team

Hey guys,

Who's the first person you would add to your team when it comes to finding deals that are right for your needs? In simpler terms, who professionally can help plan a portfolio which can be tracked and updated. Im looking to take the next step in my journey and wouldn't mind a bit of help with the search process and mapping it all out.

Cheers

 

Hi there and welcome

I assume you already have a mortgage broker?

MTR

 

No, but maybe that's what i was after. I'm looking for someone to help plan my journey. Plan my work then work my plan..... I'm getting the vibe that there are a few on this sight which is great! What is it that I should look for in a broker?

 

There has been some major changes recently that may impact on your capacity to service loans. First you need to know what you can borrow and move forward from here.

I suggest you read posts by various mortgage brokers on PC I can recommend Shahin, Elite, I am sure there are also other brokers that can help

MTR

 

ok, thanks for your help. i'm about to come into some funds but want to know how to structure for long term.

 

In my opinion, first person you need to add is yourself. I see too many newbies (not saying this is you mate) looking all over the place for people to do the work for them, yet they have done little to no reading and learning on their own. It aint ever gonna be successful that way.

List of people to add:

1. Yourself (most important)
2. Finance broker
3. Conveyencer
4. Accountant

Add more later. Those for a start.

 

First cab off the rank would be a good Accountant,that you can talk too face to face and one who also invests ,and someone that explains what to invest in and what not to invest in ,because the amount of people that walk through their door each week if a high % are investors not only in property then the see the cold hard facts in black and white,not the ones that live in social arcadia la la land..good luck..

 

Don't forget a good QUALIFIED Property Investment Advisor. This is different to an financial planner/advisor, different to an accountant, different to a broker, different to a buyers agent, this is where you will get benefit from setting investment goals and objectives and creating a strategy to help achieve your goals - what is the best use of the capital you have access to and what is the best use of the cashflow you have available (balancing the household budget with investment goals).

I would suggest checking out http://www.pipa.asn.au/ for more information.

 

What qualifications and study does a "property investment advisor" have to do?

 

HI Bryan,

I am sure there are some good Property Advisors out there worth their fee mate. I agree with you. I would just be very, very careful of who someone chooses.

Anyone going to one of those people, make sure they have a substantial successful portfolio of real estate and if they aren't willing to be transparent with you with that then walk away fast. Just my opinion. Also get a fair few references from clients they helped. Just because they may have an impressive portfolio, doesn't mean they got it by actually helping their clients much!

 

Agree Leo - but that's the same with any service provider/advisor - do your background checks and due diligence. A Financial Advisor pushing you to invest in shares when they don't invest in shares is just as common and scary!!!

 

Check out the PIPA website - there is specific qualifications around providing property advice - which if not qualified a suburban financial planner/advisor is not able to provide this advice. Something a lot of people don't realise.

 

Is PIPA the governing body to be the only ones providing QPIA? I mean, membership fees range from $100-600/year (which is cheap), so how does someone know that the member is trusted? I guess the only way to do so would be if PIPA was the governing property investment body in Australia and have strict regulations on becoming a member. Seems a bit easy to join tbh. Going through the list one of the biggest property spruikers around (who I had multiple meetings with) has a QPIA qualification...

 

Doesn't look to be hard at all, pay some money and complete 6 modules - similar to being a financial planner?! Why would you bother getting someone with such useless experience on your team?

 

Hi ST,

I personally know of 1 QPIA person who has a very successful portfolio and understands property investment very well and is a great mentor. But I do overwhelmingly agree with you that the qualification is not worth much at all. If someone is going to mentor or advise someone else for a hefty fee, they better have a good track record of investment property success and have their own substantial portfolio first. Otherwise they are a waste of time and money, imo.

 

Agree with Leo that you need to invest in your own education first of all. Do some reading, ask questions, research, plan (what are your long term goals?) and take action to achieve outcomes. Investors can have the best intentions, but until they actually take the first steps, it's all theory. Once you've bought the first property (via yourself or a professional) it does get easier.....

1. A good broker who can assist with loan structure and setup
2. Your accountant/solicitor also for structure and tax planning
3. Fellow investors/mates for support network and idea-pooling/motivation
4. A good Buyers Agent (if not going it alone or buying out of comfort zone/area/time poor/lacking confidence/negotiation skills)

As for property advisors, as others have said above, ensure you obtain advice from an appropriate, qualified, experienced and independent FP/advisor (tricky to identify these days but ask upfront for all disclosures of fees/rebates/commissions) and not just one who's a glorified fund manager salesperson. The entire industry is undergoing review (as it should be) but independent advice should be a fee for service and be representative of your best interests for your individual financial circumstances. Beware of advisors pushing OTP or house and land packages for which they "may" receive a commission- the industry is rife and you need to always ask the question "Why is the advisor/planner promoting/recommending this particular product/asset class?"
Best of luck in your journey.

 

Agree 100% with Jacque. Its so dishonest and cruel imo. Unsuspecting people are often steered towards any kind of dwelling that the 'advisor' gets a large commission from and other kickbacks, not caring about the person who has just committed hundreds of thousands of dollars and how they end up in all this. People need to be extremely careful as who they pick to advise them.

Off topic a bit but with regards to a BA, I can say very confidently that Jacque from House Search Australia is as ethical and honest as they come.

 

Couldn't agree more Jacque - not sure your exact thoughts, but my understanding is that a Property Investment Advisor should be giving advice on structuring and strategy - but as soon as they start giving specific advice around locations or specific properties alarm bells should be going off! Executing a strategy is a completely different profession and requires completely different experience to preparing one.

 

I haven't read the replies so far but from experience:

- Read and Educate yourself on how others have done it

-Have a mentor that has succeeded in property investing/ developing

- make good friends with onthehouse.com.au, Realestate.com.au, residex.com.au etc

-An accountant who knows trusts and property

-A solicitor/ conveyancer to look over contracts

-An excellent Broker

-If you are going to be doing renos or small developments some Trusted tradies or builders to offer advise re: costs

- get to know the Realestate agents in your preferred area really well until they realise you are a serious investor so they can come to you with off market properties

 

Great post and advice!