young property investors

When i'm speaking to girls, the number of IP's i have generally isn't a hot topic of conversation. I doubt it would come up at all actually.

Good going to all the young folks buying up. A small query I have is did having property affect your relationships. For eg. if you own property(ies) did a future partner become more interested in you i.e. money aspect. I could imagine it would create tensions. Still how did it go for you? Cheers and thanks for sharing.
 
My GF is the same. I had already started before we met, but really didnt talk about it for a while. She still really isn't interested anyway... So I do my own thing :) Can be frustrating at times going it alone but thats life.

Ditto Frank. Keep working on her, mine has just bought her first IP, but I handle everything and she still has no interest in it. Baby steps.... ;)
 
My GF is the same. I had already started before we met, but really didnt talk about it for a while. She still really isn't interested anyway... So I do my own thing :) Can be frustrating at times going it alone but thats life.

I'm actually happier going it alone. No one to argue with me as to whether we should buy this property instead of that property!
Alex
 
Wow! What a bargain. Why was he happy to let it go for $18k?

He didn't really have a choice. Backed himself into an extremely poor financial position where he had to accept what I gave him. He had stopped paying for everything including the shortfall in the mortgage, body corp, water rates etc. about 3 months before we settled.

I worked out how much he would get if we sold the place (so minus all selling costs etc.), and then took away another 2k for what I had to pay for when we still owned it together. That came to 18k!
 
Ditto Frank. Keep working on her, mine has just bought her first IP, but I handle everything and she still has no interest in it. Baby steps.... ;)

She is smart so understands why I'm doing but it doesn't interest her as such, but Alex makes a good point in that it makes it easier for me to make decisions without having to run them by her. I just do it.....

She is about 3/4 the way through Jan's book now (to give her a more in depth understanding) and has recently bought some Argo shares which have dropped with the recent correction, so this has dented her confidence - So getting there slowly ;)

But Jan's book is still useful even if you never buy an investment property with regards to living within your means, don't borrow for depreciating assets etc
 
I'm 27 and bought my first IP last year and looking at the next one in the next 6 months. I feel old compared to most of the comments I have heard but still think that all of us have done well.

I like to keep a balance with enjoying life and investing in property. What really helps me is getting rid of most of my money and putting it in savings accounts as soon as I get paid I then know what I have to live off an ejoy myself with until the next pay.

Good luck to all
 
Hi all ! My first post on this website.

I am 27. Saved up a $30,000 deposit from when I was 18 and bought my first place in 2003 for 225k. Bought my 2nd in 2006 for 180k. Both have gone up in price and now looking at purchasing my thirdas an IP. My second property is my PPOR.

My wage is only around the 60k mark so I'm quite nervous about purchasing a third but after reading all of these other posts I think I should do it.

Just a bit scary when you are single and don't earn as much as others on here around your age.

Think I am doing ok though, no Credit card debts at all and I'm a good saver and smart with my money.

Great website BTW. I have been hooked since I joined !
cheers
 
I am 27. Saved up a $30,000 deposit from when I was 18 and bought my first place in 2003 for 225k. Bought my 2nd in 2006 for 180k. Both have gone up in price and now looking at purchasing my thirdas an IP. My second property is my PPOR.

My wage is only around the 60k mark so I'm quite nervous about purchasing a third but after reading all of these other posts I think I should do it.


cheers


Good post and welcome - you are off to an aewsome start. 60k is a good wage so don't stress. Isn't the average 40 or 50? If you just keep buying every few years as you can afford it you'll do great.

Grimey
 
My girlfriend has no interest at all apart from licking her lips at half of the free assett every time i purchase

LOL

I know you were joking but a mate aimed this one at me recently, something along the lines of what if my girlfriend decides to move in and then things don't work out, she gets half.

I've got a few JV's with my father and recently purchased a PPOR (in my own name) and my mates comments have sort have got me worried about the what if's?

I'm in my mid 20's and while my mates were buying flashy cars and buying lots of useless junk, I was doing the JV's with Dad. This has enabled to me afford a great PPOR. I would hate to find out that if she was to become an "ex-girlfriend", she was entitled to stake a claim. I've heard 6+ months living together equals defacto status, is that enough?

Don't want to sound like some sort of nasty person, but I'd be much happier knowing that she isn't entitled to anything until I ask her to be the one so to speak. We've all been in or seen relationships that didn't work for whatever reason and I don't want to have to avoid parts of my relationships in the fear of loosing my hard work to someone whose had a vindictive idea put in their head.
 
i'm pretty sure it's 1 year as a defacto relationship and you are done.

You can probably get your solicitor to sign up a prenuptial agreement or something along those lines, if your worried. . .
 
i'm pretty sure it's 1 year as a defacto relationship and you are done.

You can probably get your solicitor to sign up a prenuptial agreement or something along those lines, if your worried. . .

I know someone that tried this on his GF and turned their relationship quite sour. Be careful asking them to sign a pre-nup / contract

Choose your other half wisely.... :)
 
i'm pretty sure it's 1 year as a defacto relationship and you are done.

You can probably get your solicitor to sign up a prenuptial agreement or something along those lines, if your worried. . .

1 year living together? Prenup without being married, hell that would scare away a girlfriend fast?

Was just hoping to hear some good advice from other people in a similar situation.
 
If your splitting the court takes into account the amount of time you have been together and the assets you each bought to the picture anyway. Sure she will be entitled to *something* depending on your respective contributions but she is not automatically entitled to half the moment that 6 months ticks over...
 
1 year living together? Prenup without being married, hell that would scare away a girlfriend fast?

Was just hoping to hear some good advice from other people in a similar situation.

hey if your asking for the only way to guarantee your partner is not entitled to half your assetts then the only way IS with a prenup / contract. Whether you like this or not :p

Not saying this is good for the relationship, just being honest. . Me? I have been living with my partner for nearly 2 years now and I would never go down that road . . Even if we do break up, would she take the emotional and financial stress of going to court? Not sure. . That's a whole different arguement.

And yep, as I'm aware it use to be one year of living together.. Whether they have changed it to 6 months I'm not sure. .
 
If your splitting the court takes into account the amount of time you have been together and the assets you each bought to the picture anyway. Sure she will be entitled to *something* depending on your respective contributions but she is not automatically entitled to half the moment that 6 months ticks over...

The problem is if you acquired these assetts while together, even if it was with all your own money. she / he could argue that while your money went to investing, her money went to supporting the relationship, or that she/he couldn't work because they had to look after the house, as an agreed stay at home arrangement. Either way they are still entitled.
 
Even if we do break up, would she take the emotional and financial stress of going to court? Not sure. . That's a whole different arguement.

I'm sure rational thought at a time like that probably goes out the door!

The problem is if you acquired these assetts while together, even if it was with all your own money. she / he could argue that while your money went to investing, her money went to supporting the relationship, or that she/he couldn't work because they had to look after the house, as an agreed stay at home arrangement. Either way they are still entitled.

In my case however, while I have acquired my assets, we've both live at our respective parents houses. Once I move into my PPOR then she may also move in. But up to that point she has made no financial impact nor could any common sense argue otherwise. Lawyers however seem to have a nice way of arguing otherwise!

Looks like I just have to hope things don't get to that.
 
i'm pretty sure it's 1 year as a defacto relationship and you are done.
In 1999, the law has changed its view on de facto relationships. There is no set length of time with de facto being defined here as all (including same sex) relationships between two adults (18+) who:
  • live together as a couple; and
  • are not married; and
  • are not siblings or a parent or child of each other.
Each state has its own law but there is a considerable degree of uniformity in them. When dealing with property division in a break up, the law has to decide if your relationship is de facto. Some of the circumstances the law will consider include:
  • how long the relationship has lasted;
  • whether you both live in the same house;
  • how far your finances are intertwined;
  • whether you own assets together;
  • the financial and non-financial contributions made by each person;
  • the care and control of any children of the relationship;
  • whether outsiders see you as "de facto";
  • whether you intend the relationship to be permanent; and
  • whether you have a sexual relationship.
Lots of things to consider before the pre-nup stage!
Steve
 
1 year living together? Prenup without being married, hell that would scare away a girlfriend fast?

Was just hoping to hear some good advice from other people in a similar situation.

Dave, My younger brother has done this with his girlfriend when they moved in together a couple of years ago. She didn't like the idea at first but when he fully explaind the reason behid it, she agreed and didn't take it too personally. I think he explained that allowed the relationship to progress to the living together stage without so much worry about the financial consequences of it possibly not working out. She moved into his house and pays him rent. They are talking about having some kiddies soon (no mention of marriage though). Obviously a baby would change the validity of the agreement somewhat.

Louise.
 
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