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18 year old son wanting to buy investment property

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shez | 09 Nov 2015, 02:17 PM Agree 0
my 18 year old son would like to by and investment property he is looking at a unit in a town of 10,000 people the price is $155,000 and rented out for $200 per week. its close to schools and bus service and walking distance to shops.

does this sound ok or is doing the wrong thing
should my husband and i buy it in our name
we have no idea and 18 y/o thinks he knows it all

any advice would be greatly received
  • Lockie Roberts | 10 Nov 2015, 05:25 PM Agree 0
    I think the best thing to do is make sure your son has done his due diligence by backing up the purchase mathmatically in a A4 portfolio of how he will afford the property for the duration of the loan including bank repayments / buyers fee's / mortgage insurance / repairs on property etc. when he can demonstrate all these things then it would be a good idea to visit the property with him and make sure he isn't making a emotional decision . Check out the suburbs long term capital growth potential , and the shires development prospects . All good indicators to make a informed decision . Good thing to do also is go and view 20 property's first get that experience together .
  • Bill | 01 Dec 2015, 03:57 AM Agree 0
    Make sure he gets a structural inspection. Seriously, if you're not qualified to do it yourself, you'd have to be stupid not to.
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