Hi,
We are looking at making a serious start on our property journey and looking for recommendations to put together a good team of professionals to work with us on it starting with finding a good Property Investment Advisor and a good Accountant that specialises in property investment. (Once we have these in place, we’ll then be looking to add a lawyer/conveyance and a mortgage broker to our team, but, for now, just want to start with the Property Investment Advisor and Accountant, and then move on to the next step).
We’ve already been to numerous courses/workshops, etc. and read plenty of books, so, we’re not really looking at more education offerings – just the right team to support us in our journey.
What we are specifically after is
1. Someone who can take a look at what we have, where we can go with it and what we need to do to achieve our end goal (eg. how many properties per year will it take to get there) and put together a plan for us. We will then go away and do that work to achieve those goals and come back to them whenever this plan needs to be reviewed.
2. A good accountant who understands about building wealth through property and can advise the best way to buy each property (eg. in one/both of our personal names, in a company/trust, etc.) and is accessible for us to find that information out about each property as we are ready to purchase them.
Can anyone help with recommendations for either/both of these?
Note; we live in a regional/remote area so the actual physical location of the advisor/accountant isn’t a big issue for to us – we already know we cannot get anyone anywhere near where we live, so no matter who we choose they will be in another city. What is more important to us is that they are good at dealing with clients via distance (ie. email, phone, web conferencing, etc.) than where their office is physically situated.
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This topic was modified 9 years ago by
simang.
why an accountant?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Terry,
We are looking for someone who is able to tell us the best way, for our personal situation at the time, to purchase each property for maximum benefit. I know there are pros & cons for purchasing property in your own name, as well as purchasing through a trust – I’m just not sure which way to use when.
As it would all have tax implications, I’ve assumed we would need an accountant to help us understand which vehicle is better when. Happy to hear any feedback if I’ve got it wrong, or there is a better way to go?
Thanks,
Angela.
Hi Angela
You mention you are looking for a Property Investment Advisor.
Not sure whether you are wanting a Buyers Agent to help you with your future acquisitions or someone to review your existing property portfolio.
If you are looking at someone to review your current credit set up and provide advice then a mortgage broker can do this for you.
Slightly confused at what you are after.
Cheers
Yours in Finance
0-40 properties in a decade. Ask me how.Richard Taylor | Australia's leading private lender
Hi Terry,
We are looking for someone who is able to tell us the best way, for our personal situation at the time, to purchase each property for maximum benefit. I know there are pros & cons for purchasing property in your own name, as well as purchasing through a trust – I’m just not sure which way to use when.
As it would all have tax implications, I’ve assumed we would need an accountant to help us understand which vehicle is better when. Happy to hear any feedback if I’ve got it wrong, or there is a better way to go?
Thanks,
Angela.What about a lawyer. Lawyers can advise on the tax aspects as well as the legal aspects of structuring – how to own property and how to structure loans.
Examples include trusts, companies and SMSFs in addition to joint tenants, tenants in common etc.
A simple example is a non working spouse lending money to the working spouse to buy a negatively geared property. This can divert income to the non working spouse who will pay little to no tax and divert expenses to the working spouse who will maximise their deductions.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Richard,
What we are looking for is someone to help us with a plan of action.
We are looking for someone who can who can look at where we are, where we want to be, show us what we need to get there and how to go about it (eg. do we need to buy 5, 10, 15 properties, etc. and, do we do this by buying 2 a year, etc.)
I am thinking that this is what a Property Investment Advisor does, but, if I am off base, I welcome any feedback or suggestions.
Thanks,
Angela.
Thanks Terry – I didn’t realise that lawyers did that kind of stuff, so, maybe what I’m really looking for is a lawyer? We want to make our purchases in the smartest way and there is so much information out there it’s hard to know which way to go.
Hi Simang,
Check out Terry’s webpage (link in his signature). Seems to me like he is ALL of the things you are looking for right now, including Lawyer, Financial Planning and Mortgage Broking too.Why not give him a call?
Benny
A simple example is a non working spouse lending money to the working spouse to buy a negatively geared property. This can divert income to the non working spouse who will pay little to no tax and divert expenses to the working spouse who will maximise their deductions.
Sorry to change the theme of the thread. Terry, does the spouse need to be on the loan/mortgage as well as the title/s for that to occur ? Or just on the loans/mortgages itself…?
https://www.ato.gov.au/rba/content/?ffi=/misc/RBA/Content/89363.htm
From what I can see on the ATO link above, it seems to be the person on the Title that can claim the deductions only.
Cheers,
CartmanCartman, I think you are conflating 2 separate issues.
If A lends to B the itnerest is deductible to B if B uses the funds for investment purposes.
B would pay interest to A
B could claim the interest as a deduction
A would declare the interest received as income.Where A is on a lower rate rate there are tax savings overall.
But don’t try this without legal and tax advice.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Benny & Terry,
I could have sworn I saw a note in Terry’s signature block that indicated he wasn’t taking on any more clients at the moment, while I was reading through some of the other threads (which is why I didn’t check out his website earlier), but, maybe it was somebody else.
Will check out both websites now.
Thanks for your help.
If A lends to B the interest is deductible to B if B uses the funds for investment purposes.B would pay interest to A B could claim the interest as a deduction, A would declare the interest received as income.
Interesting… this looks like some sort of company structure, where an employee receives an income from their employer.. does this need a trust in place to work ?
Cheers,
CartmanIf A lends to B the interest is deductible to B if B uses the funds for investment purposes.B would pay interest to A B could claim the interest as a deduction, A would declare the interest received as income.
Interesting… this looks like some sort of company structure, where an employee receives an income from their employer.. does this need a trust in place to work ?
Cheers,CartmanNot a company structure, but could be 2 individuals such as husband and wife. No trust needed
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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This topic was modified 9 years ago by
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