HI,
I am looking for an experienced advisor in the Sydney area who I can work with to take my property investing to the "next level". I currently have property investments but would like to work with an experienced professional on improving my overall strategy.
I can be emailed directly at [email protected].
Hi Madbray
Welcome aboard.
What is it exactly that you're after?
Places like this forum are great for getting updated info and asking questions – and it won't cost you a cent.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Email sent to see how we can help + we have a few contacts we can recommend if your after a particular service.
Mick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Hi
I am qualified in Law, finance, financial planning and tax and am licenced to give taxation, credit/loans and legal advice. In Macquarie street.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
What strategy are you interested in (or currently following)?
Hi
Thanks for the quick responses.
The strategy that I have been taught, through my parents & their accountant, is based on negative gearing & tax minimization. I have implemented this strategy myself and as mentioned in previous post I do have investment homes.
Furthermore, the accountant that i currently use (same accountant as my parents) has always advised against using trusts, and any other different structures. Therefore, my structure…if you can call it that….is very simplistic….my properties are in my wife's name, or my name…..dependent upon what was best at the time to minimize PAYG tax and potential Land tax consequences.
From reading Steve's book, & personal experience, I now realize that the strategy I am using is potentially limiting in its nature (& long term based). I now also realize that their are more effective investment strategies for wealth creation.
My initial goal is to gain a greater understanding of the different strategies that can be used and then review my own situation with an ultimate goal of being able to use passive income from properties to supplement/or potentially replace my work income.
In order to achieve this goals I am very willing to do my own research and learnings, however, at the same time I would like to work with someone, preferably face to face, who can coach and mentor my wife.
madbray wrote:HiThanks for the quick responses.
The strategy that I have been taught, through my parents & their accountant, is based on negative gearing & tax minimization. I have implemented this strategy myself and as mentioned in previous post I do have investment homes.
Hi Madbray
Best to get in touch with one of the guys above. Investing in property with the primary motivation to minimise tax is a no no. It means losing $1 to get back 40 cents.
The taxation benefits associated with property investing should be taken as a bonus – and not as the primary driver behind investment decisions.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
madbray wrote:HiThanks for the quick responses.
The strategy that I have been taught, through my parents & their accountant, is based on negative gearing & tax minimization. I have implemented this strategy myself and as mentioned in previous post I do have investment homes.
Furthermore, the accountant that i currently use (same accountant as my parents) has always advised against using trusts, and any other different structures. Therefore, my structure…if you can call it that….is very simplistic….my properties are in my wife's name, or my name…..dependent upon what was best at the time to minimize PAYG tax and potential Land tax consequences.
From reading Steve's book, & personal experience, I now realize that the strategy I am using is potentially limiting in its nature (& long term based). I now also realize that their are more effective investment strategies for wealth creation.
My initial goal is to gain a greater understanding of the different strategies that can be used and then review my own situation with an ultimate goal of being able to use passive income from properties to supplement/or potentially replace my work income.
In order to achieve this goals I am very willing to do my own research and learnings, however, at the same time I would like to work with someone, preferably face to face, who can coach and mentor my wife.
Buy in own names is still a good 'structure' that works for most people. I specialise in 'structures' and advise most people not to use a trust. BUT depending on the circumstances it could be a good idea to use a trust or a company or a SMSF. All depends on a number of factors.
BTW, trusts don't help you borrow more either.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
madbray wrote:The strategy that I have been taught, through my parents & their accountant, is based on negative gearing & tax minimization. I have implemented this strategy myself and as mentioned in previous post I do have investment homes.
OH NO!!!! I believe tax minimization is the icing on the cake. It is not THE cake. Buying a property to lose money so you can save some tax just does not make sense.
madbray wrote:Furthermore, the accountant that i currently use (same accountant as my parents) has always advised against using trusts, and any other different structures. Therefore, my structure…if you can call it that….is very simplistic….my properties are in my wife's name, or my name…..dependent upon what was best at the time to minimize PAYG tax and potential Land tax consequences.
Best to speak to someone that knows about trusts (like Terry), not someone who doesn't like them. Did you ask your accountant to explain why he advised not using them?
Totally agree.
Had a forum member ring me during the week who had been speaking to a National Buyers Agent from the forum who told him they focus on new property because of the Tax credits. I find this hard to believe and thought those days had been and gone.
When working with a client to build their portfolio (especially a client still in accumulation phase) and where we are assisting with the property sourcing we would not recommend a new property directly from a developer merely for the Tax credits. Certainly happy to buy new for a client where a real estate agent is involved but Tax credits are a bonus.
We say to all of our students you cannot live on capital growth but you can live on a healthy rental yield.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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