G'day. I have found a property that I would like to purchase as my 2nd IP. Previously, I purchased my first IP without consulting and accountant or financial advisor, and got a loan recommended by my broker. Obviously this is not the way to go about things if you are trying to build any sort of portfolio. As it is all still sort of foreign to me, I am unsure how i should go about it.
As i am still living with my parents, they have been using me to lower their tax, however now that my earning capacity has increase, i believe they can no longer do this. this was also the reason why I didnt get involved so much with the broker and accountant at the time of my first purchase. I was thinking of moving over to a new accountant to start completely fresh and was thinking about using the guys at house of wealth. Also, was considering getting in contact with JamieM for brokerage (i don't think there will be much of a need for a financial advisor)
Can anyone advise what i should be doing so that it is done right this time around? Is it best that I decide to "start fresh"?
Hi Matt
I'd give the financial advisor a miss.
James from House of Wealth is great – we share some mutual clients and all have been happy ones.
A decent broker will advise on your borrowing capacity and loan structure and will be able to run some scenarios for you.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
skip the financial 'advisory' and go Jamie
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Can I ask why nobody recommends a financial advisor on this forum? I was about to go see one.
Well, you have to be careful. There are good and bad ones. Many will just recommend managed funds over property. Many are also under-educated having just a diploma which can be completed in 4 days.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
jmsrachel wrote:Can I ask why nobody recommends a financial advisor on this forum? I was about to go see one.Their good for managed funds, shares, insurance and superannuation-if that's what your after.
From a property investing point of view, most have no idea unless it's from their own personal experience …..
Mick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
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