All Topics / Help Needed! / Unsure what to do – Accountant / Broker / Advisor

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  • Profile photo of matt_decatmatt_decat
    Participant
    @matt_decat
    Join Date: 2010
    Post Count: 22

    G'day. I have found a property that I would like to purchase as my 2nd IP.  Previously, I purchased my first IP without consulting and accountant or financial advisor, and got a loan recommended by my broker. Obviously this is not the way to go about things if you are trying to build any sort of portfolio. As it is all still sort of foreign to me, I am unsure how i should go about it.

    As i am still living with my parents, they have been using me to lower their tax, however now that my earning capacity has increase, i believe they can no longer do this. this was also the reason why I didnt get involved so much with the broker and accountant at the time of my first purchase. I was thinking of moving over to a new accountant to start completely fresh and was thinking about using the guys at house of wealth.  Also, was considering getting in contact with JamieM for brokerage (i don't think there will be much of a need for a financial advisor)

    Can anyone advise what i should be doing so that it is done right this time around? Is it best that I decide to "start fresh"?

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Hi Matt

    I'd give the financial advisor a miss.

    James from House of Wealth is great – we share some mutual clients and all have been happy ones.

    A decent broker will advise on your borrowing capacity and loan structure and will be able to run some scenarios for you.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    skip the financial 'advisory' and go Jamie

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of jmsracheljmsrachel
    Participant
    @jmsrachel
    Join Date: 2012
    Post Count: 711

    Can I ask why nobody recommends a financial advisor on this forum? I was about to go see one.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Well, you have to be careful. There are good and bad ones. Many will just recommend managed funds over property. Many are also under-educated having just a diploma which can be completed in 4 days.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Mick CMick C
    Participant
    @shape
    Join Date: 2010
    Post Count: 1,099
    jmsrachel wrote:
    Can I ask why nobody recommends a financial advisor on this forum? I was about to go see one.

    Their good for managed funds, shares, insurance and superannuation-if that's what  your after. 

    From a property investing point of view, most have no idea unless it's from their own personal experience …..

    Mick C | Shape Home Loans
    http://www.shapehomeloans.com.au/
    Email Me | Phone Me

    Same Banks. Better Rates. Served With a Passion.

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