Hi everybody,
First of all let me just say what a friendly and helpful community this seems to be! From reading the forums and advice that people so readily exchange on here I have had my motivation levels boosted even further than they already were!
A bit of background, my partner and i are new to PI. At the moment we feel like a couple of sponges, just soaking up as much info and knowledge as we can (eg: 0 to 130 in 3.5). At the same time we are researching different areas where we intend to start creatively looking for +ve cashflow properties.
Our question is with regards to, firstly, finding an accountant / financial advisor. We feel that having the right person filling this role will be crucial to our success. But how do we go about finding an accountant who is familiar with the things that we are planning on doing? What questions should we ask, or is there somewhere that specialises in this type of work?
Also, we were wondering about the same things with regards to the “right” solicitor. We both have family members and friends who are solicitors but arent specialists in the fields of PI. Is it best to source a specialist or will our contacts be sufficient?
We want people working for us in these roles who are familiar with the concepts of wraps and lease options, preferebly with experience in these fields, but arent sure if this is a necessary pre-requisite.
Any help that can be offered would be greatly appreciated.
And we both look forward to a continued positive involvement with all of you!
The Pups
Hi,
If you are going to offer vendor finance you definately need a specialist lawyer in the state that you will be operating in, multiple lawyers if you intend to operate in more than one State. I’d be happy to give you some names if you post where you will be operating.
Regards
AlistairHi there
If you are consider operating in Qld i can probably assist you in the wrapping side of things.
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Hi
Well I think you have taken the first steps in creating your own financial independence and that is building knowledge through education.
Read the yellowpages and find an accountant and FA who are local to you. Go and interview them for a overview of their services and importantly their fees. Tell them straight up what you are trying to achieve and ask them what their level of knowledge is in relation to PI.
Never lose sight of the fact that whoever you engage, you are paying for their services as provider, therefore you are in a sense the employer and they are the employee (obviously don’t be arrogant on that point). But be assertive without being rude.
Build a relationship with these service providers. Get to know them, test their knowledge in relation to PI and above all continue to build your own knowledge.
Overall, enjoy the experience, you need to be educated in order to evaluate, but importantly understand the advice you have been given. Always remember though at the end of the day, it is your money, your strategy, your wealth, your dreams, and your future that your are developing. Don’t ever let your heart overule your head, the profits will always be there!
Find the right people – professionals who you like and give them a test run. At the end of the day, if you are dis-satisfied, you can always find someone else. Don’t be complacent about your money, time or knowledge.
cheers and happy investing
DNL
[bike2]Hi again
Thanks for the advice and help, we do appreciate every little bit of information we can learn at this early stage of our journey!
Any info anybody else could offer re:Accountants/F.A./Lawyers would be invaluable so please continue to post your thoughts or experiences!
Thanks again
Daniel & Belinda
AKA “The Pups”Hi Pups,
I would suggest that your accountant be sourced from references from other property investors – this will save you a lot of time, effort and heartache. I suggest you indicate your state/city and you will invariably find that others here can recommend a suitable accountant.
In much the same way individuals may also be able to recommend a solicitor that is located in a suitable location.
As for financial planners well – most have little understanding of the benefits of property investment as their salary/business worth is based on commisions and trailing commisions. From memory Alan Kohler (?) wrote a great article in one of the weekend papers about the worth of financial planner’s businesses.
Derek
[email protected]
http://www.pis.theinvestorsclub.com.au
0409 882 958Thanks Derek!
We are live in the Lake Macquarie area, NSW, so if anyone could recommend accountants / lawyers in the Newcastle or Central Coast regions that would be tops!
Thanks in advance!
Daniel & Belinda
AKA “The Pups”Hi,
Im not sure how far your PI travels are taking you but if you head across to the country to WA at some stage, Id recommend Rob Prouse, of Rob Prouse & Associates to fill the accountancy role.
Id be happy to pass on his details if you needed. Thats who we recommend for the SMSF and Property needs of our clietns. He’s a PI himself so that definately helps.
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