Hello everyone, I hope you are all well and enjoying the fruits of your labour! I am a newbie to the site but have been enjoying reading the endless valuable content here. Currently have a single investment property in the inner norther part of Melbourne. Looking to purchase a second this year. My current property is paying itself off and ever so slightly negatively geared. Couple of questions right off the bat and if anyone knows of a thread addressing these please point me in the right direction. 1. My only investment property is in my name, as I grow is it better to place in a trust/ legal entity or keep in my name? What are the benefits 2. Had anyone got any recommendations of an accountant who can help me maximise my money/ value to help me grow? Thanks in advance guys
You need to see a professional. Everybody has different circumstances & what's good for someone could very well be the worst advice for someone else.
Thanks @skater Good advice indeed, was really just after any general points to consider. But thank you for the response
An accountant / tax adviser wont help you grow or give "value" as you think. Instead they will guide and assist eg that question about trusts. I must answer it three times a day. In many cases I explain enough about the costs, tax issues and limits and why a trust may even be a terrible idea. And I often then suggest you go get legal advice on top. Its part of what I do for clients - I give value that way. The client is more knowledgeable and understands their choices. I would answer 20+ emails a day from clients on simple property & tax things. Brief reply - NO charge. Some its a few email and others we talk. The things most clients think of as complex are routine. We add value through being available and listening and giving advice.
Thank you Paul@pfi and Momentum for your response. Good info. I will keep going, lots to learn and digest.
