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"?
Perhaps look to a mentor that can help you to look at things you may not have heard about before. My experience is that most people believe that they they no more than they do especially when it comes to Property. It is important that you learn how to do due diligence. Once you are fully educated you will be in a stronger position to make your own decisions. Often lawyers accountants and brokers know little about property and get get you to make bad decisions. So while it is important to seek these professionals to assist you the only way to learn about the market is to study it yourself or work with someone with more experience than you.
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
Email Me | Phone MeWe have just launched a new website join our membership today
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]
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