One of my friends offered me an option to buy a share of a property investment in QLD. Total investment would cost around 3.5 to 4 million. It?s a development site comprising of 24 town houses. The owner is keen to sell the property to us.
The owner offered 3 options to buy
1) We (six of us) buy the entire land and build.
2) We buy half of the land and current owner hold on to half of the land using a company and shareholders jointly build the property.
3) Owner completes the entire development. We buy off-the-plan from the builder at a discounted price than market (i.e. apportion current land price + actual development expenses). We would make 10% deposit towards the purchase now and rest of completion.
Appreciate if you could comment on the pros and cons of each option above. What kind of account set-up would be practical to us?
We all have around 150K in super. Is it possible to buy the property using super. The development would take around 1.5 to 2 year to complete. If we buy off the plan, is it possible to make the deposit using our savings now and later buy using super?
The owner offered 3 options to buy
1) We (six of us) buy the entire land and build.
2) We buy half of the land and current owner hold on to half of the land using a company and shareholders jointly build the property.
3) Owner completes the entire development. We buy off-the-plan from the builder at a discounted price than market (i.e. apportion current land price + actual development expenses). We would make 10% deposit towards the purchase now and rest of completion.
Appreciate if you could comment on the pros and cons of each option above. What kind of account set-up would be practical to us?
We all have around 150K in super. Is it possible to buy the property using super. The development would take around 1.5 to 2 year to complete. If we buy off the plan, is it possible to make the deposit using our savings now and later buy using super?