I need some advice on how best to structure an investment with a sibling.
I purchased an investment property with a sibling 50/50. We contributed the same deposit amount, all income and expenses are shared and decisions are made together.
We have 2 equal loans secured against the property of which I pay off one account and my sibling pays off the other. Unfortunately, because we secured against the property the bank wanted both names on both loans as we are jointly and severally liable.
We have owned the property for a couple years now with no issues, however I am wondering if there is a better structure that we should consider as we expand our portfolio.
Thanks
I purchased an investment property with a sibling 50/50. We contributed the same deposit amount, all income and expenses are shared and decisions are made together.
We have 2 equal loans secured against the property of which I pay off one account and my sibling pays off the other. Unfortunately, because we secured against the property the bank wanted both names on both loans as we are jointly and severally liable.
We have owned the property for a couple years now with no issues, however I am wondering if there is a better structure that we should consider as we expand our portfolio.
Thanks