Hi All the hard work is done getting the property which I purchased in 2009 , 8000sq metres of commercial land with about 1600 sq of commercial warehousing and admin building I have leased out one warehouse with admin and some hard stand this alone makes the property positively geared, I currently run my own business out of the second warehouse , I’m about to close down my business and lease out the second warehouse with some hard stand ,which will double the income from the property, that leaves me with about 3000sq of land to develop with more industrial buildings to lease out . I would have about 3 mil in equity with this property as is right now. I’m going to need help with settings up property portfolio and property wealth the right way. Any ideas appreciated. Thanks Dean Ipswich Queensland
Hi @Dean Hawkins Congratulations and well done on the hard work done thus far ! Just so that we understand the question being asked, are you seeking assistance with the steps required to finish with the remaining 3000sq of land on this property, or did you mean you would like assistance with branching your portfolio out to acquire additional properties?
Hi JacM Thanks for your reply I’m after advice on setting up my current assets into a portfolio that helps with minimising tax and to use the income and equity to build more industrial units on existing 3000sq creating more income and wealth. Thanks Dean
Hi Dean If your property is based in the Ipswich area and you need a company to hold your hand from concept through to design and construct you could do a lot worse than get in contact with Gibson Architects. High quality work and good knowledge of local planning. Will cost out every step for you if required. Would your present accountant not be someone to speak to about business structures and retirement planning ? Depending on your age and specific goals a Self Managed Super Fund could be part of your solution. It could acquire at least one of your sheds perhaps. If you are planning multiple commercial units you may look to setting up a body corporate with separate titles for each unit. Are you looking just to build, rent and hold or offload some of them ?
Hi Foxy ***** Yes I have an accountant that is helping me , at this stage I would like to own all the multiple commercial units and rent them out unless there is a better way of doing it, I’m soon to be 60yrs looking at retirement now and to pass on what I’ve built to by kids when the time comes. Will give Gibson Architects a call for a design to suit, I don’t know anything about superfunds don’t have any . Just worked hard have all this stuff ,now I need it the support my retirement and my kids future. Yes it’s in Ipswich.
