greetings all
How many properties , or value of properties should you own in your own name and or in your partners name?
Cheers Rob
“The best way to predict the future is to create it.”
Peter Drucker
Writer, Teacher and ConsultantHi Rob and Janice,
To my mind you’ve only asked 3/4 of your question…what’s your intended purpose ??
How many properties of a certain value should you own…..
a) to give you a headache ??
b) to live like a king ??
c) so it takes 10 weeks to inspect them all ??
d) so you can leave paid employment tomorrow ??
e) to be wealthier than all your peers ??What exactly are you trying to find out. Without the last 1/4 of the question, it’s a bit like a piece of string.
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
I suggest you have a chat with your accountant, financial adviser. A whole bunch of things can influence this decision such as personal tax (advantages/disadvantages), land tax, etc. etc. You can have as many as you can accumulate, the question is whether your ownership structure is efficient, and as per the prior respondant – what, why and where do you want.
Good luck and start with something if not already.Jan Somers, in her book “Building Wealth in Changing Times”, talks about calculating and deciding your retirement income and gives advice on how to build your net worth.
I am sure she also talks (either in this book or in “Building Wealth through Investment Property”) about investing as a couple and about the names on the mortgages/properties.
I agree that it would be wise to talk to an accountant about the best structure for your personal/combined investment portfolio’s, as nobody on here knows your personal circumstances.
How you structure it will depend largely on both incomes and on what kind of properties you are planning to invest in, e.g. negatively geared or positive cashflow etc.
Celivia
Dazzling, my reading of the question was about structure rather than total numbers of properties that a person should own, in whatever capacity.
I think most property savvy accountants these days would answer “None in either name”. You put +CF properties into a discretionary trust, and get both asset protection and tax advantages, you put -CF properties into a hybrid trust for neg gearing advantages and asset protection and future tax advantages when the property becomes +CF. Whether you keep your PPOR in your own name or rent it from a trust is a moot point.
NB. In Victoria the proposed land tax changes may make a small difference.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
