There is nothing like seeing the theory put in to practice!
In this session Sally and James share the details of a trade which involved:
- Purchasing from another Trader (gasp!)
- Working with a Joint Venture partner,
- Completing a full renovation in 4.5 weeks
Ooh, by the way, every investor needs a good accountant who understands property investment! We recommend Glynis Carter at Monteck Carter, she is our own accountant and is brilliant. Assetlab community get a very special deal so let Glynis know you are from Assetlab. You can contact Glynis HERE.
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Structuring the purchase of your rental properties the wrong way
Disclaimer: Nothing is this article is meant to constitute financial advice of any kind, and is the opinion of the author only. Seek professional advice before making any financial decision.
Understandably when you purchase your first rental property you are trying to save as many administration costs as you can and reduce any unnecessary outlay.
Often when doing this you forget to look at the long-term strategy.
Long term strategy for purchasing rental investment properties is one that leads to more than one property purchase and often several.
Having the correct structure in place when you start is not only sensible but in the long run can save you money.
The costs for putting this in place are worth the end result.
Let’s take a look at the four possible structures you may have heard of:
1. Purchasing a property in your own name. (Sole Trader)
2. Purchasing a property in your own and another...
$49,761 Profit (pre-tax)!
This is the profit Callum just made on his first deal following our training. Check out the pics below!
How many of these would it take to really make a difference in your life?
Our team are doing them right now. If you want to learn how to do it, we would love to show you!
If you are a numbers person, here's the full picture:
All figures are GST exclusive for full transparency:
Purchase price: $517,391 ($595,000 Incl GST) Renovation: $44,000 Holding Costs: $20,000 Lawyer: $3500 (purchase and sale) Incidentals (Rates, Water, Insurance): $1000 Real Estate Agent: $20, 869 TOTAL COSTS: $89,369
Sale Price: $656,522 ($755,000 Incl GST)
$49,761 Profit (pre-tax)!
When you are ready, here’s how we can help you succeed:
1) Join our Facebook page for free...
Now go and create some passive cashflow!
This is a unique opportunity to learn from the best! Come and join Phil Thompson from AssetLab as he has a no holds barred conversation with powerhouse property investors and game changers Greame Fowler and Katrina Lukies.
CLICK HERE TO LISTEN TO THE FULL INTERVIEW
Disclaimer: Nothing is this article is meant to constitute financial advice of any kind, and is the opinion of the author only. Seek professional advice before making any financial decision.
When you are ready, here’s how we can help you succeed:
1) Join our Facebook page for free training, updates, and chat.
2) Join us at an upcoming course or workshop. Subscribe to stay in the loop or check out our homepage: Events on our Homepage.
3) Get in touch for a chat about how we can help you with our selection of programs and coaching options.
4) Check out the incredible value in the Assetlab Masterclass HERE
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