Building on someone elses land?

Viewing 7 posts - 1 through 7 (of 7 total)

waynel2
Member
@waynel2
Join Date: 2004
Post Count: 311
September 17, 2004 - 2:48 am
Hi All,
Hope all is well!
Just got a quick question. My parents own a block of land, though not on paper – I own 50% of it.
I was wanting to use the equity in my rentals etc to raise the money to build a two storey house on their block. Then after the house is built my parents would sell the house in there name and we’ll split the profits.
My parents can’t afford to get the loan for the house, hence seeing whether I could get it.
Is this going to be possible? Eg, me getting a $200k loan to build a house on a block I don’t own?
Cheers
Wayne
Wayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.landsearcher.com.au – List your land for FREE (Private sellers only)
http://www.homesearcher.com.au – List your property for FREE (Private sellers only)
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
September 17, 2004 - 3:24 am
There may be a way. I would need a lot more info.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985
NODOC Loan – 65% Loan – No questions asked! 6.85% Rate!!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Fixit
Member
@fixit
Join Date: 2003
Post Count: 20
September 17, 2004 - 3:43 am
There’s probably a perfectly logical answer, so please pardon my ignorance, but how do you own a block, but not on paper?
Regards
Ron
“Today Is About Creating Tomorrow”
waynel2
Member
@waynel2
Join Date: 2004
Post Count: 311
September 17, 2004 - 3:47 am
Fixit,
legally i don’t own it, and don’t want to because of liability factors – becuase it’s my parents its based on trust…
Wayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.landsearcher.com.au – List your land for FREE (Private sellers only)
http://www.homesearcher.com.au – List your property for FREE (Private sellers only)
waynel2
Member
@waynel2
Join Date: 2004
Post Count: 311
September 17, 2004 - 3:48 am
g’day simon… what kind of extra info do u need to know?
Wayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.landsearcher.com.au – List your land for FREE (Private sellers only)
http://www.homesearcher.com.au – List your property for FREE (Private sellers only)
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
September 17, 2004 - 3:51 am
I need to know the assets and liabilities plus incomes for you and your parents.
Email might be better than posting it all here – up to you.
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985
NODOC Loan – 65% Loan – No questions asked! 6.85% Rate!!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Fixit
Member
@fixit
Join Date: 2003
Post Count: 20
September 17, 2004 - 4:02 am
Wayne, Thanks for the perfectly logical andwer. Maybe I should have read your post a little closer.
Good Luck, Hope it works out well for both you and your parents.
Keep us posted.
Regards
Ron
“Today Is About Creating Tomorrow”