{"id":14229,"date":"2017-10-27T07:00:11","date_gmt":"2017-10-26T20:00:11","guid":{"rendered":"http:\/\/www.realestatetalk.com.au\/?p=14229"},"modified":"2017-10-27T07:00:11","modified_gmt":"2017-10-26T20:00:11","slug":"the-secret-to-successful-property-joint-ventures","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/the-secret-to-successful-property-joint-ventures\/","title":{"rendered":"The secret to successful property joint ventures"},"content":{"rendered":"

As conditions in Australia\u2019s property market continue to tighten, many would-be buyers are looking to joint ventures to get their foot on the ladder. Teaming up with another buyer can be rewarding for all types of investors, when done properly. Chloe Taylor reports.<\/strong>
\nA self-professed \u201cbig fan\u201d of joint ventures (JVs), Helen Collier-Kogtevs, managing director of Real Wealth Australia, is all for investors exploring property partnerships.
\n\u201cI would rather see people entering the market with a JV than not at all. However big \u00a0or small your share, it can be leveraged later down the track.\u201d
\nAlso in favour of the joint venture is Rich Harvey, CEO of Propertybuyer, who argues that it could be the right move for those looking to invest in tough market conditions.
\n\u201cThe banks are restricting their lending capacity,\u201d he explains. \u201cWith a JV, you\u2019re manufacturing capital growth rather than waiting for it.\u201d
\nMost people don\u2019t enter a joint venture as their \ufb01rst choice: if you can invest on your own, it gives you more control over your investment and strategy. However, if you don\u2019t have enough of a deposit or borrowing capacity to invest solo, JVs can give you greater buying capacity.
\n\u201cYou might be equity rich but lack serviceability,\u201d Harvey says.
\n\u201cHaving one partner with a strong income and one with more equity usually leads to success, as many investors are able to buy a more expensive property through a JV than they could on their own.\u201d
\nSo, how do you get the ball rolling on your own JV project?
\nFirst steps<\/strong>
\nCollier-Kogtevs advises any joint investor to have their agreement drafted into a document by a solicitor.
\n\u201cIt doesn\u2019t need to be anything too complex, but a document needs to exist,\u201d she says.
\n\u201cWhen you don\u2019t have some sort of document, it can be very difficult to remember what you said three years ago. If there are any issues, you can refer back to it.\u201d
\nThe following are four core aspects of a JV that need to be outlined in the legal document.
\n1 Contributions<\/strong>
\n\u201cStart off with a meeting about who\u2019s going to contribute what,\u201d Collier-Kogtevs says. \u201cYour document should state whether you\u2019ll be paying half of the costs, or the whole deposit, or if you\u2019ll be getting a loan. That clarity is vital.\u201d
\n2 Responsibilities<\/strong>
\nOnce all of the parties have agreed on \ufb01nancial contributions, they need to discuss hands-on responsibilities. \u201cIdentify the responsibilities involved and who will manage each of them,\u201d Collier-Kogtevs suggests. \u201cThese might include mortgage repayments or project management. You don\u2019t want any confusion later down the track.\u201d
\nTIPS FOR JOINT VENTURE SUCCESS<\/strong>
\nSee a lawyer<\/strong>
\nSeeking independent legal aid is crucial. Don\u2019t make the mistake of going into the partnership on a handshake.
\nDelegate responsibilities<\/strong>
\nWho will pay the bills month-to-month? Who will be responsible for property management and handle correspondence?
\nHave clear time frames<\/strong>
\nWill you own the investment for a few years? Ten years? Longer? What happens if someone wants out?
\nKnow your end goal<\/strong>
\nAn exit strategy is crucial, as you ideally want to use your joint venture as a stepping stone into your own investments.
\n3 Long-term plan<\/strong>
\n\u201cThe third thing you need to do is decide what you\u2019re going to do with the property in the long term. You need an exit strategy; this will involve deciding on areas such as how long you\u2019ll keep the property; whether you\u2019re going to sell it or if it\u2019s going to be a solid \u2018set and forget\u2019; and whether you\u2019ll rent it out for 52 weeks a year.\u201d
\n4 Ground rules<\/strong>
\nCollier-Kogtevs also advises JV partners to set ground rules should any personal difficulties arise. \u201cIn my personal JVs, I always make sure there are rules that state that whatever happens in life \u2013 for example, relationship breakdowns or job losses \u2013 the property can\u2019t be sold prior to an agreed time frame, such as three years. If life gets in the way, there needs to be an amount set aside as a buffer to sustain the mortgage and keep payments going. This saves the other party from a huge amount of stress.\u201d<\/p>\n

\u201cJoint ventures can be a great learning curve for the less experienced partner \u2013 and learning is everything in this market\u201d<\/em><\/strong><\/h3>\n

Risks of joint ventures<\/strong>
\nWhile there are plenty of upsides to investing in property in partnership with someone else, there are also risks to be aware of.
\nOne of the biggest risks is the \ufb01nance risk, explains Todd Hunter, founder of wHeregroup, who says you can wind up being held liable for your partner\u2019s circumstances.
\n\u201cA joint venture has the potential to be the catalyst that gets you into the market, and joint ventures can be a great learning curve for the less experienced partner \u2013 and learning is everything in this market. However, there are \ufb01nance risks to be aware of,\u201d Hunter says.
\n\u201cIf you\u2019re granted a loan of $300,000, [you might] split that down the middle and you each pay your share. But if one of you stops making repayments, you\u2019re both liable for the full amount. So, if you decide to divide a loan in that way, make sure you have the documentation to prove it. The bank will chase you if your partner falls through, and you need to be in a position where you can make up the shortfall for a while, if that becomes a necessity.\u201d
\nIf you purchase a property as a JV, it can affect the way some lenders \ufb01nance your investment, adds Collier-Kogtevs.
\nIf two people buy a $500,000 property together, with the agreement that they\u2019ll each pay half of the deposit and borrow half of the remaining costs, lenders will burden both borrowers with the entire property\u2019s debt \u2013 but they will only consider their half of the income from rent.
\n\u201cThe bank will look at Investor A and calculate all of the debt against them, so they will be assessed on their ability to repay $500,000,\u201d says Collier-Kogtevs.
\n\u201cHowever, they\u2019ll only consider 50% of the income generated by rent. Then they\u2019ll look at Investor B, and consider the full $500,000 debt \u2013 but again, they\u2019ll only consider half of the rent. This can limit your investments moving forward.\u201d
\nIn some cases, investors can work around this: for instance, Investor A might pay the entire deposit, while Investor B might borrow the remaining funds.
\n\u201cThey can have separate agreements to protect themselves,\u201d she says. \u201cIt\u2019s a little more complex, but that shouldn\u2019t stop you \u2013 often a little more effort pays dividends in the long run.\u201d
\nIt\u2019s also important to consider that a JV could affect the type of loan you are granted.
\n\u201cDepending whose names are on the loan, your finance may move from a standard residential loan to a commercial loan,\u201d Harvey says.
\n\u201cIf that happens, the maximum finance available to you will be 60\u201370% of the property\u2019s value, meaning you\u2019ll have to make up the remaining 30% yourself. If people aren\u2019t aware of that it can really hamstring the project.\u201d<\/p>\n

\u201cWith a joint venture, you\u2019re manufacturing capital growth rather than waiting for it\u201d<\/em><\/strong><\/h3>\n

Markers of success<\/strong>
\nAlthough there are no guarantees of success, there are some ways to minimise the risks involved and maximise your chances of a great result.
\nFirst and foremost, you need to go in with a clear plan: what is your end goal and your ideal time frame?
\nYou also need to consider your strategy. There are two ways you can go into a JV: through joint ownership of an existing property as an ongoing \u2018buy and hold\u2019 investment, or using a build and sell strategy, which sees you owning the joint assets for a shorter period of time.
\n\u201cThe second option is definitely not something for the \u2018fresh\u2019 investor,\u201d Harvey warns.
\n\u201cThere\u2019s often conflict, as well as delays and unexpected circumstances, which can cause panic and worry if you\u2019re not a seasoned investor.\u201d
\nHaving a professional team on board to help you make swift decisions will help those embarking on a build strategy, Harvey adds.
\n\u201cIdeally, that means a town planner, a professional project manager and so on,\u201d he says. \u201cGetting a good builder \u2013 one who has the right insurances and will get the project completed on time and to budget \u2013 is vital. Even if you\u2019re an expert, it\u2019s still important to have that professional help.\u201d
\nAnd at all times, keep your eye on the ultimate prize: your end goal, which will hopefully see you enjoy a strong profit to be leveraged into future investments of your own. But until then, as Collier-Kogtevs says, \u201cowning 50% of something is better than owning 100% of nothing\u201d.
\nFor more articles like this, visit\u00a0www.yourinvestmentpropertymag.com.au<\/a>
\nOriginally published as: http:\/\/www.yourinvestmentpropertymag.com.au\/strategy\/how-to-make-a-success-of-a-property-joint-venture-240684.aspx<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

As conditions in Australia\u2019s property market continue to tighten, many would-be buyers are looking to joint ventures to get their foot on the ladder. Teaming up with another buyer can be rewarding for all types of investors, when done properly. Chloe Taylor reports. A self-professed…<\/p>\n","protected":false},"author":176692471,"featured_media":14230,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13,31],"tags":[70],"class_list":["post-14229","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-story","category-your-investment-property","tag-featured"],"yoast_head":"\nThe secret to successful property joint ventures - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/the-secret-to-successful-property-joint-ventures\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The secret to successful property joint ventures - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"As conditions in Australia\u2019s property market continue to tighten, many would-be buyers are looking to joint ventures to get their foot on the ladder. 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