Recently, a block of apartments has come on the market in a great area of Elwood. The block consists of six apartments and is going to auction as a single lot. This is my first foray into the world of IP's and needless to say, I am unable to afford the block in its entirety, but I was wondering about getting together with five other interested buyers, and purchasing it as a group? Not as a Joint Venture, or as a syndicate, but with each member purchasing a separate apartment in the block.
There is no strata title in place on the property, as it has been owned by a family since its construction in the 30's. So I'm assuming that there would be costs involved in creating one, and potential difficulties working out allocation of carparks, etc.
Also, like parents allocating bedrooms to children, it could prove difficult negotiation who would take ownership of which apartment (and what the comparative values would be amongst the distribution...)
Does anyone have any experience or thoughts on the benefits, complexities, hazards of such an agreement?? And whether it is something that would be best organized by a professional, or could potentially be organized by the individuals involved??
Any help is much appreciated,
Adam.
There is no strata title in place on the property, as it has been owned by a family since its construction in the 30's. So I'm assuming that there would be costs involved in creating one, and potential difficulties working out allocation of carparks, etc.
Also, like parents allocating bedrooms to children, it could prove difficult negotiation who would take ownership of which apartment (and what the comparative values would be amongst the distribution...)
Does anyone have any experience or thoughts on the benefits, complexities, hazards of such an agreement?? And whether it is something that would be best organized by a professional, or could potentially be organized by the individuals involved??
Any help is much appreciated,
Adam.