A close friend and i are interested in buying an IP together. The positives we can see in doing this are many. We will have more capital (incluing respective partners income), we can contribute different skills and knowledge i.e. tradie skills for renos, inter personal skills for buy/sell. What i want to know are the negatives in getting involved with close friends and IP's. Hopefully we can address these negatives to create a winning team long term. Cheers.
Hi sjbeave
I work as a producer for ABC TV. We are looking for case studies or people in varied financial situations who are looking to buy to include in our panel discussion on the Great Australian Dream… we hope to have financial advisors assess different situations and forecast the right outcome for them. Im on [email protected] if you are interested.Hi sjbeave
Sounds like a great idea especially if you both have different skills and knowledge that you can use.
The most important thing you do is talk about your long term plans for the property and how you would react in different situations. For instance if one of you moved overseas, or stopped working and wanted to sell the house. I would highly recommend that you get some legal advice and write up a basic 'set of rules'. This way there can be no confusion, and the last thing you want to do is to ruin a good friendship. Best of luck mate!Cheers Banjo Smyth
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