All Topics / Help Needed! / Creating Wealth Through Property
- Jason Del MonteMember@jason-del-monteJoin Date: 2005Post Count: 9
I was wondering if someone can help me in recommending a respectable consultant/advisor in teaching people how to create wealth through property. I would like to know the best way to accumulate property and using tax to my advantage. Ive been to seminars, but would prefer a one on one situation where I can have my many questions to be answered. I also live in Sydney.
JDrichardsydney1234Participant@richardsydney1234Join Date: 2004Post Count: 7
I am living in sydney too. Personally, i don’t think any successful investor gurus do things that way. Because it is lack of time leverage. Also you can only make money and pay tax or lose money then save tax.DerekMember@derekJoin Date: 2004Post Count: 3,544Originally posted by richardsydney1234:
Also you can only make money and pay tax or lose money then save tax.
That is not strictly correct – I save a bit (a little bit too I might add) on tax and make my money through growth.
You will find that if you ask some questions then you could well find that people here are more than willing to answer your questions. Bear in mind that there are different ways to invest in property and you need to be in a position of knowing what yoour preferred property investment goals and strategies are.
0409 882 958TerrywParticipant@terrywJoin Date: 2001Post Count: 16,213
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.auThe DIY Dog WashMember@the-diy-dog-washJoin Date: 2003Post Count: 696
Maybe you could contact someone like Rick Otton who is Sydney based and offer your time for free to increase his time leverage and your knowledge. The answer is no if you don’t ask.
Leigh KbeyondabundanceParticipant@beyondabundanceJoin Date: 2005Post Count: 9
Derek said: That is not strictly correct – I save a bit (a little bit too I might add) on tax and make my money through growth.
Does this mean you are talking about negative geared property here, looking for capital gains? For, else, how can a person save tax on a positive geared property? Is that possible?
So is it true, you either make money and pay tax, or, lose money and save tax?Luke TaylorParticipant@world-changerJoin Date: 2005Post Count: 415
This is John and Rhondas site(MAP)
They arent sydneyites but can do phone Links
Hope it Helps.
Luke Taylor | Hope Property Investing
Property Support,Strategist and Buyers AgentDerekMember@derekJoin Date: 2004Post Count: 3,544
So if I reduce my tax by, for sake of discussion, $2000/annum and hold a property that grows in value by more than that – I have saved tax while still making money.
There are other ways to make money in property investment besides cashflow.
0409 882 958Jason Del MonteMember@jason-del-monteJoin Date: 2005Post Count: 9
Thanks for your referals people. I would defintely look into each one in detail.
BA: I think Derek is referring about negative geared property. Basicaly we are able to claim a tax deduction when the mortgage interest payments are greater than the income earned from the property. On the other hand, with +CF property this is not applicable. Really depends on which strategy you decide to use to create wealth.
JDRichard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024
Whilst i would never put anyone down i think to consider someone who now charges $280 / hour which is more than my Tax Accountant by the way and is not a licensed Financial Adviser is a complete waste of money.
How someone with 12 months of limited development experience can call themself an expert i do not now.
Now if you had been referred to the guys at Metropole in Melbourne for development advice then that may have been different.
Owning over 184 properties in Qld which we have wrapped over a 11 year period and completed over 42 developments large and small in the same time frame I feel I able to talk with an element of experience however even i wouldnt charge a client that hourly rate.
Just invest your hard earned dollars wisely.
richard at castlewhite.com.au
Email me for details of our Qld wrap service.
Richard Taylor | Australia's leading private lender
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