The most common mistake new investors make is trying to make money from property the easy way. By that, I mean letting someone else do all the work for them.
I’m not talking about buyers agents, who are great, generally speaking. I’m talking about the two-tiered property marketers.
You know the ones, where a telemarketer will phone you up and ‘pre-approve’ you for a chat with one of their representatives. And guess what — they happen to be in the area next week!
Next thing you know, you’re on a flight to the Gold Coast to buy some overpriced rubbish no local would touch. It gets better! Would you believe, they have an in-house lawyer and financial advisor who can make life so simple for you?!
You’ll probably be told you need to keep the property for ten years (because by then it may have actually reached the value you paid).
In general, if a company is flying you somewhere to inspect properties, or taking you on a bus tour to do the same — run a mile.
..............................................
Tyron Hyde is the CEO of Washington Brown and is considered one of Australia’s leading experts in property tax depreciation. He is also a registered tax agent. Washington Brown manages construction costs worth over $2 billion and completes 10,000 schedules annually. For a depreciation schedule quote CLICK HERE and follow the 3 simple steps or estimate your depreciation cost.
The Washington Brown Free Depreciation Calculator will give you an estimate of the depreciation deductions you could claim on your investment property
Read more Expert Advice articles by Tyron
Disclaimer: while due care is taken, the viewpoints expressed by contributors do not necessarily reflect the opinions of Your Investment Property.
