HI after reading both of steves books 3 times each I have finnally taken some acton and found a deal.But it is a commercial property.
The agent has told me I need to have a abn to purchchase and I am really not to sure as to whether to go ahead as a sole prop or a company or a trust does anybody know any reasonable accountants in melb.
Feel as though I only understand about 50 % of allthis legal and loan stuff and am wondering If I am quite ready to purchase yet. Can anyone offer som advice
thanks TraceyTracey just do plenty of research before you take this on. Commercial property is a breed of its own and has sunk many a strong ship – to have it as your first IP is a bold step. If you only understand 50% of what’s going on then it may pay to employ a buyers advocate to look over the deal for you. If they say it stacks up and the quality of the lease etc is fine, then at worst you will have bought yourself some good nights sleep. Remember the agent works for the proeprty owner and has no interest whatsoever in you getting a good deal.
Extensive list of ‘Off The Plan’ property available for sale in Perth.John – 0419 198 856
Hi Tracey,
Although there free to obtain, you don’t need an ABN to purchase properties.
Do a search on the forums for accountants – it has been discussed at length and many have been suggested.
Steve’s second book just came out – so for you to have read it 3 times, this is a big achievement but it’s too short a time from when you first read it to fully understand the investing game.
I wouldn’t purchase under a company, or prop uless you’re forced to but rather under a Trust – speak to an accountant to clarify.
And if you only understand 50% of all the legal stufy, then that’s excellent. The solicitor is there to help you understand the other 50%.
Kind regards,
George.I’ve found a way to help you save and earn whilst not selling or delivering any product. If interested, drop me an email or PM me to find out how
Cut your teeth on residential tracy. Maybe venture into commercial after you’ve held and understand residential for some time.
Example
Brother thinks he’s a bit of a guru with residential so ventures into commercial. Gets hit with a 6 month vacancy and looses tons of sleep trying to solve his dilemma. Finally gets a tenant with the lure of a $50k fitout (free to the tenant!) and a rent reduction. Because the value is based on the yield the premises is technically worth less!!
He’s latest purchase is back to residential because he understands it a whole lot better than commercial.Thanks fo the advice I have made an app to see an acc Have Gone a little cold on the commercial deal
as I feel it is a little beyond my current skillset however have learned a great deal this last week about this sort of property and will keep crunching numbers and data until I find the right one I agree a six month + vacancy is a worrying thought It seems to be a lot harder to find information about investing in this property type
thanks again
tracey
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