Am I ready or not?

[dwyerfam]

From: Danny Dwyer


Hi all, been reading and learning from all those who have been on this forum in past 4 weeks or so. Looked at many website an have been overloaded with info on IP's. I have just read Jan Somer's BW in Changing Times (excellent book!) and as well as a couple of others (Sean O'Reilly's). I have also purchased this month's API mag (as hinted on this forum). Like many others, I wished I had done all this IP stuff so many moons ago, but as they say, it not too late to start. OK, so I went to a local financial FPA adviser/planner (cost $400) who really did not steer us into IP's at all but wanted me to sign up for managed shares (i think that what is called- $300 per mth for 10 yrs with a plantation group in WA, as well as getting income protection insurance has it's a tax deduction). Gave the FPA a miss and have just signed up with a mortgage broker to get the our home re-financed and at same time get a pre-approve IP loan for $150k. Next, I will need to get the right IP (on Brisbane northside) and then find a good accountant who knows about IPs and will help with our goals for wealth. (Is there anyone who can point me to a good IP accountant in Bris?). So, I am 'doing something' and just like to hear from anyone on this forum on how I going and if there's any more tips/advise (other then what has been posted here in past few days & weeks, that you can advise me on. Any + or - comments welcome. Thanks DAD (that's me & my wife's initials)

 

[Sim]

Reply: 1
From: Sim' Hampel


On 3/8/01 1:06:00 AM, Danny Dwyer wrote:
>OK, so I went to a local
>financial FPA adviser/planner
>(cost $400) who really did not
>steer us into IP's at all but
>wanted me to sign up for
>managed shares (i think that
>what is called- $300 per mth
>for 10 yrs with a plantation
>group in WA, as well as
>getting income protection
>insurance has it's a tax
>deduction).

$300 per month in a plantation group... haven't a lot of these groups gone under in recent times ? He must be getting a nice commission from them, likewise the income protection insurance. AND it cost you $400 for him to tell you to essentially fund HIS retirement. Gee I hate the financial planning industry.

>Gave the FPA a
>miss and have just signed up
>with a mortgage broker to get
>the our home re-financed and
>at same time get a pre-approve
>IP loan for $150k.

Well given that this is an IP forum, I guess most people here will say you made the right choice in looking at property !!

In my opinion, you are on the right track... go for it !

 

[NigelW]

Reply: 2
From: Nigel W


I use Richard Clarke/Brett Perren of Bernays Brown. They're not the cheapest nor the most expensive but they know investment property and at the end of the day you get what you pay for.

ps. No I don't get a commission but tell them I sent you on.

Cheers
N.

 

[dwyerfam]

Reply: 2.1
From: Danny Dwyer


Many thanks. Step by step, I'll get there. That accountant is also the one recommended by that Geoff Doidge's website Financial Success Systems and Otter's Software. I sent him a e-mail last week and has not responded yet, but I'll ring him.

 

[WebBoard]

Reply: 1.1
From: Jusitn Rowe


Financial Advisers will never recommend
Investment Property, as they can't make a buck out of it.

I've fought with my Fianancial Adviser on this matter many times.

 

[WebBoard]

Reply: 1.1.1
From: Rick Gibson


Justin,

As a financial planner I tend to disagree with you.

Most financial planners are nothing more than a managed fund salesperson I will agree with you there but there are some of us out there who do recommend property provided as it is the best vehicle for achieving the clients goals and objectives.

But remember, there is more than one way to skin a cat and property isn't the only way to achieve your goals and objectives.

They are out there who do quite well recommending property, (they charge a fee for service)

Anyway, just be careful with any of your advisers, including the mortgage brokers, financial planners are not the only ones suffering from impartiality.

Take care and Good Luck

Rick