arronParticipant@arronvlJoin Date: 2015Post Count: 4
Hi to all I’m Arron,
As the title suggests we’re new to property investing. I work away up north and don’t want to be doing this forever (to much time away and not being with my partner n young fella). I have wanted to start an investment portfolio for some time but have been worried due to not having enough info at hand. I have not the least idea of where to start, so here I am. Been reading a few of the posts here, lots of useful and interesting information.
I think first port of call maybe a financial advisor, but then how do I find one who doesn’t “recommend” me to agents from which they get commission. Has anyone here had experiences with advisors here in Perth (positive and negative).
What we want eventually is 2 or 3 properties, I’m unsure weather this can offset the amount of tax I pay or claim back (which would be nice). Again here is where I need some professional knowledge to steer me in the right direction.
We also would like to build a place of our own (currently residing in my partner house) at some soon, so do we keep this place as an investment or sell put the money into the new place (for a smaller mortgage) and gain the investment property after.ArgyleParticipant@haltsJoin Date: 2015Post Count: 19
We began with a company called Park Trent. I’d avoid them if I were you. Our properties have underperformed and we found them akward to deal with at times.
Perhaps you might want to consider consulting a couple of different financial advisors and compare advice. A few dollars spent now may save you plenty later.
Steve’s books might also be a good place to explore. I’m only a relatively new investor myself but one key thing I’ve learned already is that the best time to invest is when the market is down.
Phone MeCorey BattParticipant@cjaysaJoin Date: 2012Post Count: 1,010
You will find that Financial Advisors/Financial Planners generally won’t touch on property, so if you find one which suggests they are a property consultant/strategist/advisor they are more likely than not an OTP spruiker getting commissions from developers. Likewise there are One Stop Shops which try to clip the ticket on every part of the process, which doesn’t necessarily work in your interests.
If you’re serious about wanting to build an investment portfolio its key for you to build a TEAM of property experts, which include a Finance Broker, accountant, Buyers Agent perhaps if you want someone to source you properties etc. Flick an email/call an investment savvy finance broker who can give you a strong understanding of your current borrowing capacity and how to structure your lending so that you can increase your maximum long term potential.Jamie MooreParticipant@jamie-mJoin Date: 2010Post Count: 5,064
Don’t rush into anything. Educate yourself -read up, learn and ask questions.
Forums like this are a good source of free information.
There’s a number of good authors out there too – check out books from McKnight, Lomas and Somers to name a few.
Pick up the odd copy of API magazine as well.
After you’ve done some research/educating yourself – get in touch with a decent finance person and accountant. If you’re looking to buy interstate – a good buyers agent may be of assistance too.
Jamie[email protected]Participant@spartantomJoin Date: 2015Post Count: 17
All advisers receive commissions or fees of some sort and they all have their pros and cons. Buyers Agents receive a fee from the buyer for finding a house, Brokers receive commission from the bank for selling their product, Planners receive it from insurance companies and funds for selling their products and services, anyone selling investment properties would likewise receive commission for selling these products.
I wouldn’t necessarily avoid investment properties recommended by Brokers or Planners simply because they receive a commission. As with every investment decision you need to weigh up the pros and cons for yourself and definitely take into consideration the track record, reliability and relationship you have with the adviser. Do you trust them with your financial future? If not you probably shouldn’t be dealing with them in the first place.
Every decision you make should definitely be backed up by your own research and bounced off your trusted advisers.
PerthPropertyHunterParticipant@perthinvestorJoin Date: 2014Post Count: 12
- This reply was modified 3 years, 9 months ago by [email protected].
welcome to the forum….the guys have all made good points…..I can give a biased view of buyer’s agents (because I am one >> http://www.perthpropertyhunter.com.au << shameless plug!)…I think if you are short on time or knowledge they are worth every dollar they charge (as this is justified by many hours saved and a cheaper property than otherwise for example my latest client has just got a 4 bedroom home
in Perth’s northern suburbs for a steal…after a straight forward 10k reno 10k he will have boosted the value by another 50k), and also they
only get paid if they get you a result.
All that said do you need a buyer’s agent? No. You can arm yourself with help from the amazing people in this an other property forums,
read great books (search for relevant posts on that topic) and find, research and negotiate a good deal. I suggest you decide your goals and area you wish to buy in (and become an expert on it – view home opens, talk to agents, walk the streets etc). Someone very wise said no one cares more about your money than you do. Good luck with your journey, Gavin
You must be logged in to reply to this topic.