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Thanks for your comments Peter….Just more for us to think about. Your suggestion that “one size fits all” doesn’t exist is where I figured this would probably end up. There are obviously too many variables.
Asset protection from litigation is very high on the list.
Negative gearing isn’t an issue & doesn’t apply for the foreseeable future
Capital gains……mmmm, maybe somewhere down the track this will be a consideration
Ability to draw down on improved equity is critical to moving on to IP 2, 3 etc
The strategy we intended to pursue in buying our first IP has changed twice (for the better) as we’ve crunched the numbers and the end game with this one is still in play. (we’re fortunate to have a few options which all have good outcomes) We need professional advice as you’ve suggested but I haven’t had much luck with the various “professionals” we’ve approached so far in preparing an overall strategy/game plan and guiding us to this point.
Thanks again for your contribution, regards, Leabee.Thanks Terry – Excellent! I suspect you’re on a winner with that book….
Your second paragraph gets to heart of the problem. With the questions you’ve raised, a DYI set up would obviously give a false sense of security. No good having a set up that anyone can shoot holes through.
The Land Tax aspect could be a concern but at the end of the day it may be the ‘cost’ of being adequately protected.
I’m concerned about all aspects of asset protection, particularly claims from tenants or clients of the business in these days of ‘litigate first, negotiate later’ plus protection in death and eventually passing on control of assets to children etc.
Sounds like you’ve just picked a another client….
regards, Leabee
