Open to suggestions

[NoClue]

Hi All,

Family members and myself have decided to pool our income together for borrowing power - looking to puchase a property for investment purposes. One family member would be the 'tenant' as well as co-owner. I suppose the next step is to ascertain if we are in a position to borrow and repay, as our funds are limited. Any suggestions on the most affordable option to obtain this information?

Many Thanks

 

[alexlee]

You really want to go down this road, noclue? Personally, I think it would be far better to buy separate investments. Share information and strategies, by all means, but this sounds like a recipe for disaster (personal issues, what happens if one party wants to pull out, financial difficulties, etc).
Alex

 

[Dazz]

Hello no clue.

On the much smaller issue of obtaining the information you are seeking at a cheap rate, I'm sure one of the mortgage brokers on here will be able to help.

On the much larger issue of whether you and your family members should be heading down this track in the first place is quite another matter.

The term "joint and severally liable" should kill it stone dead. If that doesn't, then mixing money and family should. It has been successfully done in the past, some fantastically, but there is usually some really smart cookie driving the whole show. If everyone is inexperienced at putting deals together contractually, then you may struggle.

 

[Peter 14.7]

Agree a recipe for problems. Need to get legal and accountant advise on the whole process and legally binding docs before doing anything.

Try other ways. Peter

 

[alexlee]

NoClue, may I suggest a far safer way to do this would be for you all to buy IPs individually, and then get together every month or whatever to discuss issues and share info?
Alex

 

[Rolf Latham]

Hiya

Suggestion

DONT

seek one of the melb folk to help you out and then ONLY if you cant do it by yourself consider involving others.

Rolf Schaefer

www.rjafinance.com.au

Medine

www.mfsimmons.com.au


Peter Teersteg

www.sagelending.com.au



ta
rolf

 

[Les]

G'day NoClue,

and then ONLY if you cant do it by yourself consider involving others

.. and then, perhaps the fewer involved, the better (thinking of Dazzling's comment re "jointly and severally liable").

Make haste slowly.... Fraught with danger IMHO,

Regards,

 

[NoClue]

Thanks for all the replies...We obviously have plenty to think about and will definitely take it all on board. One of the reasons we thought of going down this road is because individually most of us are not in a position to puchase but collectively we could be. At this point we are only exploring options and it seems fairly obvious by the comments that this road should be treated with caution.
Once again, thank you all so much for the feedback.

Regards,