Hi All
Curious as to the way you have your structures set up for these types of investing.
I understand that when push comes to shove that I should get the best advice that money can buy (and will do that), but I am keen to see and understand what is perceived as the best structure and then I can do some research on it to better understand the structure / vehicle
In a nutshell my position is as follows……Married, 3 kids (school age). 2 x Properties (PPOR and Investment Property – both in our names (not trusts))
I was going to put this post in Legal / Accounting but thought this may be the more appropriate area
Keen to see and hear your feedback
Ive got one accountant that tells me to put it in a trust another accountant tells me to put it in a company and my name and another tells me in my own name??? I am confused I told them all the same details but what I think is 1 or 2 of these accountants are thinking of them selfs and they can make more money out of me if I do what they say.
Personaly I think it comes down to the individual and there circumstances and what there trying to acheive
Hi Keiko
Thats what I thought may happen……I was hoping to go to the accountant with some info and be able to discuss the merits of each and any structure.
I am hopefull that I will get some more info here as well as doing some research
Kevin
Hi kwjegates and All,
I see you have all your eggs in the personal basket.
Its very common and in fact I think its the most common – but not in my view ideal.
There are 2 issues regardless of your exact circumstances:
1. All your assets are exposed to personal liabilities, and a problem with either property impacts on all of them
2 If you ever wanted to – you cant ever put them into a SMSF,
As to advisors – my advice is get ideas from 2 or 3, its their job to be able to demonstrate and convince you of the value of what they promote.
If they cant do that keep going as are if you are happy with it.
Regards
AKHi, I would like to know.
Are you trying to accumulate capital gain. i.e renovate/develop and sell in the first 12 months?
Are you trying to negative gear?
Do you know the answers to these questions?
Do you want to protect your assets from liability?If you decide to move your existing properties into a trust you my understanding is they will trigger CGT and incur stamp duty as you are effectively "selling" them to the trust even though no money goes anywhere.
What vehicle depends on what strategy you are employing.
If your not sure of your aim, anyone will struggle to give you advice of the right vehicle.
DT5000…..fair call, I guess I need to better understand the goals here for me and the family. Agree I need to work on the "Destination", then see what is the correct strategy "vehicle"
I should have known this and thought about that first.
Goal is to Buy Renovate and Hold / Sell till in a position to build capital base to then focus on CP+ IPs with a view to be able to move from FT work (Now) to PT work (in 5/7 years). The aim is to also to continue to move down this path and teach my children the fundamentals here as well as develop an investment vehicle for both me and the wife, but also the children
Kevin
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