New to Property Investing (perth based)

arron wrote:

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.

I look forward to hearing your opinions and any help will be appreciated.

Arron :-)

Welcome Arron,

As you have stated you need an advisor who is not on someone else payroll. I would consider an independent buyers agent as they only work for you because you are paying the bill. Rebaa.com.au is the national association and buyersagentguide.com.au is another great national database. I think you will find 1 or 2 perth BA’s that way if you want to invest locally or get help with a ppor build. I have herd good things about Momentum. Alternatively there are lots of BA’s on the east coast if you want to invest abroad. I have a few FIFO clients who work up your way and 1 who lives in perth. If you do your research you can work with someone without meeting them face to face.

Remember tax is great but you want to invest for profit first, not a tax saving. In some cases older properties can be more lucrative than new (due to value add opportunities like renos or development) whereas new stock can’t really have value added.

Best of luck

Hi and welcome Aaron, I’m new here too :-)

Note this is general advice only, you’ll need to engage a professional to receive advice tailored to your specific situation.

As with any professional take care of the charges they impose. Buyers agents may charge anywhere from $5k to upwards of $10k for an “average” priced property which you could potentially find yourself with a bit of due diligence and time simply invested on websites such as reiwa.com.au and this one. The benefit of course is that they will save you a LOT of time and present you with 2 or 3 options which will definitely fit your criteria or close to it. All you have to do then is make your selection.

If you go down the route of using a Financial Planner ensure that you choose one who specialises in property. Too many of them focus on shares and super, not something I’m overly fond of, nor others on this site I suggest given the targeted audience. Some are not able to give advice on property and some will push other investments on you. A Financial Planner experienced in property will definitely be able to point you in the right direction and will also have the necessary contacts to help you organise finance and a solid accountant to help maximise tax deductions etc.

Alternatively you can continue researching on your own and use this forum to it’s best potential and have others sense check your thoughts. Find the property that both you and your Mrs like and use a mortgage broker to help organise the finance.

Lastly, commissions paid to someone shouldn’t necessarily be a red flag to you saying “don’t take their advice they’re only in it for themselves”, the devil is in the detail. There is a big difference between property spruikers and sound advice with a disclosed commission.

Good luck and happy hunting!

• This reply was modified 9 years, 1 month ago by  Tom@SadhanaConstructions.
• This reply was modified 9 years, 1 month ago by  Tom@SadhanaConstructions.

Hi Arron (and Rema also)

I am just starting out too. Very exciting- this seems like a great community. I am also interested to see how you have gone Arron, and if you had any pointers on which professional advice you ended up getting and how it is all going?

Cheers
Lauren