I've been reading this forum for a while now and have started trying to find my first investment property.
I know it's only a matter of time until I find a property to buy so I want to know what do I need to do now? I have already found financing up to $600k and I have a pretty well defined long term strategy. So, do I start with a lawyer and set up a trust or LTC? Should I start with an accountant to get advice on how to structure things for the best tax benefit? Should I start my own holding company and move cash into it so while I'm paying inspectors and valuers and while I find a lawyer and accountant, I can start claiming deductions? Or should I just buy a property and figure it out later?
Any advice would be much appreciated. I suspect this is the hurdle that gets most people... I mean it's easy to look at properties and get reports and finance, but actually closing a deal is another thing.
For context (and if you have recommendations for lawyers and accountants): I'm earning $100k, wife $50k and we are looking at properties in South Auckland.
I know it's only a matter of time until I find a property to buy so I want to know what do I need to do now? I have already found financing up to $600k and I have a pretty well defined long term strategy. So, do I start with a lawyer and set up a trust or LTC? Should I start with an accountant to get advice on how to structure things for the best tax benefit? Should I start my own holding company and move cash into it so while I'm paying inspectors and valuers and while I find a lawyer and accountant, I can start claiming deductions? Or should I just buy a property and figure it out later?
Any advice would be much appreciated. I suspect this is the hurdle that gets most people... I mean it's easy to look at properties and get reports and finance, but actually closing a deal is another thing.
For context (and if you have recommendations for lawyers and accountants): I'm earning $100k, wife $50k and we are looking at properties in South Auckland.
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