I'm nealry at the stage where I think I have learnt enough and am mentally ready to buy my first IP. My financial situation is readily improving and my parents are wanting to get into an IP themselves. They had a MV on our home of $320,000 but have $100,000 owing on LOC. They are trying to pay this down at the moment and are making some success. They will be getting a large reduction to this debt very soon from an inheritence and will be netter in the postion to enter in a JV with me. Meanwhile we are both lgetting more and more ready to enter the game when things permit.
My qns is how to structure things for finance??.
I am prepared to pay all the outgoings if negatively geared. They are prepared to help me sucure the property with their equity. I'm thinking 50/50 partnership, but dont know how to structure it so everything is fair. We have a long term stretedgy to buy and hold. I will be earning $45,000 a year while my dad is self employed with his own business.
Any ideas for whos name to put the loan in or what entity to use??
I was thinking they could draw down the equity in the house (when they have payed some of their loan off). I could borrow 80% of the valuation of the new property in my name. Then we could both finance the rejuvenation on the property through savings.
Any thoughts would be greatly appreciated,
Thanx,
Jarrad
My qns is how to structure things for finance??.
I am prepared to pay all the outgoings if negatively geared. They are prepared to help me sucure the property with their equity. I'm thinking 50/50 partnership, but dont know how to structure it so everything is fair. We have a long term stretedgy to buy and hold. I will be earning $45,000 a year while my dad is self employed with his own business.
Any ideas for whos name to put the loan in or what entity to use??
I was thinking they could draw down the equity in the house (when they have payed some of their loan off). I could borrow 80% of the valuation of the new property in my name. Then we could both finance the rejuvenation on the property through savings.
Any thoughts would be greatly appreciated,
Thanx,
Jarrad