investing as a group

Viewing 4 posts - 1 through 4 (of 4 total)

yobbo
Member
@yobbo
Join Date: 2004
Post Count: 1
November 22, 2004 - 2:58 am
hi can anyone please help, myself and 2 other people would like to invest in real estate as a group and we would like to know what would be the best way to do this. we want to start from scratch as a group with out using any of our current assest, we would also like to keep it seperate from our current incomes for tax purposes as well, we want to open up a joint account and put money into it would we need to start our own corperation or something of that nature if you canhelp with any information please email me at [email protected] if you could guve us a step by step guide it would by most help full thanks
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
November 22, 2004 - 3:08 am
Quite simple to buy in three names.
However, it might be best to seek legal and financial advice re agreements, protection and purchasing structure. It is a complicated area and there are several solutions including trusts, hybrid trusts and even unit trusts.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985
Todays Hot Rate
***3 year fixed – 6.49%***
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Broome Henderson
Participant
@broome-henderson
Join Date: 2004
Post Count: 28
November 23, 2004 - 12:59 am
That’s right,
Just spend some time with your accountant. Also seek out people with the education, and pick their brains.
Good Luck.
Broome,
Do you want to be paid when people pay their telephone bills.
http://www.homebizleaders.com/4537
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
November 23, 2004 - 3:16 am
Simon has some good advice above.
It depends on how far your plan to go. If just one property, then probably your own names, but if many more, than talk to your accountant about structures. But also talk to your mortgage broker too in conjunction as some structures will hurt your serviceability. eg getting one property in three names will mean, when going for hte next loan, you will be assessed on the whole debt (not just your share) but only 1/3 (your share) of the rent will be included.
Terryw
Discover Home Loans
Mortgage Broker
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au