Building towards future goals
Dairy farmer Sam and best friend Ash have known each other for seven years and have been talking about buying property together for some time.
They’re searching rural Waikato for a property that needs some love so they can put their practical skills to work – they plan to renovate and then rent the property out. From there, they hope to keep investing in properties to build wealth and work towards their future financial and life goals.
“We’ll use the equity to potentially buy the next one and from there build that portfolio,” said Sam. “My personal goal is to buy a farm eventually.”
Sam and Ash worked with Kiwibank Mobile Mortgage Manager, Craig Davis. Get Craig's tips and insights on the home ownership journey.
The resourceful duo plan to keep the financial aspects of their agreement simple and divide all costs 50:50. Sam will contribute cash towards the deposit, and Ash will use cash and equity from an existing property that she purchased when she was 26.
“I can definitely see potential in houses,” said Ash. “I’ve even considered ones that have cows and goats walking through them. I’m not shy to take on the hard work.”
Sam is aligned. “I don’t mind using a bit of elbow grease and putting in the hard yards,” she adds.
We just thought because we don’t have partners to do this with, why don’t we just build [wealth] together and help each other progress our way to our end goals.Sam on co-ownership with friend Ash
Sam and Ash met with Mobile Mortgage Manager Craig Davis to discuss a range of loan structuring options that could help them remain focused on their long-term goals. Craig also highlighted the importance of looking into the other obligations associated with investing in property – like tax on rental income, and rental insurance.
“Obviously you’re still out there hunting at the moment, trying to find that right property,” said Craig. “But we’re not going to just leave you once you find it. We can stay with you throughout your longer investment journey.”
As for Sam and Ash, they’re just excited about taking the first step together. “It’s going to be easier doing it together,” said Sam. “We want to make some pretty cool memories together and help build each other for our goals in later life.”
Watch Sam and Ash's story: On the Ladder with Kiwibank is available on Three and ThreeNow. New episodes available Sundays at 7pm from 20 October 2024.
On the Ladder with Kiwibank is produced in partnership with Warner Bros. Discovery.
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