Reply: 2.1.1.1.1
From: James Hardy
Thanks everyone for you input. Amazed at so many replies in just a day or two.
I'm only just getting into this having read Jan's book for the first time last week but ready to invest like yesterday. VERY EXCITED and want to get into this big time!
So many many questions!
We are in Victoria and I understand that property can now be simply transfered on the basis of love and this applies equally to gay couples, (about f'ing time!)
How ever the question relates more to to Queensland.
Current situation is:
We have a great little house in Prahran and are about to buy an investment property.
Then early next year plan to move to Queensland, and rent out current home in Prahran.
Instead of buying in Queensland we will rent and buy another investment property. By doing this we will free up about 10k as the rent in Queensland is much cheaper than Melbourne. This 10k should enable us to buy a further IP within a year from now.
I keep reading about how idealy you should buy a house and rent it to a good friend and you should rent the house they buy.
Just playing around with how this might work in our favour as the rest of Australia, especially Queensland (and Howard) won't give us equal rights as a couple.
I would guess that if I but the house in my name I could rent it to my partner Jack, however the law would not let me live in the house and I would require another address as a residence, such as with my parents?????!!