Question from Helen updated on 26th July 2019:
I am looking at perhaps purchasing a residential rental property. I have little knowledge on how to structure the purchase/how to run the rental. Should I speak to a lawyer or accountant first about how to purchase and so on before looking further – eg: should I buy it under a limited company or under my own name? Who do I speak with first before purchasing a property?
Our expert Kris Pedersen responded:
In regards to your question, I would first speak with an accountant to see what entity is best for you. Do note that there are changes coming in regards to what may be best as an ownership structure so ideally speak to a property accountant who is up to date with these changes.
Kris Pedersen of Kris Pedersen Mortgages is a commentator on property and finance. His team sources top finance strategies. www.krispedersen.co.nz