In my recent interview with Munzurul Khan of Keshab Chartered Accountants, we discussed the idea that property investors need to consider themselves as “entrepreneurs” as they take on the role of “business owner” when it comes to learning how to invest in a property.
Key to the decision making process is having a savvy accountant whom you can to turn to for the right advice when it comes to:
- Purchasing structures ( Trust, Joint names, Tenants in Common, SMSF)
- Tax considerations (Land tax, Capital Gains Tax, income and deductions.
- The property type that will suit your situation best ( Growth or Cash flow?)
- How the property purchase will impact your current level of cash flow (can you afford to hold the property for the long term in any economic climate)
- How many properties can be purchased (as a projection) given current circumstances.
Of course the Entrepreneur Investor needs to start with a solid Strategy in order to achieve the end goal.
An Accountant who advises on these key property investment points is so much more than a “number cruncher”, they are your trusted business adviser and by initiating and following through your investment Strategy with you, they are more like a business coach. If all your current accountant is providing is an annual tax return for you, then it’s time to get a more switched on accountant!
Ideally, you need to be working with an Accountant who is a property investor themselves and have their own investment Strategy in place and are actively building their own portfolio.
You want what they’re having right?
Working with the right Accountant and a professional Buyer’s Agent to source the right properties for you is a powerful combination of skill and advice that helps you to build your wealth year on year faster and with more confidence.
If you missed the recent Webinar with Munzurul Khan then you can access it here: https://apisolutions.com.au/webinars/munzurul-khan-10-property-investment-experts-in-10-weeks/