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Sometimes these companies can provide a great service to those who lack the ability to find the right debt structure and investment avenue.
However, I think it is important with any of these companies to check the following:
1. Where the company is receiving their income (is it the finance, the property, the land… etc.) – Ask for this information up front.
2. Ask to see a list of related entities/companies that may also be receiving income from your investment/debt consolidation. This may be a way the company is receiving income from you without having to disclose this to you.
3. Get your own independent property valuation. This may cost $200 but worth it if you are making a $400k investment.
4. Visit the area you are investing in. If it is an obscure area you don’t know much about, jump on a flight or take the weekend to go see the area and talk to locals. (again this may cost $500+ but well worth it to educate yourself on the area).
– Sadly this is (but not always) a 101 trick from ‘property spruikers’ selling your overpriced property in an area you are unfamiliar with.5. Ring the local council and ask questions about whats happening in the area. Bureaucrats love to speak sh#7 about their area, but at the same time will also give you the truth about “proposed developments” and “growth”.
6. Realestate dot com can be a powerful tool to keep ‘spruikers’ honest. If you find that you are not give the actual address of the property you are buying until relatively late in the discussion, then this could be because they dont want you doing your research.
if your property is 8 Great street… google 4, 5, 6, 7, 9, 10, 11, 12 on Great street and google map the suburb and check surrounding subburbs. Onthehouse.com.au provide great info on sale history and valuations.Can anyone add anything else to this to ensure your investment stacks up?
All the best!
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This reply was modified 9 years, 7 months ago by
Jimmy86. Reason: spelling
Jimmy86 | Future Assist SMSF Specialists - Bris | Melb | Syd
http://www.futureassist.com.au/setupansmsf
Phone MeSelf-managed super specialist administrators and advisers
mathyland12 wrote:However im only partially comfortable about "Who" to go and see first to set this up? A lawyer? An Accountant? or Financial Advisor? If the answer is the Accountant, should i use my current accountant? I already have a family trust that has purchased one property and my current accountant knows my situation well. (sorry as im not sure if this is a silly question). Similar should i be using the same finance broker? or should i split up my lending?
Sorry for so many questions.
Mat,
ATO recommends seeing a financial planner first, as step 1 > http://www.ato.gov.au/Super/Self-managed-super-funds/Setting-up-an-SMSF/Step-1–Appoint-an-SMSF-professional-to-help-you-set-up-and-run-your-fund/
Your accountant can only give limited advice on property in SMSF, as it is regulated by ASIC and ATO. – they can help you set it up though.
Your Broker, real estate agent cannot give you advice on SMSF set up or property investment. – they can assist you in property sourcing and the right finance product to suit.
See a financial planning firm that has SMSF advice experience. Set it up right. Get an understanding of compliance. Then source your investment
Jimmy86 | Future Assist SMSF Specialists - Bris | Melb | Syd
http://www.futureassist.com.au/setupansmsf
Phone MeSelf-managed super specialist administrators and advisers
My parents have had a similar situation and from what I can remember they went in (successfully) with class action… probably because a lawyer got wind of it and rallied everyone into it for a lump comm
It can be tricky. Ill ask them and get back to you
Jimmy86 | Future Assist SMSF Specialists - Bris | Melb | Syd
http://www.futureassist.com.au/setupansmsf
Phone MeSelf-managed super specialist administrators and advisers
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This reply was modified 9 years, 7 months ago by
