hi everyone,
I'm a newbie here, and have a few questions I hope you seasoned investors may be able to help with.
I have a PPOR which I own jointly with a sibling. We currently owe about 50% of the value and have 50% in equity, and we are thinking of investing later this year. Another sibling who is struggling to enter the market would like to join us in this investing venture, and I would like to find out more about the risks associated with buying property with more than one co-owner. If 3 of us purchased an investment property, we could potentially buy in a better area as we could afford to spend more, but how would the tax benefits be worked out with 3 people? Also, are there additional costs? Would my sibling miss out on the FHOG because myself and my other sibling already own a property?
I understand we will need to seek advice from an accountant, but if anyone has any tips, ideas or knowledge I would be very grateful.
best wishes in acheveing your investment goals.
Hoobie1
I'm a newbie here, and have a few questions I hope you seasoned investors may be able to help with.
I have a PPOR which I own jointly with a sibling. We currently owe about 50% of the value and have 50% in equity, and we are thinking of investing later this year. Another sibling who is struggling to enter the market would like to join us in this investing venture, and I would like to find out more about the risks associated with buying property with more than one co-owner. If 3 of us purchased an investment property, we could potentially buy in a better area as we could afford to spend more, but how would the tax benefits be worked out with 3 people? Also, are there additional costs? Would my sibling miss out on the FHOG because myself and my other sibling already own a property?
I understand we will need to seek advice from an accountant, but if anyone has any tips, ideas or knowledge I would be very grateful.
best wishes in acheveing your investment goals.
Hoobie1
