Investment House

[Kenster]

Hey All,
Just wondering if anyone know about investing into a house cause me and a few friends want to get a house down at Phillip Island to use as lounge and a hoilday house to ourself.


Like what legal terms and how should it work if it split equally with the money from the property. Its going to be first house for us so i dont know if it fall under the first home buyer or just a normal investment.

I would like hear your suggestion cause im looking deeply into it and how much i need to depsoit onto a house.

Appercated anyone who have experience or work in the restate area

Thank you

Kenster

[5.0failane]

I'm no expert, but I do know that you cant use the first homebuyers grant to purchase an investment property. To qualify for the grant it must be your primary place of residence. Also for tax reasons to qualify as an tax deductable investment it must draw an income, so having it sit there for you to use for holidays would mean that you couldnt claim any deductions. I would speak to a mortgage broker as if it is done correctly and with a decent accountatnt you can save alot in tax and have a good investment.

[|||]

you should get an air hockey table. they're so cool and would be great for when the weather is a bit dodgy on the island

[Jason[98.EL]]

im going through the first home buyer thing atm

all the paper work points to the fact that you need to live in the house for 12 months min

hope this helps

jason

[EBEATN]

To buy a house down at Phillip Island you would need a fair bit of money as a deposit cause houses down there aren't cheap!

[Duke]

Kenster, There's not a lot of things I'm good at, but property is something I'm good at.
My advice to you, based on the little info you've provided is;
* don't buy a house with mates
* don't buy a house to lounge around in
* No you don't qualify for 1st home owners grant (not even close if you're doing as a share investment thing)
* Property investing is a serious business and can make you seriously wealthy, I think you need to be a bit more serious about it or take the advice of ||| and buy an air hockey table instead.

If you want to invest for the sake of future prosperity, read more and learn more, but it sounds like you just want to have some fun with the mates - A bit like buying a brothel because you want to have sex - it's just not necessary my friend.

[feebs]

We have been doing this investment thing for a while too.

Absolutely do not buy a house with mates.. unless you are a siamese twin with someone.. avoid it.

With your first house.. try and get a flat or unit.. that way you CAN use your grant...if you buy into an investment to start off,, you will WASTE your grant.

Once you have a flat or unit.. a couple of years and you can start looking further.

[old_mate]

Originally Posted by OpTrader

- A bit like buying a brothel because you want to have sex - it's just not necessary my friend.

Depends how visually challenged he is i suppose :evil3:

[Yellow_Festiva]

Hey All,
Just wondering if anyone know about investing into a house cause me and a few friends want to get a house down at Phillip Island to use as lounge and a hoilday house to ourself.

Define "a few friends". This will be a business relationship that may span 10-15 years. If anything goes sour between any 1 of the group it may be a costly legal exercise to fix.

Like what legal terms and how should it work if it split equally with the money from the property. Its going to be first house for us so i dont know if it fall under the first home buyer or just a normal investment.

This will need to be done with the help of a lawyer. A legal contract will need to be drawn clearly stating what is covered by who, and what % split each person will need to worry about.

The first home buyers grant cannot be used for an investment.

Now, this is your first house. Do you have plans to ever buy your own place? This could then possibly void your "first home buyers grant" for yourself down the track. Again. This needs to be investigated further by professionals.

I would like hear your suggestion cause im looking deeply into it and how much i need to depsoit onto a house.

I would aim for 20% as a minimum. But if this place is just a crash pad for you and your mates you will have nil income from rent i'm assuming???

Appercated anyone who have experience or work in the restate area

Thank you

Kenster

If you want my honest advice, I will tell you to NOT enter into this transaction. It is even very risky with family, so imagine friends.

Like high school mates who agree to chip in to buy a car to "share". Ends in tears most of the time.

Jason

[Kenster]

Thanks for your advices im still looking into and doing some research, just like to get a fair idea on how to do it