Rex replied to the topic Urgent help needed:) in the forum Finance 8 years, 2 months ago
So whenever I apply for a new loan in the future the lenders will assess me for 100% of the debt on the property I own jointly but only take into consideration 50% of the rent? Is there any way around this?
Rex replied to the topic Urgent help needed:) in the forum Finance 8 years, 2 months ago
What is the best way to own/buy property jointly? Is there a way of structuring it so it is possible to own property jointly without negatively impacting on the borrowing capacity of each co-owner in the future? Can some kind of legal structure be set up (trust or company) that be more suitable?
Rex replied to the topic Urgent help needed:) in the forum Finance 8 years, 2 months ago
What is the best way to own/buy property jointly? Is there a way of structuring it so it is possible to own property jointly without negatively impacting on the borrowing capacity of each co-owner in the future? Can some kind of legal structure be set up (trust or company) that be more suitable?
Rex replied to the topic Urgent help needed:) in the forum Finance 8 years, 2 months ago
Thanks Terry. So can my friend and I approach the current lender and release some equity, say $60k, then I can approach another lender and simply use my portion of that $60k as a deposit for the next property? That way my friend and I would only be jointly liable for the 60k equity release and would not have any interest in any subsequent…[Read more]
Rex replied to the topic Urgent help needed:) in the forum Finance 8 years, 2 months ago
Ok thanks Not the best news…
Last year we noticed an opportunity to purchase a property below market value but neither of us had enough deposit at the time so decided to buy it jointly.
So if I want to use 20k equity from the house I own jointly with my friend to buy a $200,000 property on my own are you saying my friend will be liable for…[Read more]
Rex replied to the topic 2 Units or 1 Brand new home??? in the forum Finance 8 years, 2 months ago
Hey Colin,
I’m considering the same thing. So do you believe that if my plan was to buy and hold for at least 10 years and I have the option of two apartments or 1 house, (both apartments are slightly positive cash flow and the house is slightly negative), I am likely see better gains from the house long-term than I would from two apartments (all…[Read more]
Rex started the topic Urgent help needed:) in the forum Finance 8 years, 2 months ago
Hi,
My friend and I bought a property together 18months ago for $300k and we have just had it valued at $380k. Our joint mortgage on the property is $270k.
I want to buy another property ASAP and am hoping to use my portion of the equity as a deposit for the next place. I need some advice as I’m hoping to buy within the next few weeks.
Can…[Read more]
Rex became a registered member 8 years, 2 months ago