Tell us about Latitude Property Escapes?
Latitude Property Escapes is a very specialised investment property business. We have over 600 investment properties listed on our website, which includes over 120 SMSF-suitable properties. We also have a strong association with Holiday Rewards hat enables us to offer our clients great properties and holiday packages, though it’s important to note that SMSF investors are not eligible for our Holiday Rewards offer.
Ultimately, I want to try to improve the way people invest in property. Over the years, I’ve seen more people struggle to keep control of their paperwork, which affects their ability to maximise their tax deductions. I recall a few years ago watching a mother of two children under five years of age sitting in the accountant’s office for over two hours searching for records on her investment property, trying to complete her tax. I knew there and then I had to do something differently.
Is that what led you to create your client Log Book?
Yes – it’s a storage unit that conveniently holds all the original documents involved in the purchase of your investment property, including things like the original contract, the settlement letter from solicitors, loan details, and handover report for the inspection of the building. You also save the depreciation schedule, rental statements and any guarantees, repairs and maintenance. It’s a very comprehensive document, all in one easily managed file, which can be sent to client’s accountant every year. This ensures that investors can verify every deductible item they have claimed!
“Over the past 20 years I have successfully built up and sold two large mortgage brokerage businesses … finance makes or breaks the opportunity”
The accountants we use love it, as it makes their job so much easier. There is no guesswork, as all the records are fully verified. I am giving away my Log Book to all YIP readers this month; simply visit our website or email us to gain access.
The accountants we use love it, as it makes their job so much easier. There is no guesswork, as all the records are fully verifi ed. I am giving away my Log Book to all YIP readers this month; simply visit our website or email us to gain access.
I’d sum it up in two words: simple and fun. We keep it simple with our fantastic website, where clients can shop in their own time, viewing over 600 properties with no pressure. Add that to our Log Book and they’ve got a great combination to fulfil their goals. We also believe creating wealth should be fun, which is why we have just launched our Holiday Rewards package. We’re very excited about this! (See boxout.)
Previous to Latitude Property Escapes, you worked in finance. What made you switch your focus to investments?
Over the past 20 years I have successfully built up and sold two large mortgage brokerage businesses, which gives Latitude Property Escapes the edge in knowing how crucial the finance is in the process. I always start with the finance questions. It makes or breaks the opportunity for clients, and this knowledge sets us apart from so many others in the marketplace.
For investors who are worried about risks, what advice would you offer?
Quality is essential in minimising risks. Quality properties, located in a quality area, and a quality loan are the key to minimising risk. At a minimum, a buyer should adopt a 10-year mindset with any investment property purchase, as the rental income will serve long-term investors well.
MAKING PROPERTY INVESTING PAY
- Every month, Phil Allen selects seven properties as Latitude’s Properties of the Month. “I have hand-picked a few of Australia’s best builders to partner with me in this promotion,” he says. “All properties are in prime areas and meet our rigorous criteria so our customers know they’re getting a quality opportunity.”
- Each Property of the Month comes with $3,000 Holiday Rewards, to be redeemed at one of 150 four and five-star hotels and resorts across Australia, New Zealand and the Asia-Pacific. The money can be applied towards up to 60% of accommodation costs, or as a part payment on flights, travel insurance, rental cars and more.
- On top of the Holiday Rewards, Latitude Property Escapes is giving $2,000 in cash to each buyer who successfully settles their purchase of a Property of the Month. “That’s $35,000 in added value every month – it’s a great deal,” Allen says. “As I said, simple and fun!”
40 YEARS OF EXPERIENCE
-Phil Allen has spent nearly 40 years building his property and fi nance career, including experience working as a fi nancial planner and insurance broker. His primary focus now is to help clients secure their financial future through smart, strategic investment property purchases.
- An accredited SMSF Specialist through the SMSF Association, Allen has assisted over 1,000 clients in fulfi lling their goal of investment property ownership.
- Allen is a licensed real estate agent in NSW and works in conjunction with other licensed agents in various states around Australia. For the past 20 years, Allen has been at the forefront of the SMSF market and now dedicates his time to the investment property side.
ABOUT THE EXPERT
For a limited time only, Latitude is off ering all YIP readers free access to its investment property portal.
Visit www.latitudeproperty. com.au for your password for 30-days’ access to over 600 specialised investment properties.
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