All Topics / Help Needed! / Getting IPS with friends

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  • Profile photo of kazwoodkazwood
    Member
    @kazwood
    Join Date: 2006
    Post Count: 20
    August 10, 2006 - 8:46 am

    HI
    I am thinking of buying a development block with friends and building 3 units.
    Maybe sell one and keep one each which we could positive gear.
    We both have good contacts with trades for building. Do you think I am mad?.
    Would appreciate thoughts?
    Thanks from Perth

    Profile photo of suzieqsuzieq
    Member
    @suzieq
    Join Date: 2003
    Post Count: 149
    August 11, 2006 - 11:26 am

    Nah……definately don’t think your mad – makes your dollar go further and halves the risk, but make sure you sort your goals out beforehand and your both are on the same wave length. If someone changes their mind things could get sticky. It might pay to get some sort of agreement written up by a solicitor.

    We invest with partners but usually not HOLDS, just ON-SELLS and so far so good!!

    Hope this helps

    sq

    Profile photo of kazwoodkazwood
    Member
    @kazwood
    Join Date: 2006
    Post Count: 20
    August 11, 2006 - 11:59 am

    Thanks I willl get agreement drawn up. I can not get enough finance to build without a partner. I have two IPs with capital growth of over $260,000 in twelve months.{Booming Perth}

    Thanks for tip SQ

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