Hi all,. [
]. I 1 1I have just brought my first IP with the help of a financical adviser and i am pleased to say it is cash positive, I have heard you guys talking about doing all the work yourself instead of paying an adviser, so I am going to give it a go!!!!!!!
I was wondering if you have any suggestion on a good software program that will help me keep correct details of my investments,also can someone explain to me what a sinking fund is?
congrads Gazza on your purchase. that’s interesting that a financial advisor helped you purchase property. it amazes me how little knowledge of residential investing these people have. i though a while ago about doing a course as a financial advisor, but then decided to put the time and energy into creating wealth for myself. one thing that astounded me is that there are no units on property investing in the courses offered to financial planners. i think most of the people who post on this forum know more about finacial planning than the so called experts.
Give it ago yourself there are many here who will help. By the way i use property manager pro just a cheap product about $80, it does the job.
westanJust remember where the ‘financial advisor’ is making their profit. Most of the time they are looking to sell you a product or service, ie managed funds or some other type of ‘retail’ investment product that they will receive commission from recommending.
This is why the majority of ‘financial advisors’ will not advocate direct property investment, as there is nothing in it for them.
Just ask yourself whether they are considering your financial future, or theirs..
I can honestly say that every single financial adviser that or anyone I know have consulted has universally shied away from property investments other than the family home, and instead strongly recommend investments in managed funds and shares.
Call me a cynic, but I think ksheather is right – because they don’t get a cut from recommending investments in property, most FPs don’t have any interest in doing so, and in fact don’t, as proven from my experience and the experience of people I know.
There is this couple I know who have 5 positive cashflow investment properties – they went to a “reputable” adviser, who told them that they were “overweight” in properties, and that they should sell at least 2 or 3 and invest the money in shares, some of it leveraged using margin loans. This was about 2 years ago, before the property boom came to WA in a big way. Fortunately, they gave him the flick and didn’t follow his advice.
Cheers
MHi Gazza,
Congratulations on your purchase and making the decision to go out on your own! You can really pick up some great advice from some of the forumites here, and also from Steve’s “Property Secrets Revealed” etc., available from PropertyInvesting.com.
Quickbooks Pro is a good package. You can track expenses/income for each property individually by using “class tracking”. Quickbooks will do everything you need to track your money in and money out.
Perhaps get a bookkeeper to come out and give you a “crash course” in QBooks, as the more you use it, the more you get out of it.
It’s not difficult at all.[^]
Good luck,
DelGazza17,
I have been using Property Manager Pro for property accouting. This is without doubt the best on the market in my opinion.
Check it out in their website.
It is developed by Manaccom Pty Ltd.
Ta, Paul
Financial advisors are overrated. They are usually paid to sell ‘investments’ or you pay them to tell them what you already know from http://www.propertyinvesting.com. DIY because you know your situation the best and as you work on your skills, you shall become better than most financial advisors anyway.
NB: A good accountant is worth its weight in gold however.
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