$900K inheritance - zero property

Discussion in 'Where to Buy' started by sofman, 24th Oct, 2016.

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  1. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    That is excellent advice.

    If he's 40 with no interest in investing, I'd get him to buy a place to live in - whether he lives in it straight away or rents it out is up to him.

    The point being, you don't want to be retired on the pension/minimal super (which, assuming zero personal investments currently, is highly likely) with no paid off PPOR.

    With low financial intelligence (assuming, sorry if I'm wrong) the risk of him losing it all is high, and it's difficult to accidentally blow a paid off PPOR.
     
    Last edited: 24th Oct, 2016
    Jess Peletier, 24th Oct, 2016
    #21
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  2. datto

    datto Well-Known Member

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    "900K!...OK"...its got a nice ring to it. How about an ol' commodore and a house in the Druitt. That kind of money would do wonders for the median price out there.
     
    datto, 24th Oct, 2016
    #22
  3. vbplease

    vbplease Well-Known Member

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    Good luck finding an independent financial planner.

    Regarding residential property, I'd imagine it difficult to adjust from having no investments to an aggressive portfolio looking for growth, development, or value add.
    For income you wouldn't do it.. yields are too low.

    If it were me, I'd be looking to diversify.
     
    vbplease, 24th Oct, 2016
    #23
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  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Plenty out there. Check out the Dover group - not owned by the banks.
     
    Terry_w, 24th Oct, 2016
    #24
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  5. sanj

    sanj Well-Known Member Premium Member

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    There definitely are independemt and competent planners ane advisors
     
    sanj, 25th Oct, 2016
    #25
  6. dabbler

    dabbler Well-Known Member

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    @datto sorry old mate, but your getting rusty and slowing down, so I will have to take over on this one....

    What is his number ? :p
     
    dabbler, 25th Oct, 2016
    #26
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  7. Ouchmyknees

    Ouchmyknees Well-Known Member

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    Use financial planner charged by the hour. Good ones do this, however don't use the price tag as a proxy to quality, do your due diligence first, Also as TerryW suggested, try the ones not owned by banks.
     
    Ouchmyknees, 25th Oct, 2016
    #27
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  8. Jacque

    Jacque Jacque Parker Premium Member

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    Ditto a good independent FP as your first stop. There are some good ones out there who charge for their time and plans, and aren't just glorified fund salespeople. You are going to pay for advice, planning and a way forward however if you can find one you're comfortable with they can be completely worth it. I'd advocate looking for a firm with accounting and FP services as well as local referrals. For what it's worth, we have dealt with BFG here in Sydney and only have positive feedback from clients who have used them. Check out Suzanne, Broderick and the team and happy planning :) Home - BFG Financial Services
     
    Jacque, 25th Oct, 2016
    #28
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  9. Observer

    Observer Well-Known Member

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    If he is not interested in property then buying some ETFs/LICs with dividend income may be an option.
     
    Observer, 25th Oct, 2016
    #29
  10. Classics??

    Classics?? Active Member

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    Where abouts are these positive cash flow properties in Brisbane
     
    Classics??, 27th Oct, 2016
    #30
  11. Big Will

    Big Will Well-Known Member

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    All around
     
    Big Will, 28th Oct, 2016
    #31
  12. BillyN

    BillyN Well-Known Member

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    BillyN, 28th Oct, 2016
    #32
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  13. Tranquilo

    Tranquilo Well-Known Member

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    Me too and I keep learning everyday.
     
    Tranquilo, 30th Oct, 2016
    #33
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