Just getting serious about property 2,3,4…. and wondering about the role of several advisors/consultants in the process. the ones I want to define are: Accountant, Solicitor, Financial planner, Financial Broker vs “Mortgage Choice”. Basically looking to set up a business/financial structure and wondering about the role these people play before I start talking to them.
Scott C
Email MeI will need to rework your categories to better fit my reply, so here goes:
Legal: Covers ALL aspects of establishing company (if thats what you want to do), transaction documentation, liasion with ASIC (in conjunction with other advisors listed below) and the like.
Finances: Covers accountancy, tax returns, seperation between personal and business income and expenses, advisory on planning and other financial related services.
Real Estate: Able to provide professional advise on real estate in the locale you want to be in – from residential, investment, industrial and the like.
Hope this helps….
Robert H Bromwich
Moore Park Beach QLD
AustraliaHi Scott
i think you are right you need to speak to some professionals before you embark on your invesment journey but be aware not all the advise is going to be helpful.
I think you need to first of all write down your investing strategy, where are you at financially now and where are you going to be in the future and how are you going to get there.
Accountant- he/she will be able to see your plans and give advice on the best investment vehicles for you. Don’t expect all accountants to be supportive of your plans or even fully aware of the best options for you. Dale Gatherum Goss is an Accountant in Melbourne who is an expert in Tax effective Structures- he is also an investor.
When i decided to invest in cash positive real estate back in 1997 , i saw a local accountant for advise on tax deductions etc. he advised me not to invest in property. In 2003 i retired aged 39 after 6 years of investing but he’s still working[
].Financial planners- be aware unless they have changed their courses they don’t even do units on property investing !!! But they will try to sell you Managed Funds.
Finance- yes a key person, find an institute that will support you with your goals, it may not be the first place you visit.
hope this is a start
regards westan
http://www.nzpropertytogo.com
check it out !this might be something i really need to think about some more, especially in regards to my accountant, i bearly know his name ! [blush2]
Scott
Good on your for thinking ahead.
Too many people dive in without the right support team and pay the price later on.
My general advice is – find people who already do what you want to do and take their advice.
Here’s my support list:
Accountant – a good one is crucial. Make sure he/she knows and understands property and is a property investor themselves. So many claim to know but, as Weston said, are still working themselves into the ground at age 65!Structuring Expert – could be your Accountant but should be a specialist in this area, usually not the local “JOE”. Could save you 000’s and 0000’s if you get it right upfront.
Lawyer – you’ll need a good one esp as the deals get higher or you get into development. Again, preferably one who invests himself/herself.
Finance Broker – ditto above. Don’t necessarily develop an loyalty to one bank or lender (unless it suits) – in fact, it works in your favour to
have a number of banks/lenders lending you for your portfolio.Financial Planners – have never been able to find one that is any more than a commissioned sales rep for fund managers. They all rabbit on about “balanced portfolios” but not one I’ve ever met has ever recommended direct property (perhaps because there’s no commission in it for them – she says cynically[comp]. If anyone knows a good one, please let me know.
Also on the team – at some stage – valuers, building inspection/pest inspection people, real estate agents and, if developing – architects and town planners.
Hope this helps.
Megan
http://www.propertyhub.net
Your Investing and Developing Information Hub.hi scott
finding a good financial planners is a hard one hence I do my own.
you take most information crunch it and design were you want to be in 5 years and then set about getting the best vehicle to get you there.
One very important thing is listen, ask, questions from your advisers but don’t get yes men around you because this is your money that your playing with.
Get people who give you advice and know what they are talking about ask where they have done this before.here to help
A note about real estate agents – and apologies to any on this forum ….this is a generalisation.
USE them for your research where you can. I mean USE them!
Filter any info they give you carefully. Sometimes grains of truth are hidden by shovelfulls of you know what!
They will almost tell untruths sometimes!!?*#!
This has been my experience.
GiddoHi giddo
I read with a dry smile your post about real estate agents, as I deal with them on a daily basis I don’t think I would be as blunt put I see you point.
They are a good source of information and they do stretch the elastic nature of truth.
They do not lie they just don’t tell you the whole truth, I have been told on a couple of occasions.
But in business there are a far lot worse then these people and at the end of the day they are there to sell a product.
I have a few sales people that I have trained in non related business that have not told the whole truth either.
You must always take information, evaluate and then go from there.
I don’t take my barristers opinion as gospel because it is exactly that an opinion, if I don’t think its right and I run with it.
If I fall on my face(and I do)he says I told you so.
Use all and any information.here to help
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