Good timber does not grow with ease,
The stronger the wind, the stronger the trees!Thanks all![
]Unless your father trusts you implicitly how can he put his home on the line for your benifit. You need to pay the advice fee with a contractual lawyer, as you might have to sign some sort of contract. You could go tennants in common, or joint tennants; one being if you ‘fall of the perch’ your dad get your share, the other if the above happens the other’s share goes to the dead persons next of kin. Others may know of a way.
Jarvis,
Why don’t you ask your Dad? He has obviously got some abilities to get where he is now – he might very well know exactly how he might set it up.
I hope it goes great for you both (well all three really).
Cheers,
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Well, my dad is not local just got his pension and came here bought these 2 Property cash. So as i said he is very against loans. believe in debt free.he dosen’t know much about the market.
jarvis
Why don’t you lend him Steve’s book to read while you are doing your research. It might help him feel a little more at ease.
I woul dalso recommend to you buing Stev’s Wealth Guardian, highly valuable product for people trying to determine the structure that would best suit them. It explains different structures that can be used and the pros and cons of each. It is very easy to understand even the complicated setup of trusts.
Cheers
Leigh KRead, learn, grow but most of all do it.
Jarvis dont try to change your dad mind set he is ok for now . Borrow money from him even though he may come around to actually get him to sign may dissapoint both of you.[|)]
Jarvis dont try to change your dad mind set he is ok for now . Borrow money from him even though he may come around to actually get him to sign may dissapoint both of you.[|)]
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