All Topics / Help Needed! / Buying property in someone else’s name

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of Peter456Peter456
    Member
    @peter456
    Join Date: 2011
    Post Count: 12
    March 14, 2012 - 1:03 pm

    Can I purchase an IP in somebody else’s name to make positive cash flow but still receive the income into my own bank account?
    I am sure this can be done. The reason I want it in another persons name is complex but legal. I trust this person with my life.

    Profile photo of Peter456Peter456
    Member
    @peter456
    Join Date: 2011
    Post Count: 12
    March 14, 2012 - 1:23 pm

    If after I purchase it I organize an agent to manage it I can give them my bank account details and not the actual home owner. Right

    Profile photo of Aaron_CAaron_C
    Participant
    @aaron_c
    Join Date: 2012
    Post Count: 65
    March 14, 2012 - 1:36 pm

    Technically speaking the rental income from the property has to flow to the person who owns it.

    However, what can happen is an arrangement is made between you and your friend, so that all the rental is paid from him to you. The agreement would have to be in writing (preferably) and detail why he is paying you the rental – perhaps it could be in return for you paying the mortgage repayments etc.

    Profile photo of Mick CMick C
    Participant
    @shape
    Join Date: 2010
    Post Count: 1,099
    March 14, 2012 - 1:44 pm

    why dont this person just transfer the money to your bank account?

    Regards
    Michael

    Mick C | Shape Home Loans
    http://www.shapehomeloans.com.au/
    Email Me | Phone Me

    Same Banks. Better Rates. Served With a Passion.

    Profile photo of Peter456Peter456
    Member
    @peter456
    Join Date: 2011
    Post Count: 12
    March 14, 2012 - 11:06 pm
    Shape wrote:
    why dont this person just transfer the money to your bank account?

    Regards
    Michael

    Then who would have to pay the tax? If he received it then he would have to declare it as income but if I did then I might also have to.

    Profile photo of Mick CMick C
    Participant
    @shape
    Join Date: 2010
    Post Count: 1,099
    March 14, 2012 - 11:15 pm

    If it’s under ur friends name then he/she has to pay the tax and can make the expenses etc…
    Im not 100% sure what your trying to achieve? buy in frds name; but you get income and get the tax benefits???? ( not possible)

    Regards
    Michael

    Mick C | Shape Home Loans
    http://www.shapehomeloans.com.au/
    Email Me | Phone Me

    Same Banks. Better Rates. Served With a Passion.

Viewing 6 posts - 1 through 6 (of 6 total)

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