澳洲Australia property IP Partnership | Sydney


在澳大利亚 The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m


Currently I have an investment property in Broome. I was thinking that rather than sell it I would like to find a partner or partners in this investment as i think it has good long term prospects. Currently my health does not make it easy to manage this on my own and would be looking for someone with experience to help get the best from it.

In the past I owned a property with an inexperienced investor and that made it more difficult and so I decided to do this one on my own.

Any thoughts on this and how I might go about finding someone?  

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Are you talking about selling a % of your stake in the asset to someone else?  

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Yes I was thinking of selling up to 50%.  

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im just getting out of a partnership now - whats you rproperty in broome  

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vmay said: ↑
Yes I was thinking of selling up to 50%.Click to expand...
You will find there are many problems with this.

The first one will be the loan - you will be be jointly and severally liable. So if the new partner stops paying his share then you must.

The next one is bankruptcy, then divorce and finally death.  

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Broome

Shaneelastic said: ↑
im just getting out of a partnership now - whats you rproperty in broomeClick to expand...
My property is a 3 x 2 house in nice area close to beach park etc.  

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Partnership

Terryw said: ↑
You will find there are many problems with this.

The first one will be the loan - you will be be jointly and severally liable. So if the new partner stops paying his share then you must.

The next one is bankruptcy, then divorce and finally death.Click to expand...
Thats a good point.....last person I had as partner was a friend and the loan was quite low by todays standards.  

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something I would avoid for a myriad of reasons.

What gets set up to be permanent often ends uo in tears and temporary

ta

rolf  

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Broome property

Well Plan B would be to get assistance with managing it (I know the PM should be doing that)

Plan C - sell  

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Yes I don't think it's a good idea either. You never know how strong your partner is and if they hit rough times, you have to pay 100% of the costs and only get 50% of the profit....  

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Not to mention the effect on serviceablity!  

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Broome house

Yes it would also mean more work on changing my existing loans which are set for next 7 years....which means time for me to sell if that is what I need to do.

Thanks for feedback,  

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Terryw said: ↑
The next one is bankruptcy, then divorce and finally death.Click to expand...
These are a few of a lawyers favourite things :)  

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Rethink

So..having agreed with you all that partnership has too many problems, I am faced with the prospect of either renewing the lease, capitalising the losses for another year and then selling, or selling now.

Does anyone have any thoughts on timing? Apparently it can take up to 6 to 12 months to sell. Woodside have delayed their decision till next year regarding the gas project which of course is still to be signed off by govt.

Any input apprecriated.

V  

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