Forum Replies Created
@wakebrown In my street I have received 2 flyers saying things like 'investor will give you CASH today for your house' and a mobile number..
Apologies for posing an unrelated question – but how do I create a new thread. I going out of my trying to find the 'new thread' button……………cheers
Thanks for further clarification Wong
Do send a link thru if doc available online? cheersCheers for clarifying Terry. I could see this could be frustrating for investors who actually buy speculative artwork in SMSF as you would have to keep it under wraps and not view it until you are age 65 or deemed retired.
Gday Rob – you missed pasting my disclaimer so here it is again – Correct me if I am wrong…. Please do share so all can benefit, cheers Bruce
For any newbies here, and I am too, it is a fact that if you purchase a property within your SMSF you cannot live in it. Correct me if I am wrong —- But the only thing you can purchase in your SMSF that you can benefit from is artwork, you can purchase this and hang it in your own hallway provided that is the most logical and secure place for it. Anything else like this you can buy and benefit from?
Hi Devilz, can you tell us a bit more about the house, are you getting the max rent, does it have a backyard that is subdividable? And suburb? Being new I guess you are enjoying the benefits of depreciation, but it still eating your cashflow is it IO or PI? I am guessing mortgage on $447k should be $2700 per month, vs rent 410×52/12 =1780 per month so kind of negative territory, are those figures correct?
Ralph I can see where Jamie is getting at. Often Financial Advisors push money and share related products without knowledge of property investing strategies. Question is, by seeing a Financial Advisor you are knowling cutting yourself off to the below strategies/opportunities:
Cashflow positive props, buy/sell, buy/hold, depreciation, buy below market, renovate, wrapping, increase value, subdivide, develop. With $1m wouldnt you first explore above? I guess it's what you feel comfortable with at the end of the day.
Actually I have made a question here: Does anyone know 'the professional name' for someone who can advise on above strategies and can provide that advice as a licensed person ie no liability etc?
Wise choice Ralph. BTW Have you read Steve McKnights book From 0 to 130 properties? Even if you take 5% know how out of that book you are well on the way to being active. Of course Ballarat referenced in the book has gone up in value since, but the principles remain the same all over.
Haha yes, that's right They Call Me Bruce was a comedy / action movie!
Terry – Great to hear your a CTA, and everything else, all the important skills you have to buy and sell properties, so I guess you save on every transaction? So do you have clients you work with remotely, ie use internet comms 100% without need for face to face meetings?
Ralph yes very important to get good legal advice to structure your portfolio, and that I would imagine would be best done 1 on 1
Terry, just added 'uses a lawyer' for Active Investor and.. I went to your website, saw your qualifications it looks like you're a Broker, Accountant and Lawyer and can speak Japanese?? That's quite a CV you got there !
I agree with Jamie
From my limited experience in investing here is what I believe.. anyone please pull me up if I am wrong
Passive investor
- Uses Financial advisor
- Don't mind traffic light indicators to make decisions based on green, amber and red for aggressive / moderate / conservative s
- Asset base goes down when market goes down
Active Investor
- Uses a finance broker
- Uses a lawyer
- Uses an accountant
- Uses an online share trading account
- Performs research
- Asset base remains OK and usually goes up when market goes down
Hi Ralph
so many people need financial education including me, but here is my 2c. Choosing a financial advisor is difficult because everyone has different needs, even if your close friend or someone here *strongly* recommends a financial advisor the financial advisor may not be suitable for your situation and even worse contradict your own growth strategies.
How to find a Financial Advisor
1. Search for an advisor and find a name here:
2. Google their name and see what companies they have worked for in the past.
If you like property, have they worked in property, if you like options, have they worked in shares, fx, funds, what funds, etc
3. Put their name in linkedin.com and check out their past employers, was the companies successful or go into administration? check out any references on this site by other people in the industry (often this is unreliable due to mates giving eachother pats on the back.
4. I would then type in their name in google + asic.gov.au
Read every article that comes up
If you are still happy with them, meet them and ask them the following questions:
- How much experience do you have? How long have you been working as a financial planner? What kind of work have you done for clients like me?
- What are your qualifications? Are you a certified financial planner professional or CFP® practitioner, a certified public accountant-personal financial specialist (CPA-PFS) or a chartered financial consultant (ChFC)? Be sure to look for a planner who has experience in insurance, tax planning, investments, estate planning and/or retirement planning.
- What services do you offer? Do you sell stocks, mutual funds and other financial products? Do you sell life insurance? Financial planners are generally barred from selling insurance or securities without the proper licenses and cannot give clients investment advice unless they are registered with state or federal authorities.
- What is your approach to financial planning? Will you make recommendations and then bring in other professionals to execute them or will you help me buy the stocks, bonds and life insurance policies I need? Make sure the planner's investment approach matches your own financial goals and objectives and is not too cautious or overly aggressive.
- Will you be the only person working with me? Do you have other people in the office that will assist you? If your planner works with attorneys, accountants or life insurance agents to implement his plans, be sure to get a list of names and check their backgrounds.
- How will I pay for your services? Some planners charge an hourly fee or monthly retainer. Other planners charge a fee equivalent to a percentage of the client's assets they have under management. Others charge you nothing but earn a commission from sales of life insurance, mutual funds and other products.
- How much do you typically charge? Can you give me an estimate of how much my costs will be? These costs should include the planner's hourly rates, asset management fees and any commissions he is likely to receive from the products that he sells you.
- Could anyone besides me benefit from your recommendations? If your planner receives commissions from product sales or referral fees from other companies or professionals who send him business, make sure that he fully discloses these potential conflicts of interest.
- Have you ever been disciplined for any unlawful or unethical actions in your professional career? What government agencies and/or professional regulatory bodies (ASIC, etc.) are you governed by? Contact these organizations to conduct a thorough background check.
- Can I have it in writing? Ask the planner to provide you with a written agreement detailing the services to be provided. Keep it in your files for future reference.
Above 10 questions sourced from here: http://www.entrepreneur.com/article/201860
HTH's!
Cheers
Bruce
Do send a link thru if doc available online? cheers
