Victor Kalinowski
speaker
58 appearances
2 recordings
1 series
first heard Sep 2022
last heard Sep 2022
Victor Kalinowski’s voice in public audio — every appearance, attributed to the second.
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So the first thing is that we suggest is to when things are really good and they're going well and in the planning stages of this, meet with somebody to talk through to documenting what happens if things don't go well.
If this doesn't proceed and it doesn't work out for the best for both of us and things aren't rosy, what have we got to do from there?
You know, what are the steps that we go through so that we can get that rectified?
That's number one.
Number two is to look at the financial implications of it as well and understand what your responsibilities are going to be with the loan.
You understand how the loan works, how it operates, who's responsible for which portion of the loan and how that's going to work.
And then the last thing to sort of think about, I would suggest setting up a fair accounting system or having an account each where you put money into and
so that you can track exactly who's put what money into the property.
If you can keep on top of that so that if anything happens in the future and you need to be able to reconcile what's happened, you know exactly who's put in this share, who's contributed what, et cetera.
Most people will do that by putting in 50-50 all the time.
Yeah, so we've seen it increasing popularity.
Like if you look five or six years ago, we didn't get many inquiries about it.
But as property prices have increased since then, it's definitely becoming more of an options and we get a lot more people who are calling up about it and going, oh, look, what if I can't do this by myself?
But what if I buy it with a brother or sister or something like that?
It allows you to sort of work with someone else and get the benefits of owning a property.
Now you might not own 100% of it, for example, but you're at least being able to participate in the property market.
You've got a share in a property, usually it's split 50-50 between the siblings.
And so as prices increase, you know, you're building up equity and also you've got a much smaller loan as well.
Yeah, yeah, sure.
So the first thing that they ask is they want to know sort of like how much they can do by themselves and then what can they do if they buy it with someone together.
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