"i'm only 14, can i buy properties?"

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From: Anonymous


hi everyone

i thought that i would start early "the earlier you start the earlier you finish" so the saying goes.

but am i legally able to buy properties myself? i recently read some books and decided that i want to retire early.

i will be using mum and dads home equity and my brothers debt capacity..but can i own the property too?

thanks every one
 
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Sim

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Reply: 1
From: Sim' Hampel


This topic was discussed not all that long ago... might be worth searching the Property Investor Forum.

In summary, I believe the consensus was:

- A minor can sign a contract (eg. to purchase property) so long as it is noted on the contract that they were a minor when they signed it. They might need something from their parent or guardian too. You need to get advice on this, but it seems that yes you can buy property.

- Biggest challenge will be finance. Things like third party guarantees and so on are generally frowned on these days due to the PR issues for the banks if things go wrong. That being said, there are increasingly more non-traditional lenders who may be willing to talk (but you may end up paying more).

Lenders are going to want to be sure you can service the debt too - employment history and such (but again, there a things like no-docs loans that may not have these requirements). There is also an issue with the consumer credit code and providing credit to minors... but that doesn't seem to worry people too much these days. Once again, you need to get professional advice on this matter.

 
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Reply: 2
From: Colin Mills


No!
 
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Reply: 2.1
From: The Wife


Colin,
Can you tell him why?


TW
~Clothes make the man. Naked people have little or no influence on society~
 
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Reply: 2.1.1
From: Juzz O'K


14 yo,

Try to do it through Trusts
& Companies, & keep us updated.

I think most of us would like to
know how you go for future reference.

& Don't let anyone tell you you "no"
or you can't do that. If that happens
then look at other alternatives.
You'll find a way.


Justin
 
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