Buying an Investmnet Property? Who Should I Ask for Help?

Here are some tips on who to ask for help when purchasing an investment property from Anneli Knight form SMH.

“If you haven’t got a solicitor in your speed dial right now, I don’t care if you can afford the property, you’re not ready to buy. You should never, ever buy an investment property without consulting financial advisors first: your accountant, solicitor, financial planner. Make sure your finance is pre-approved otherwise you’re simply just gambling.

“Make sure your team is:
  1. experienced, and  
  2. that they have a proven track record in achieving what you want to achieve. Maybe even ask for some references or seek referals from your friends and family as to who they’ve used.
“It’s very difficult to unscramble the egg. Once you’ve bought a property and you’ve already signed it up, it’s difficult to change names and entities. Understand all of that before you start.”

How true is this? Many times clients have come to me to resolve tax problems after the event that, in many cases, can easily be mitigated wtih a phone call. So don't be afraid to ask for help from your team of advisers.

Copyright 2014. My Tax Zone.