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Property & Relationships

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Transcript

Property and relationships.

When thinking about property, usually there might be situations where you buy it on your own, but a lot of the times it’s with others. Example, friends, family, loved ones, girlfriends, boyfriends, husband, wife, so forth. But what’s really important to consider is the actual relationship and how it may come into play on achieving your property goals.

So I find two ways really come out of it. Number one is people go down the avenue of let’s keep everything separate. I really want to make sure you have yours, I have mine and we talk about things, but it’s really separate. Number two is we’re in on it together. Now if you haven’t noticed, I’ve got the ring on, married and from that I went down the journey of number two, which is make it all happen together.

So if you are someone who’s looking to make it all happen together, what are things to consider? When considering buying property and building a portfolio and having a relationship. Here are the top three tips I can give.

So tip number one is all about transparency. When you can get to that transparent environment and everything that you share and they share, you understand where you’re going and why you’re going there and what you’ve got and what they’ve got. That’s a really good starting point because what that does is allows you to understand who can bring what to the table and why. And when you’re transparent, it creates, it’s a sense of trust. So when that person is out there or if you’re out there trying to make things happen, whether it be with banks, accountants, and lawyers, that level of transparency makes sure that you’re both communicating on the same front.

Number two is all about communication on your goals. So goals are very important because what I might think is important might not be the same with my wife. And the same could be in your situation. So if you’re thinking of your goals around investing, it’s important to do that conversation together. And really if you’re engaging important partners: accountants, lawyers, lenders, buyer’s agents, I’m really big on making sure these are joint conversations or where possible if one person is having that conversation, they’re coming back and really presenting to the other half rather than just saying, oh, I had a chat. This is what they said. No, you’ve got to really take it seriously because if you’re presenting to the other half, you’re showing that sense of care for goals. And if you’ve got goals in mind that you’re both communicating on together, what that does for you is that added on with the transparency, you’re both crystal clear for you moving in the same direction and you know where you’re headed.

Now tip number three is all about growth. So growth actually doesn’t come from one person pulling the weight and moving it all the way forward, but it actually comes from either designating roles or understanding where each of you are going to play your focus. So that way in maybe both of you targeting change of jobs or income growth to really help borrowing capacity or maybe one person targeting some of the living expenses and the other person targeting the savings. When you’re growing and you’re both putting in that level of effort and you’re targeting that growth in certain areas, that really can start to generate some serious results.

So if you’re putting the three together, you’re looking at transparency, goals, and growth. So when you put those three together, it can really create a recipe for success. And when you’re looking at those from the outside lens, you’re saying, okay, transparency is all about great communication. Being honest, upfront. Goals is all around having a sense of direction. And that growth journey comes back to just ensuring that when you’re both on this journey and you’re both clear about it, the actual roles that you designated, the targets, the actions that you’re setting for each other and what you’re looking to do has an element of growth and moving forward too. So that’s it from managing property and relationships. And that’s my personal example I wanted to share in terms of what worked for me. That’s it from us here at InvestorKit the experts in wealth creation, helping you take action.