A good friend and i have been talking and researching property investing for a while and have decided to start making things happen. Its early stages but im wondering if i can get some opinions on the ideas we have.
PARTNERS (2 of)
We are both in our late 20’s, one party lives and works out of Perth and im no longer a resident of OZ living and working in Asia wanting to bring $$ back in.
OBJECTIVE
To contribute equal and annual cash amounts to a trust or company to purchase investment properties at a faster rate than what we could individually.
QUESTION
Has anyone done this before? Can we be directed as to which way to further our research? Is this practical and tax friendly.
Thanks
James Davies
Hi James,
Do a search for ‘Partnerships’ – much info on this topic is on this site.
I have had ‘hard’ dealings in partnerships. My suggestion would be that if you could do it alone – then go for it. If your only alternative is via a partnership, then first things first – go to your solicitor and request that he/she draw you up a ‘Partnership Agreement’ contract. This states all you and your partner’s responsibilities in the partnership and all appropriate clauses just in case one of you wishes to exit .
Hope this helps.
Kind Regards,
George“If You never never ask, you’ll never never know”
I invest with a partner. Our money goes much further on IP’s. Set up a trust and a company. Buy +cf properties in Oz and Asia then you have two markets covered.See your lawyer for the trust set up. I recommend a ‘partnership agreement’ be set up as well.Then you are on your way !
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