Who am i best to talk to?

[Gordon Gekko]

Hi all,

My stats first:

38yo
married
4 kids under 7 yo
own PROP ($500K approx)
1 x IP, value $270k owe about $80k
only $45k salary
No other debts

I am now actively looking for IP opportunities. I want to be "ready" to jump onto a bargain

Question:
1. Who is best to talk to about my situation?, Accountant, Morgage Broker or a financial Planner??? OR ALL OF THE ABOVE.

I am wanting to put a "structure" in place (i.e. family trust, LOC etc.......)

Thanks,

GG

 

[Corsa]

Dear Gordon

I would see an Accountant regarding your structure ie company and/or trust set-up and I would either see a Mortgage Broker or your current bank to see what your borrowing capacity is and to assist set-up a LOC for future borrowings for investment/buffer etc. I would check with your current bank what the situation is with borrowing through a trust but an accountant can help you provided the right words to your Bank and/or Mortage Broker to assist with this process.

I would meet with a Financial Planner but tread very carefully with what they have to say. There interests are aligned with providing you with a full financial plan and you investing through them in shares and managed funds.

If you have no financial experience and want assistance with the "big picture" then a Financial Plan drawn up for you can really assist with this process but it also helps if you can pull this mostly together yourself.

Hope this is of some help

Best Wishes

Corsa

 

[APerry]

Hi GG,

My personal view is that a good accountant is the most important consultant to have in your team. Structuring your investments for asset protection and tax minimisation are incredibly important. I'm not a big fan of financial planners as a group, but then again some people think they are great.

Other consultants are also important, but I would consider them secondary to finding a good accountant.

Regards
Alistair

 

[wish-ga]

In my limited experience it seems;

Accountant - for tax, trusts etc, they are great to find out what is possible 'outside the square' that lending institutions wont know about

Mortgage broker/bank - for borrowing capacity (go armed with your own stats), you have to know what you want structure wise & get them to give it to you

Game plan is up to you (seminars, reading, research, forums)

Financial Planner = if you want to put money into managed funds/products, heavily weighted info.

You are in a great situation. Congratulations <dips me lid>

 

[Aceyducey]

You need both a good (investor-experienced) ACCOUNTANT and similarly experienced MORTGAGE BROKER as Corsa suggests.

I'd recommend a good BABYSITTER as well.

Cheers,

Aceyducey

 

[Gordon Gekko]

I'd recommend a good BABYSITTER as well.

Cheers,

Aceyducey

And a TV

 

[Gordon Gekko]

Thanks all for your help. I do have a very good accountant, so he will be my first point of call

 

[Rolf Latham]

Hiya GG

Biased I know BUT please DONT rely on a BANK to give you structured finance advice, especially if you are planning bigger things.

This is akin to going to the ATO for tax advice, you will get what they want you to hear, and you could be in knots when you could be crusing at a great rate of knots. Its not even their fault, I mean why would they think youd want to borrow more money when their sucky serviceability calculator says you cant, yet lender b will gove you another x $.

PLEASE seek the services of a good Independent Broker.

I also believe a good balanced financial planner can be useful to you, not just to get a small to medium mix of direct shares/mf but more importantly to advise on the risk insurances with all the investing you are doing. If you dont want to meet with a financial planner then please go and see a good life broker. With 4 kids in tow youd want to be well insured for a variety of things.

And finally, sit with somoeone that can help you work out where you want to go in life, maybe a life coach, buddy, mentor

My 3c worth



ta

rolf

PS That a good structuring accountant is needed doesnt need to be said.