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Thanx Lozza – sorry for not being very specific – this is all very new and exciting (like a moth in a light shop). I guess my main query related to ‘trusts’. I am interested in what they are, how they work, what they cost etc.. maybe there’s a website i should contact
Hey First Timer, [
]Welcome on board!! I am only a semi-newbie myself, but I shall have a go at answering some of your questions….
I believe that setting up a trust can be rather expensive, and you also might need to get it audited. It might depend how many properties you are planning on buying as to whether it’s worth the effort… Myself, I’m planning on putting our first property just in our names to start with. But you should check with an accountant in relation to your own situation.
Your question on “buying and renovating” — I don’t think you explained exactly what your ultimate goal actually was, other than setting up a portfolio. Nothing wrong with buying, renovating to increase value, and then renting out. It just depends if that’s your area of expertise. My hubby and I are NOT handy-people, so renovating would not be suitable for us… it would just take too long!! But some people know exactly what to do and how to do it cheap.
I don’t know how many other property books you’ve read, but check out Margaret Lomas’ books on positive cashflow property if you haven’t already. They are quite good.
Steve has a seminar on next month which may also be worth your while. There are also other property “gurus” who do seminars on renovations, etc. Do a search on the forum and I’m sure you’ll find something that appeals.
Good luck!! And keep on reading and asking questions!! [
][]Lozza
]
