Exploring how this savvy investor’s portfolio has shaped up 3 years later
Youtube Podcast
Youtube Podcast
Property Expert, Author, and Mentor Jo Vadillo uncover the smart ways to gain cash flow from property with just a little thinking outside of the box in this webinar.
Whilst there are some obvious ways you can increase returns from your portfolio.
Jo will be discussing the quirky and unique ideas that can slip under the radar.
From small capital, input to not even having to be a homeowner.
The popularity of the side-hustle and the need for many investing enthusiasts to raise household incomes makes this webinar compelling views with more than just a few a-ha moments!
Webinar May 16 @ 12:30 pm – 1:30 pm AEST
They say two heads are better than one. Have you considered pooling your resources to buy an investment property with a friend, business colleague or family member? Or maybe you have, but you’ve held back because you feared entangling yourself in a loan with someone else and what that might mean to your credit rating and financial status if it all went wrong.
Well hold back no more, as there are lenders in the market today who allow two borrowers to buy the one investment property utilising separate loans.
And the good news is – each borrower is separately responsible for their own loans.
These types of loans offer women who want to grow their investment portfolio the option to buddy up for success, by allowing them to split the cost of buying an investment property with someone else, while retaining individual control of their finances.
Consider the Benefits:
Naturally as standard practice each borrower needs to show they can service the loan they are taking out, but this type of loan is certainly a great option. For example, say one borrower has a sizeable deposit and the other lacks deposit but has good serviceability. In this situation buying with a buddy could be a win-win for both parties.
However, in saying that there are things to be considered.
You should always buy with a like-minded person, someone with similar goals to yourself. And you need to make sure you feel confident that the other partner is financially secure enough to make their loan repayments.
With co-ownership it is also imperative that each party seeks out independent financial advice and a co-ownership agreement is in place before buying a property.
If it all goes wrong things can quickly turn into a nightmare, so it is important to protect your position. I recommend you speak to a solicitor and have an agreement drawn up that is specific to your needs and situation.
The agreement doesn’t have to be complex, but it will require you to have rules and agreements worked out in advance – this is crucial. For example, co-owners may agree that if one wishes to sell, the other co-owners have first right of refusal to buy their share.
Things to be considered might include:
Reading through this list gives you some idea of the things that need to be addressed. No doubt you and your solicitor will come up with many more which is why it is important to draw up your co-ownership agreement prior to purchasing. This way you can avoid any disputes down the track.
In regards to the finance and choosing the right loan for your co-ownership investment property, banks and lenders are continually altering their products, interest rate offerings and there’s always great deals to be found.
If you would like to discuss the right loan for your buddy buying journey or revise any of your existing investment loans just give me a call.
There is no doubt that when it comes to investing in property, knowledge is power. Whether you are new to property investing or purchasing subsequent investment properties, avoiding the common mistakes made by others will ensure you build a successful property portfolio.
Contact: Tracy Kearey
Position: Managing Director and Mortgage Specialist
Business: Home Loan Connexion Pty Ltd
Mobile: +61 (0) 417 738 469
Phone: +61 (7) 240 4800
Email: tkearey@homeloanconnexion.com.au
Web: www.homeloanconnexion.com.au
LinkedIn: https://www.linkedin.com/in/tracy-kearey-67631a22/
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