Arnold
CibbuanoA new way to invest
September 14th 2006 01:26
Co-BuyWithMe is a new website that match-makes complete strangers who want in on the property market and are looking for shared financing. Their homepage says it all,
“Whether you are looking to co-buy your first home, buy a second home overseas or find a private investor to co-buy with - Co-BuyWithMe is the place to be.”
Co-BuyWithMe is an innovative new way to invest. It is free to register with the service and once you register your interest you can search the databases for a suitable co-buyer to share your property investment dreams with. According to the director, T. Michaels, “Since many people rent with strangers, the concept of co-buying a property with a stranger seemed like an obvious next step.”
Personally, I’d be a tad warily with taking the financial plung of purchasing a property with a complete stranger I meet over the internet. It’s one thing to share a lease with a stranger. Should things go horribly wrong the expense of getting out of the shared lease are not going to be anywhere near as extreme as a property investment that has gone arse up. Then again, perhaps I’m being too cynical.
For those people that do not have the financial backing to support a deposit or the repayments on an expensive property splitting the burden with a network could be one of the best ways of getting your foot in the door. Finding a stranger to share in property investments is a bit of a gamble. It may very well pay off or it could turn into a money pit. It is essential that before you make any financial commitment you get to know your co-buyer extremely well and negotiate a binding method for payments, initial deposits and ways of termination. I would suggest going to a professional legal representative to help you figure a contract to draft between you and the co-buyer.
So how does it work? Registering with Co-buyWithMe is much like any other online community forum. Its pretty straight forward, a few questions and you can set up a profile to help other users find their perfect co-buyer match on the database. A standard profile with list the users name gender and age range. An available deposit is also included. This is indicated by a chosen price range and lets you know how much initial capital a user is able to part with as an initial investment. This will help you weed out those that can match your available deposit. Then its time to get into the nitty gritty of finding a co-buyer match.
Each profile lists the locations where the user is interested in investing. These are broken up down by states within Australia. The profile template allows the user to pick up to three states within Australia although most users seem to have narrowed their preferences down to one state. If you are interested in purchasing property in the UK, USA or other general overseas locations there are specific websites to cater to these areas.
Next, the search is narrowed down even further and the user elects three areas within the chosen state that they’re particularly looking to invest in. Some with list specific suburbs whereas other will list general regions such as inner west, inner city, northern beaches etc.
The user has a general comments section in their profile where they can specifically mention anything that is important to them investment wise. The generally comments will give you the best indication of a suitable co-buyer. People tend to detail their financial situation, what it is that they are seeking in a co-buyer, what type of property they are looking to buy, investment strategies and investment goals.
“Whether you are looking to co-buy your first home, buy a second home overseas or find a private investor to co-buy with - Co-BuyWithMe is the place to be.”
Co-BuyWithMe is an innovative new way to invest. It is free to register with the service and once you register your interest you can search the databases for a suitable co-buyer to share your property investment dreams with. According to the director, T. Michaels, “Since many people rent with strangers, the concept of co-buying a property with a stranger seemed like an obvious next step.”
Personally, I’d be a tad warily with taking the financial plung of purchasing a property with a complete stranger I meet over the internet. It’s one thing to share a lease with a stranger. Should things go horribly wrong the expense of getting out of the shared lease are not going to be anywhere near as extreme as a property investment that has gone arse up. Then again, perhaps I’m being too cynical.
For those people that do not have the financial backing to support a deposit or the repayments on an expensive property splitting the burden with a network could be one of the best ways of getting your foot in the door. Finding a stranger to share in property investments is a bit of a gamble. It may very well pay off or it could turn into a money pit. It is essential that before you make any financial commitment you get to know your co-buyer extremely well and negotiate a binding method for payments, initial deposits and ways of termination. I would suggest going to a professional legal representative to help you figure a contract to draft between you and the co-buyer.
So how does it work? Registering with Co-buyWithMe is much like any other online community forum. Its pretty straight forward, a few questions and you can set up a profile to help other users find their perfect co-buyer match on the database. A standard profile with list the users name gender and age range. An available deposit is also included. This is indicated by a chosen price range and lets you know how much initial capital a user is able to part with as an initial investment. This will help you weed out those that can match your available deposit. Then its time to get into the nitty gritty of finding a co-buyer match.
Each profile lists the locations where the user is interested in investing. These are broken up down by states within Australia. The profile template allows the user to pick up to three states within Australia although most users seem to have narrowed their preferences down to one state. If you are interested in purchasing property in the UK, USA or other general overseas locations there are specific websites to cater to these areas.
Next, the search is narrowed down even further and the user elects three areas within the chosen state that they’re particularly looking to invest in. Some with list specific suburbs whereas other will list general regions such as inner west, inner city, northern beaches etc.
The user has a general comments section in their profile where they can specifically mention anything that is important to them investment wise. The generally comments will give you the best indication of a suitable co-buyer. People tend to detail their financial situation, what it is that they are seeking in a co-buyer, what type of property they are looking to buy, investment strategies and investment goals.
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Comment by Cinico
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Comment by ralfster21
Its becoming the new thing and is great for first-time buyers. You rent with strangers so why not buy and make a lot of money, instead of paying it to your landlord.