Hi guys,
Seasons greetings to you all.
I'm still relatively new to the IP game, however I am hoping you can help me with my situation.
In terms of background context, I'm 23, and purchased my first IP in August this year (2 bedroom unit in St Marys, NSW. Thread here: http://somersoft.com/forums/showthread.php?t=89478 ). I have since had the property revalued at $240,000 and have also saved an extra $25,000 in cash for the next purchase(s). I am planning to buy another 3-4 properties next yr.
The questions I have for the forum:
* If and when should I start looking at trust structures? Do I wait until I hit the serviceability ceiling in my own name, or do I look at setting up these structures early for the long term given I am looking at accumulating the portfolio quickly over the next 5 years.
* What are the implications of using trust structures on borrowing capacity?
* Are there any books that people recommend reading on entry level property investment accounting / trust structures? I've keen to keep educating myself but really need to start from scratch on this stuff.
Any thoughts or feedback would be greatly appreciated.
Kind Regards,
Nixba.
Seasons greetings to you all.
I'm still relatively new to the IP game, however I am hoping you can help me with my situation.
In terms of background context, I'm 23, and purchased my first IP in August this year (2 bedroom unit in St Marys, NSW. Thread here: http://somersoft.com/forums/showthread.php?t=89478 ). I have since had the property revalued at $240,000 and have also saved an extra $25,000 in cash for the next purchase(s). I am planning to buy another 3-4 properties next yr.
The questions I have for the forum:
* If and when should I start looking at trust structures? Do I wait until I hit the serviceability ceiling in my own name, or do I look at setting up these structures early for the long term given I am looking at accumulating the portfolio quickly over the next 5 years.
* What are the implications of using trust structures on borrowing capacity?
* Are there any books that people recommend reading on entry level property investment accounting / trust structures? I've keen to keep educating myself but really need to start from scratch on this stuff.
Any thoughts or feedback would be greatly appreciated.
Kind Regards,
Nixba.