podcast

What to do before you sign the contract of sale

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Cherie Barber, Renovating For Profit

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We live in an age where renovation shows are on TV on every channel, and that's fantastic. I love all of the renovation shows because they motivate and inspire normal, every day Australians to go out and create wealth through renovation. The problem is most people watch the shows and they go out and buy an un-renovated property and they don't lay the foundations right. What I say is before you sign any contract of sale, you really have to ask yourself; should I buy this property under my personal name? Should I buy it under a company name? Should I buy it under a trust structure? Now the answer to this question is not black and white, it depends on your own individual circumstances and in particular how many properties you want to flip each year. So before you rush out and buy a property, my advice to you is to go and see a very good property accountant. Work out the most tax effective solution for you so you can make sure you don't pay more capital gains tax than what you really need to.

Listen to other instalments of The Smart Property Investment Show:
Episode 52: Will property prices fall? When? And by how much? What investors need to know
Episode 51: SPECIAL EPISODE: SPI team reveals all the financial details of its portfolio
Episode 50: 8 properties by 25: Former housing commission kid reveals how he changed his life and created wealth
Episode 49: How to build a sophisticated multi-property portfolio
Episode 48: ‘From just $2,000 in my pocket to 6 properties’
Episode 47: The SPI Show answers more listener questions: Special episode
Episode 46: 4 properties by 24 – how to build a portfolio without sacrificing fun, travel or food
Episode 45: Special guest Mark Bouris on what really makes property prices rise and when to invest
Episode 44: ‘11 properties by 31, now I’m stuck: What’s next?’
Episode 43: 22 properties by 30: Can Generation Ys build massive portfolios?
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