I have a couple of investment properties and one is about to become vacant. My boyfriend of over 4 years(we don’t live together and have no intention to) would like to rent it out. I am unsure my friends and especially my family think this is a great idea as he will look after it well. Could this become complicated? I don’t think we will split for a long time we just prefer to have our own place. If i don’t rent to him he will rent out something else similar in the same area,
Yes, just make sure you have a lease drawn up just in case. make sure everything is in writing.
Terryw
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I was going to get a lease drawn up and also send a bond to the REIV. If we did happen to split further down the track there is no way he could claim half the apartment? Living as a de facto? I will be living in another suburb in my own house.
Hi Summer,
When renting to family (I know he is b/f) it is important that market rent be paid. I would suggest the same principle should apply in this instance in order to ensure maximum deductions apply to you.
Derek
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Skype – derekjones2113summer2006 just reading over your thread and your concern seems to be common law and a defacto claiming rights over property after seperation…
I believe you need to get legal advice from an expert in this field as it seems to me it is not that you can show he was paying rent over your property but you need to be able to prove that you were not in fact living there as then it might be assumed you simply had an arangement based on taxes or finance etc and in reality you ARE defacto and he is living in your house all HE needs to show is you have been dating for 6 months…
Let me know if I am way off the track I would like to know…Common law is a very interesting area…
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Sincerely, Jarrah
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0431433288“be ye angels?”,
“nay we are but MEN!”Hello Summer2006,
I can understand yr concerns.
I personally have learned a policy in my business and that is dont do business with friends.
I find that little mis understandings can creep in and put pressure on good friendships.
Of course its yr personal choice as you know yr boyfriend and the situation the best.luke
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I got legal advice a few years ago as we were going to move in together. But i couldn’t do it. The rule is you only have to be living together for 6 months as a de facto.( I am not sure if he is renting out an IP of yours and you living in your own house though???) You can get a de facto agreement drawn up and these generally stand if went to court although things would change if you were say .living de facto for 10 years and had dependants. That is what I was told anyway. In saying that I have never heard of a de facto couple fighting over assets.
Jarrah,
Think you have a good point there a lot of poeple could be doing it for tax reasonsIf on paper… bills, mail box and lease agreement going to the apartment I rent to him
And me having my own billls in my name coming to my own house It should be ok I think.???
summer, pm’d you though I should add; this yet again highlights the need for a solid exit strategy or for no other reason than someone else will create an exit for you…Its all about controling your assets to manage your liabilities…Aaaahhhhh, the mind boggles…
“ask and you shall recieve”
Sincerely, Jarrah
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0431433288“be ye angels?”,
“nay we are but MEN!”hey what a bad idea……..especially if the unthinkable happens and u split up. would prolong the suffering and/or torment for an undefinable period if he doesnt want to shift out.[grrr]
IMHO..If renting to family, Boyfriend etc..get the paperwork right and save drama’s later
If decide to live together you can always rent the property from a structure you control..but thats a whole new and interesting subject
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