Hi this is Dani, am new to this site but am very interested in property investment after reading Steve’s 1st book.
I am only working casually after finishing some studies but my Mother is interested in a partnership for investing as she has an investment property already.
Would like to know if I can have my name also put on the Deed of a property that she buys even if I cannot apply for the Mortgage, and whether it would be best if I set up a Company or Partnership with her?Dani[biggrin]
Hi Dani & welcome to the forum,
If both names are to be on the Title then both names will be required on the loan application,
This should not be a problem providing one of you can service the loan, Cheers.Regards
Steven
Mortgage Broker
Mobile Mortgage Market[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIAPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Thanks for your reply.
Also wanted to ask about the investment that we are interested in.
They were advertised as ‘Cash-flow’ positive investment villas located in Townsville, Sunshine Coast and Armidale. They are selling for $115,000 with a rental income of $205 per week (based on current rents and past history), for retirees who receive their rental income as a percentage of the Government Pension and the Government Rent Assistance.
The email I received has a lot of information and I have set up a meeting with one of their reps in my area who are also set up nationally. Has anyone ever heard of these deals? Are they dodgey? What do I need to find out to make sure I don’t get caught out?
Regards,
DaniIt may be hard to get finance for these ‘retirement’ units, be wary!
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Just check out the deprication rates. Sometimes these agents use the tax savings to make it positive CF, which is not a bad thing, but just realise this.
Check out http://www.jaffasoft.com to work out the figures.
Rgds.
lucifer_audanibright were did you hear about these deals. sounds to good to be true. such high yeilds in Townsville & Sunshine Coast. If the figures are correct and there are no skeletons in the closet they would be snapped up real quick by investors(probably even sold before making to the public).
Good Luck
Adriannqld
Adrian Cahill | AdrianCahill.com Personal Development Expert
http://adriancahill.com/from-investor-to-coach/
Email Me | Phone MeHere since 2002, however things have evolved over the years.
Hi Dani, I am new to this forum, too. But I have been researching this area for years. If you want to go into an investing partnership with your mum I believe the best way would be to form a company. That way the company purchases the property, not individuals and therefore you can be part of the investment (and property deed) through the company. It is also the best way to avoid disastrous personal litigation. Putting a discretionary trust with your company would also be a good idea, so find a good solicitor and get their advice on how to do this.
Hello Sheva
It is generally not a good idea to buy a property in a company as you will loes the 50% CGT discount. a trust is a great idea though. Maybe a unit and discretionary trust in this situation.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
these deals are not advertised in the townsville area yet they are available here in townsville. sounds fishy. wouldnt it make sense for these people to advertise locally. there is nothing with yeild that high advertised in our townsville bulletin realestate guide.
Adrian Cahill | AdrianCahill.com Personal Development Expert
http://adriancahill.com/from-investor-to-coach/
Email Me | Phone MeHere since 2002, however things have evolved over the years.
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