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Limited Company or not??? Which strategy is right for me...


ferg291

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Hi Everyone,

 

I am just starting out and currently saving to get my first property. I have just listened to the propertyhub course on whether I should use a limited company or not as my investment strategy and I'm a bit confused as to what is best for me, so I am hoping to discuss with people who have far more knowledge which strategy is best for me. I am in this for the long term, I want to create wealth and financial freedom through a property portfolio. I understand that the tax threshold seems to be the main reason (and other tax benefits) for starting the company. I was basically planning on using the profit made each month/year from my first property, to then save up for a deposit for a second, and so on - to eventually have properties to replace my wage from my current job entirely. Not using the company strategy was originally the plan but I'm now uncertain. The points raised in the course suggest I should start a company, but one point in particular completely threw me. "Who shouldn't consider this route... Anyone who uses rent to supplement their income now and works"... So the profits made from my initial investment will entirely go towards a second, I don't want to use that cash for any other reason. Is a company still the correct way? I am completely clueless about actually running it as a company, so any advice would be greatly appreciated. I assume, I just keep all the money within the company, to reinvest, then pay myself a wage from it? If there are any books I should read, more courses etc that would help that anyone knows of, I thank you in advance for sharing!

 

Thank you for taking the time to read this

Chris J

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