Help please

The questions you are asking you could easily get from a investment minded Mortgage broker; as the questions are more directed towards investing in property and how you can structure your loan to draw out the equity in a tax efficient way + what your borrowing capacity is + if you should cross your loans or not ( short answer to this is no 95% of the time).

Plenty of good investment minded brokers on this forum, else ask your friends or family if they have used any brokers in the past they would like to recommend.

Regards
Michael

HI Steve,

Michael has covered a lot of key details in his responses – if you feel the need to talk with someone face to face, while I don't live in Perth I am in Perth this weekend on my way to Sydney. Happy to chat over coffee somewhere.

Accountants selling Amway plans hey…business MUST be tough lol.

On a serious note, 20% of a investment minded broker’s job is to find a suitable lender to access finance, the another 80% is loan structure, planning, working out which way method achieve a higher tax benefit, lodging Governments Grants, cost to tax benefit comparisons ( LMI and leveraging) and proving recommendation on timing and property investing should the question arise. Let’s face you need money to make money…and money smells better if its not yours…but the bank + it’s tax deducible especially for high income earners

But i get where your coming from, you need direction “overall/ bigger picture”; speaking to a financial planner may help; but honestly i have a feeling you may be disappointed also, as FP makes money from selling you Financial products + some money from providing advice- that’s how they make the big money….they hardly make any money form giving you “advice” only.

So the question is, are you ready to take up a financial product, including property investing ( which is a product itself), or are you after advice/ direction only at this point in time ( which is more then fine)??

This weekend, sit down and write and think about the following:
1. What do you want to achieve in the next 3 years?
2. What do you want to achieve in the next 5 years?
3. What are your strenght and weakness -financially speaking + information wise
4. Any goals you MUST reach within the next 3,5,10 years?

5. How stable is your job? ( might be high income now…but you never know)
6. can you see yourself in this job for the next 3 years? or at least maintain this sort of pay + same work type?
7. Do a budgeting costing sheet
8. Do you expect kids, major expenses , marriage etc…in the next 3,5,10 years?
9. Work out how much tax you paid in the last 2 years?, just look at your tax assessment

After you get this “brain storm” running, do some research+ speak to another like minded investors or friends, and see how you go. ONLY Then will i suggest you speak to a FP and a accountant- as you will have a better idea of what you need/what at this point in time = much easier for them experts to plan accordingly + it makes more sense.

Regards
Michael

Hi Steve,

Depending on where you are located in Perth here is a few property savvy accountants we've come across:

Paula Durrant @ Durrant's Accounting Services – Level 1, 256 Fitzgerald Street, Perth Ph: 9228 4622
Chris Hanson @ Gannon Hanson Hamersley – Suite 25, 199 Balcatta Road, Balcatta Ph: 9240 5340
Noel McKenney @ Noel McKenney & Co – 813 Wellington Street, West Perth Ph: 9322 6266

If you let me know your specific area, I may be able to point you in the direction of someone closer.

I hope this helps,

Hi Steve,

The problem with getting advice from a FP (even a fee for service advisor) is that they are not allowed to give direct property advice. Their dealer group won't have it as a licensed product and if they do give advice on it, and it hits the fan, they will be left with the bucket. Hence why they will always pitch you on exchange traded property trusts (this is a licensed property product).

A FP can provide you with a structured savings / investment plan. I have seen many of these from $500 to $5000 and they all make assumptions. The problem with assumptions is that no one can predict the future so you need to always be updating these plans (adding to the cost). These plans aren't a bad thing but they will only help you with budgeting for the year etc. If that's all you're after get the PIA software.

If you want actual strategic advice on where to buy, when, how much to pay and so on. That is where a buyers' agent comes into the mix. <moderator: delete advertising>