I'm considering purchasing a property with a friend of mine probably 6-8 months down the track and I am just wondering whether or not anyone else has done something similar?
We're both Male, 25-30, Living alone, Existing property owners and spend > 40% of the year outside of Australia. He isn't from this website nor does he outwardly express any RP beliefs but he very much lives that lifestyle. Single and doesn't appear to want to change that.
We've agreed on the following;
2-3 Bedroom Unit in an area with existing strong rental income and growth potential
Renting out either room or whole apartment on AirBnb or something similar, especially when overseas to screened tenants
Keeping the apartment minimalist
Should any conflict arise having a 12 month mediation period followed by sale unless sale is agreed by both parties beforehand
No live in Girlfriends
No Animals
Setting up a home conducive to our work lives
Positives:
The guy I'm investing with is smart and not passive aggressive nor is he a homebody
We have fail safes in places to allow us to resolve any conflict with an agreed period of mediation unless we both agree to sell
Because so much time is spend overseas at key times of the year, it's going to be possible to rent out the flat on Airbnb for about 20% above market rent. That will cover mortgage + incidentals.
We both love pussy - we will never be at each others throats about bringing girls back and we will be able too run pretty tight party / host game as well as this place should have a good view, in a good spot with a very well endowed liquor cabinet (Mine keeps growing because I rarely drink)
Negatives:
If I want to purchase another property (definitely on the cards as I've been trying to sell my current house for a very tidy return) the whole value of the loan will be counted when assessing my ability service the loan
He might be a cunt
Despite everything we agree to, and going against my judgement he ends up with a live in girlfriend - SHE will likely be a cunt and it might be hard to write relationship criteria into a contract
He goes bankrupt or I go bankrupt (neither unlikely, but in both of our industries one 2008esque year can burn you to the ground pretty quick)
What excites me is I'm going into a business partnership (kind of) with a like minded individual. Both of our longterm plans are to go overseas permanently so it will eventually become a fairly lucrative investment property as well.
Any thoughts or similar experiences?
We're both Male, 25-30, Living alone, Existing property owners and spend > 40% of the year outside of Australia. He isn't from this website nor does he outwardly express any RP beliefs but he very much lives that lifestyle. Single and doesn't appear to want to change that.
We've agreed on the following;
2-3 Bedroom Unit in an area with existing strong rental income and growth potential
Renting out either room or whole apartment on AirBnb or something similar, especially when overseas to screened tenants
Keeping the apartment minimalist
Should any conflict arise having a 12 month mediation period followed by sale unless sale is agreed by both parties beforehand
No live in Girlfriends
No Animals
Setting up a home conducive to our work lives
Positives:
The guy I'm investing with is smart and not passive aggressive nor is he a homebody
We have fail safes in places to allow us to resolve any conflict with an agreed period of mediation unless we both agree to sell
Because so much time is spend overseas at key times of the year, it's going to be possible to rent out the flat on Airbnb for about 20% above market rent. That will cover mortgage + incidentals.
We both love pussy - we will never be at each others throats about bringing girls back and we will be able too run pretty tight party / host game as well as this place should have a good view, in a good spot with a very well endowed liquor cabinet (Mine keeps growing because I rarely drink)
Negatives:
If I want to purchase another property (definitely on the cards as I've been trying to sell my current house for a very tidy return) the whole value of the loan will be counted when assessing my ability service the loan
He might be a cunt
Despite everything we agree to, and going against my judgement he ends up with a live in girlfriend - SHE will likely be a cunt and it might be hard to write relationship criteria into a contract
He goes bankrupt or I go bankrupt (neither unlikely, but in both of our industries one 2008esque year can burn you to the ground pretty quick)
What excites me is I'm going into a business partnership (kind of) with a like minded individual. Both of our longterm plans are to go overseas permanently so it will eventually become a fairly lucrative investment property as well.
Any thoughts or similar experiences?