All Topics / Help Needed! / joint venture

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  • Profile photo of pestman111pestman111
    Member
    @pestman111
    Join Date: 2005
    Post Count: 2

    i may have put this in the wrong area previously

    i have purshased a property in New Zealand with another persone and we r going to set up a joint venture together but i am unsure of what should be included when we go to the solicitor to draw it up…
    here r some details on what i have done….and go easy on me this is my first investment lol
    i put up 100k from equity..the other party done most of the leg work as they are from new Zealand and know the areas…property was 480k.. bought it for 420k bank required 20%deposit …it is rented out at 680per week with 4 years on the lease still to go…there r 3 homes on the land and i can subdivide them into 2 blocks if i wish…..
    I wish to keep the properties and refinance in about another 10 months so i can gain more equity from them to put it towards another property or 2..me and my other investor are both new to investing ..and are unsure how to proceed with who pays what …at the moment the rent pays for the loan that was taken out in NZ…which by the way was really easy to obtain..and my other investor is paying the interest on the 100k from my equity…mmmmm not sure what i should be asking for and what she will be asking for … we did agree on a 50/50 split but do we take out costs etc …hope someone can help
    Thanks for listening …i mean reading
    Darren

    PROMPT PERSONEL AND EFFICIANT

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Hi

    You may get some ideas by looking at http://www.lawcentral.com.au

    They create various legal documents including joint venture agreements and agreements for buying property together. You have to register, but it is all free to create the documents and view all the tips.

    Terryw
    Discover Home Loans
    Mortgage Broker
    North Sydney
    Click below to email me

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 2 posts - 1 through 2 (of 2 total)

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