From: J Parker
G'day all!
Have some questions for those of you experienced in the "fluff and flick" industry, buying, renovating and selling property. I'm about to embark on such a project with a relative. Not having done this before I (naturally) have some questions. I am fully aware of the implications of being involved in partnerships (especially with family!) but would be interested in hearing from those who have travelled this path before.
To give a basic rundown, the two of us intend to go halves in the entire project, with everything split down the middle. We are currently researching areas in Sydney where we can make a profit on a cosmetic renovation. We have set ourselves a minimum profit figure and are prepared to rent it out for a year if we do not make this when we sell.
Having had some experience in renovating, we are looking forward to this. However, we are unsure as to how we should structure the partnership.
Should we be setting up a joint venture agreement?
To minimize capital gains tax (as we intend to sell soon after renovating- 6-10 weeks after settlement) is there anything we should be/not be doing?
I would be particularly interested in hearing from other renovators in Sydney who have done this recently. Success stories are warmly welcomed!
Cheers, Jacque
G'day all!
Have some questions for those of you experienced in the "fluff and flick" industry, buying, renovating and selling property. I'm about to embark on such a project with a relative. Not having done this before I (naturally) have some questions. I am fully aware of the implications of being involved in partnerships (especially with family!) but would be interested in hearing from those who have travelled this path before.
To give a basic rundown, the two of us intend to go halves in the entire project, with everything split down the middle. We are currently researching areas in Sydney where we can make a profit on a cosmetic renovation. We have set ourselves a minimum profit figure and are prepared to rent it out for a year if we do not make this when we sell.
Having had some experience in renovating, we are looking forward to this. However, we are unsure as to how we should structure the partnership.
Should we be setting up a joint venture agreement?
To minimize capital gains tax (as we intend to sell soon after renovating- 6-10 weeks after settlement) is there anything we should be/not be doing?
I would be particularly interested in hearing from other renovators in Sydney who have done this recently. Success stories are warmly welcomed!
Cheers, Jacque
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