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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Appearances
And then they decide with that partner that they want to go and buy a property separately.
That means that they don't then want to be living in that property with the other sibling any longer.
And they need to have a talk about, well, what's that going to mean for the property in the future and how are we going to get, you know, rental income, et cetera, to help pay the loan repayments.
Yes, exactly.
And that works better if you've got a property where you might buy something where there's two separate living areas.
So, you might buy something where there are upstairs and a downstairs where you can completely rent out one section of that to a third party.
But it can also happen where someone has a, you know, there's a single living area of a house where it might be, you know, say three bedrooms and they might choose to rent out their bedroom to somebody else instead of them when they've moved out.
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.
Okay, so 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, you know, be able to reconcile what's happened, you know exactly, you know, who's put in this share, who's contributed, you know, what, et cetera.
Most people will do that by putting in 50-50 all the time.
So if someone contributes, say, $500, the other person will do that at the same time as well.
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