you start a property portfolio, you must have a plan in place that will guide your short-, medium- and long-term decision making,” advises Martins.
Colen was not aware that the interest on the personal loan is also tax deductible from the rental income. Van der Merwe explains that Colen will reduce the percentage of tax he pays on the rental income from 41% to 28% by moving it to a company. However, a company will incur estate duty taxes, unlike a trust and it can be attached by creditors.
Absa home loan specialist Miguel Martins says there are three rules a potential property investor should consider:If you are clear about where you want to go, you will make better decisions today. “Property you buy now will draw cash. If you buy it incorrectly, you will get stuck. If you buy at too high a value, or don’t price in the renovations, this will impact on your ability to create wealth. Always consider what you are buying now and what it will let you purchase next,” he says.Treat your property portfolio as a business and have the right team of specialists around you. These include an accountant, trust attorney, financial planner and a banker.
He must just push through. Property is a real asset unlike the other derived assets.
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