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Analysis paralysis

Discussion in 'General Property Chat' started by NewInvstar, 27th Sep, 2015.

  1. NewInvstar

    NewInvstar Member

    Joined:
    27th Sep, 2015
    Posts:
    5
    Location:
    NSW
    Hi Everyone,


    Fresh newbie, not sure which way to turn take it easy on me please ;)

    We own our ppor. We want to build duplexes on our block and then live in 1 and rent the other out.

    We want to further increase IP's in the future also.

    Who do you speak to first about all the implications it can have on you i.e. own it in your name, trust or business name? Tax implications etc.

    I find it all so confusing it has me stopped in my tracks!

    Thanks for your help:)
     
  2. bob shovel

    bob shovel Well-Known Member

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    5,379
    Location:
    Somewhere in the land of Oz
    An accountant but you should get the answers here for free ;). being your first id think just keep it simple in your name until you devise a strategy long term

    Id be more looking for builders to work out the actual costsand feasibility . The tax/ownership side is a quickie with your accountant to get you going
     
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  3. NewInvstar

    NewInvstar Member

    Joined:
    27th Sep, 2015
    Posts:
    5
    Location:
    NSW

    thanks Bob. I'm finding so much info in here that its still confusing or over my head at this point in time!
     
  4. bob shovel

    bob shovel Well-Known Member

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    Break it down into sections and then work out what you can and can't do, your question above is for your accountant and won't affect the build, so move onto the next thing.

    Are you familiar with the block and what your going to build or what your allowed to put on there ? A visit to council will help too - to see what you can actually do.
    Have you spoken to a broker to see if you have the dollareedoos?
     
    Last edited: 27th Sep, 2015
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  5. jpcashflow

    jpcashflow Well-Known Member Business Member

    Joined:
    21st Jun, 2015
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    Location:
    Melbourne
    I think the best thing to do is first outline your goals and not over complicate things.
    But ask your self a question what do you want to achieve out of this?

    With the goals the best thing to do is list them one buy one :) Start small and then work towards bigger goals.
     
  6. Richard Taylor

    Richard Taylor Mortgage Broker & Brisbane Buyers Agent

    Joined:
    20th Jun, 2015
    Posts:
    171
    Location:
    Brisbane
    Hi New Invstar

    Different Professionals can provide different advice.

    Mortgage Broker - Can provide Credit advice in relation to whether you can afford it and in relation to the type of loan, structure etc.
    Solicitor - Will provide legal advice in regards to the structure and assist in establishing entities.
    Accountant - Will provide Tax advice in relation to the project.

    No point in rushing and setting up an entity if you can fund the project in a meaningful manner.

    Cheers


    Richard
     
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