[puke]hello Everyone, My wife and I are about to plunge into the game of PI for all the good reasons and obviously being a bit green have some smple questions to ask. But as I frequently say to students (I am an educator) no question is a silliy question, so here goes. My question today is: when you started do you register yourself as a business or company or are you just using your own names for the legal, contract, loan etc etc reasons?
Wayne @ Catherine
Hi Guys,
It is great to see that you are thinking about the structure of your investments. This will become very important as your planned portfolio grows in size and value.
There are many variables to consider.
The best advice I can give is to find a very good accountant and solicitor and go over your personal circumstances and your goals with them.
However, before you do that do as much reading as you can and prepare yourself to ask the best questions and get the best value out of your professionals. This site has links to a product produced by Steve that goes over different structures such as companys and trusts and the advantages and costs of each.
I think it was around $100 for audio and a booklet.
What do we do? The properties I brought when I was first starting out are still in my own name. The lastest properties and our overseas (NZ) portfolio are purchased in a trust structure.
What is the most suitable for you will depend on your personal circumstances so get good professionals on your side now.
Best of luck with the investing and well done for deciding to move forward!
Cheers
Generally some sort of a trust is used if a structure other than your name is planned.
Many people start buying as individuals then consider structures like trusts later on. This usually means the first properties stay in their own name as costs to move can be prohibitive.
Cheers,
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
[oneeyed]
So far so good
We have started and read the books (0-135 properties in 3.5 years and $1000000 in property in one year). Now I am thoroughly studying them and hopefully getting to understand what he has really said and preparing us for further study.I thank you for the excellent advice and ensure you that we will definately be following it.
Wayne
Wayne & Catherine
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