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How to afford an investment property - even when you can’t

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Your Investment Property | 09 Sep 2014, 09:01 AM Agree 0
Strapped for cash? Here’s how to break into the property market while interest rates are still low.
  • Miriam Sandkuhler | 09 Sep 2014, 03:13 PM Agree 0
    Hi Tim,

    Good advice, however if anyone is considering investing with friends, family or strangers it is imperative to discuss various exit strategies and circumstances under which each party may need to exit the investment, and to put a written and binding agreement in place.

    This will save heartache and frustration down the tract, as no doubt everyone's personal circumstances change over time and no one wants to be held to ransom when they want to exit.

    Having the tough conversations at the beginning of investing together will highlight if there is common strategy and investing compatibility.

    If you can't agree to things before buying together, you wont agree when its too late !

    Miriam Sandkuhler
    Director, Author and Buyers Agent
    Property Mavens
  • Tim Riley | 10 Sep 2014, 01:06 PM Agree 0
    Hi Miriam

    Totally agree with you. You definitely need to agree on what the exit strategy is before you decide to do it.

    Having a legal agreement is also critical. I think the process of creating the legal agreement is almost as valuable as the agreement itself. Going through the process forces the partners to have all those what if conversations, and agree on how they will deal with them upfront - so everyone is on the same page right from the start.

    Regards

    Tim
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