New to the forum, I’m currently looking at getting into property investment. My wife and i have a mortgage on our current house, my old house is currently being rented out and negatively geared. I’m wanting to purchase more property while the market is lower in price.
From experienced investors here I’d like to know if i should be using property investment advisors? All the ones I’m researching seem quite expensive which makes me a bit dubious as to whether it’s worthwhile. I’ve looked at Destiny, Capital360 etc etc.
Are they worthwhile for someone like me who really has no idea about serious property investment?? Or should i just learn myself?
Hi booge
Firstly welcome to the forum and i hope you enjoy your time with us.
I would have to say as someone starting out you should look to save your money and do as much of your own research as possible. A trip to local library will probably get you Steve's first couple of books and a few other and then read, read, read.
Try and do as much learning as you can as the firms you mentioned wil charge you dearly for their so called advice.
Dont end up buying something where the organisation which recommended it earns more by way of a fat commission at your expense.A couple of dollars spent on self education will go a long long way.
Also get involved in the forum here ask a few questions post some comment and start to learn that way.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Many thanks for the reply. I’m not financially minded at all ! I used Mortgage choice to help with my first mortgage, I’m not sure how specialised they in arranging finances effectively to minimise risk. Would more of a freelance mortgage broker be a better option?
compare the food of a chef to that of a franchise.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
hi i provide a mentoring service at the very least we could have a chat and i may be able to point you in the right direction.
Nigel Kibel | Property Know How
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Yep, get there advice than do the opposite. I have listened to a few over the last 3 years and the properties they all warn about buying and tell you not to buy, are the ones that have performed brilliantly, being towns with populaton below 4,000 people ,getting strong + CF and high capital gains. eg Robinvale, merbein,Irymple, Ouyen, murtoa Sealake and similar towns I guess people in the the know are not going to let the cat out of the bag, of the best performing properties. When these towns were suggested every advisor poo- pooed the idea and instead advised on putting money in a black hole.
As Terry mentioned going to Mortgage Choice is like going to McDonalds you might get the 18 year old who has been in the business for a good 3 weeks looking after you deal and has no idea other what he or she was told in the sales seminar last week.
Even the principal has an agenda and that is to cover his franchise fees with ever deal so never going to tell you could do better or structure the loan differently if it is not in their financial interest to do so.
Terry's comparison is a very good.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
A good place to network and learn can be investor evenings, the independent kind where you aren't expected to bring a credit card or asked to sign up to a course or buy a new property
In Brisbane we have a few and I know the other capitals mostly do as well.I had some email correspondence with a mortgage broker. Not the news i was after, although i take it with a grain of salt, Based on a brief questionnaire online I was told he doesn’t think it’s possible to buy an investment property. However……what wasn’t discussed was loan options, changing my current loan to interest only etc etc. I’ve seen another topic on here about good property accountants so i may get in contact with them for a more detailed analysis of my situation.
I just need to know where i stand so i can either move forward or put it off for a while.
There is nothing wrong with dealing with a mentor. Or someone who has more knowledge than you
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
Get a second opinion?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I’ll be doing that. If anyone has a decent accountant that excels with property stuff please let me know.
I meant with a broker too.
Where are you located? I know an excellent accountant in Sydney. PM me for details.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Just keep your eye on this forum and ask as many silly questions as you can think of!
You may get ridiculed by some users but you will get mostly great advice from the nest of us and it's for a good price.
Good luck mate
Regards
JYou Accountant very likely is not Licensed to provide Credit Advice so no point in asking him to run the numbers for you on a loan restructure or new loan.
Only a Licensed Credit adviser / Mortgage Broker is authorised to provide this information.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Another lesson learned. Thanks
Hi, I'm new to this forum n in need of an excellent mortgage broker who can find me a better deal on my current home n also help with my investment property. Can u recommend someone who is fantastic?
Hi, I'm new to this forum n in need of an excellent mortgage broker who can find me a better deal on my current home n also help with my investment property. Can u recommend someone who is fantastic?
Richard Taylor who has responded in this thread is a gun mortgage broker. I'm in VIC and he's in QLD, and he handles all my mortgage needs. Everything is done via phone and email. Get in touch with Richard
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
I'm a broker and have dealt with good and bad property investment advisors. The warning signs are whether they are pushy or not! Most of them get paid commission for selling you a property, however the good and ethical advisors know that helping you make money through investment is the best way for them to have an ongoing relationship with you and help you get into multiple properties. This is the best way for them to build their own business. It's win-win.
It might sound illogical, but I would trust your gut on this one. If you find an advisor that just doesn't "feel" right, walk away. Some of these people have made my skin crawl, like a used car salesmen. There are plenty of them around. You need someone that is genuinely helping you. I have a contact that is outstanding at helping people get started in investment properties. Send me a private message if you are interested and I can give you his details.
In Brisbane we have a few and I know the other capitals mostly do as well.
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