Property Deals
For a list of Frequently Asked Questions about Richmastery Property Deals please click here
RevIQ
For a list of Frequently Asked Questions about RevIQ please click here
Customer Services
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Mentoring
Where is a good area to invest?
Defining what a “good area” is will depend on the individual investor and the goals that they have. Areas are not good or bad as such, but rather they will be good for certain investors that have certain goals and certain buying rules. The key to finding a good area is actually to start by defining what you want to achieve. Once you know what you want to achieve you can put specific strategies in place to do this. Based on your strategies you will be able to define some very specific buying rules and criteria. This is the point at which you can determine which areas are most likely to be the ones where you will be able to purchase properties that meet your buying rules.
Who do I need to have in my “Team”?
To become a successful investor it is important that you have a good team around you. You property investing team should include excellent people including the following:
Accountant
Mortgage Broker
Lawyer
RE Agents
Property Manager
Renovations Experts
Mentors
To be successful you need to be a generalist with a good team of specialists working for you. If you are the smartest person on you team – your team may be in trouble.
How do I get Agents to work for me?
Real Estate Agents are people just like you and me. It is important that you work out which Agents are going to be able to help you and focus your time on developing good working relationships with these Agents. Give your Agent a clear description of what you are looking for, and when they find something that meets your criteria make sure that you act swiftly. Communication is a critical skill for property investors – if an Agent knows how you work, that you are serious, and that you will work with them then you can create a win / win situation.
Why do I need an LAQC rather than owning properties in my own name?
An LAQC is a limited company that has made an election to be a “Loss Attributing Qualifying Company”. If this company owns properties (positive or negative cashflow) there may be “paper losses” that are generated through depreciation of building and chattels. The LAQC election enables these losses to be passed to you as the shareholder of the company so that you can offset these tax losses against taxable income that you have – i.e. salaried iincome that you are paying PAYE on. There are benefits in owning the properties in a company rather than in your own name, such as being able to transfer shares in the company rather than having to actually sell properties which would involve conveyancing and depreciation recovery.
If I am trading (buying and selling) do I need a different structure?
Yes. If we buy and sell property for a profit (i.e. our intention is to buy and sell) then this will be viewed by the IRD as a taxable activity. It is critical that this activity is completely separate from any buy and hold strategies to avoid your entire portfolio being “tainted”. You will need to get specialist advice from an Asset Planning / Structures expert such as Gilligan Rowe & Associates. This is likely to involve the setting up of a Trading Trust that has a Limited Company as its Trustee. This Trading Trust would buy, renovate and sell properties with the intention of making a profit. As such, it will be GST registered and will pay tax at 33% on its profits. Uneducated investors may tell you that you can “do one or two flicks a year” without worrying about tainting. You MAY get away with this, but this is still very poor advice. If you drive down the motorway at 140km per hour, you may get away with it once or twice, or even more, however it does not change the fact that it is not legal and you could get caught. When setting yourself up you should always look to ensure that your structures ensure that you are doing everything correctly.