Property portfolio advice please

ItsDoug

Hello everyone! I’m new to Boards and I was wondering if any of you could offer me some advice.

I am starting to build a property portfolio, I have just purchased my first property. I am planning on renovating it and then renting it out. I plan to purchasing one or two additional properties over the next year if all works out.

Would it be advisable to build my business using my own name, or should I create a ltd company?

Any help is greatly appreciated, thank you!

Del2005

ItsDoug wrote: »

Hello everyone! I’m new to Boards and I was wondering if any of you could offer me some advice.

I am starting to build a property portfolio, I have just purchased my first property. I am planning on renovating it and then renting it out. I plan to purchasing one or two additional properties over the next year if all works out.

Would it be advisable to build my business using my own name, or should I create a ltd company?

Any help is greatly appreciated, thank you!

I would have talked to an accountant or financial advisor before buying the 1st property. Still not too late.

Heres Johnny

Wouldnt go looking for advice here Doug - talk to someone who knows about property portfolios, preferably a very reputable accountant.
Tell them your exact plan and they will advise, thats what they get paid for. Free advice here could lead you down a very wrong path.

I have passed CIMA exams and QFA exams and I couldnt answer this for you here, not a hope.

beauf

This is not a question about property. Its a question about a business, any business.
So it would better in another forum, perhaps... https://www.boards.ie/vbulletin/forumdisplay.php?f=106

DubCount

This may seem like a simple question, but there are a lot of moving parts. A company structure allows for easier partial sale of the asset and protects the owners against personal liability in the case of negative equity, but it also brings up admin costs for company secretarial costs and the possibility of double taxation (corporation tax and income tax on dividends) and close company surcharges, higher mortgage rates from banks, higher LTV requirements etc.. Maybe a different structure like a trust might be appropriate.

A couple of quid spent on the individual advice of an expert could be the best money you will ever spend.

Voltex

Far too much to explain the different effects of setting up as a private individual or as a company, so Ive attached a fact sheet that explains.

This sheet was created in 2018 - so interest relief needs updating based on Finance Bill.

maxwellhouse

@Voltex Where can I find this "sheet"