Scroll Top
90 Marine Terrace Fremantle, WA, 6160

A good idea at the time

Here’s dumb idea for you: buy a property with a mate, family member or someone else you don’t have a tried and true relationship with. 

Maybe only one of these transactions I’ve seen work out well. The boys that I helped were commercially minded, rational, making solid money outside of the investment, had a plan A and B and had discussed the outcome should the shit hit the fan. They were both businessmen and experienced.

Mostly what I see is desperate people who can’t afford to buy the thing they’d like to own. 

When people get desperate, they turn to desperate measures. 

Like going home with that person at the end of the night who looked good at 3am, under dim lights and countless drinks. Waking up the next day you wonder how the hell you’re going to get out of there. 

Trust me on this: Unwinding a joint property transaction that has soured is a nightmare and makes a walk of shame look like a walk in the park. 

Not to mention the impact that joint borrowings with unrelated parties has on all the other stuff you’d like to do in your financial life. 

The joint loan must be accounted for in every forthcoming transaction. It’s on your personal balance sheet until it’s gone. 

If you take away just one thing from this email (if you haven’t already learned your ONS lesson) remember this – do not enter a multi-party property transaction with anyone except a spouse. 

And for the romantics, if you’ve only been in a relationship for a year or so (you’re still in the honeymoon phase), you should have counselling, legal advice and documentation outlining what happens when things don’t turn out well, which is most of the time. I read recently that marriage now technically meets the legal definition of negligence.

So, if you can’t afford it, you can’t afford it. Work on your income and reduce credit exposure elsewhere. Keep it simple. Don’t let money get in the way of a good friendship. 

I speak from personal experience and as a sought-after Mortgage Adviser unwind problems like this at least every other week. 

If you’re falling short, book a call with me to find out what we can do to help. There’s a 15% difference in how much different lenders will offer to people depending on their circumstances. You need a team which can assess your situation comprehensively. 

Going into a partnership-style transaction with anyone who isn’t a trusted and experienced business partner or wearing a ring that you asked them to wear is a surefire way to ruin a relationship and make your life way more complicated than it has to be. 

>>Go here to request your 10-minute, strategy session valued at $54.80, while they remain free. 

We are already fully booked for next week. 


Brodie Brown

BH Brown Mortgage Brokers