Buying a land/old house with friends to build few town houses

We are 4 friends looking to buy a land/old house (in Syd) to build 4 town houses there.
=> Is it possible to get loan split equally?
We are in initial stage of understanding process, feasibility so any inputs are highly appreciated.

 

Many threads here about the hows and the cons..... do a search for joint ventures, or developing with friends or family

 

Sounds like a disaster story... if you can't do it by yourself don't do it at all. TRUST ME

 

As the above mentioned, developing with friends or family can be... interesting. Regarding the loan side of things, yes, Commonwealth specifically offers a product for this purpose. You can also create it using equity guarantees from every party with a few other banks.

 

I suggest you do a feasibility before anything else. You'll probably find that nothing is stacking up for smaller sites in sydney metro with current land values.

 

Those who have never developed before with others will tell you don't do it.
As long as you have a plan in place including a detailed exit strategy (I would suggest you must sell all of them) then developing with others can be a great way to make some big money at a reduced risk.

To further reduce the whole "I'm doing more" simply hire a project manager. It will eat into your profits but may be worth it.

I have developed with my brother and it was the best financial decision I ever made. I did all the work but was more than happy to do so as I now have a wealth of knowledge on the subject.