We need Financial Advice

Hi peeps,

Would anyone recommend a financial adviser? (ideally in Perth). We aren't after an ongoing thing or investing further, more really advice on our current sitatuon. Any recommendations? Thanks

 

I've never met a good one.. I'm not saying they don't exist though.
Are you actually after a financial adviser? or a savvy accountant? or a tax lawyer for smart re/structuring?

What sort of advice do you want from the review of your current situation?

 

We basically have a ppor which we would like to move away from as we need a larger residence but we also have two IPs that have dropped in value terribly. One of us wants a fire sale the other wants to hang on, not sure wtf to do, can't see Perth property prices increasing enough to a "break even" stage for atleast 5 years for us.

 

I doubt that paying someone for advice will get you the outcome you're looking for. There are other threads on here around cutting your losses on IPs.. checkout the Gladstone stuff.

Otherwise if you want to use this thread to ask for opinions.. I'm sure there'll be plenty!

 

You need to find some one who can model out your scenario.
Ultimately you need to make the decision without any influence of invest in XYZ product.

 

I highlighted the word 'good' for emphasis.

Be very careful whose advice you seek/take.

We bought our first IP in 1992 for $125,000. Eight years later, our accountant at the time, told us we had bought a lemon and we should sell it.

Luckily for us, we were too busy with our business to sell it.

Today, it is worth at least $625,000.

Sweetest lemon we have ever bought!!!

 

Throw up a poll and go with the majority vote.
Most people on this forum are reasonably smart.

 

Are the IPs rented? What's the cashflow like? What's the loss like if you sell?

 

Basically we would lose about 120k if we sell our IP's. Rent is ***** too of course...we aren't struggling to make ends meet but we don't want to be shovelling **** up a hill either.

 

I know the feeling. Where are your IP's?

 

Couple of questions:

1. Do you need to sell the IP's in order to move into a newer larger PPOR?
2. If you both agree to sell the IP's, and then within the next 12 months IP's picked up in value, are you going to be kicking yourselves. But more importantly, will you blame each other and start WW3?
3. If you both agree to keep the IP's, and they continued as they are, are you going start blaming each other and start WW3?
4. Is the reason for looking for a Financial Planner to find a scapegoat to blame if things don't pan out as projected?

The answer to your solution lies within yourself. No one is going to be able to answer it for you. No accountant / broker / financial planner in my opinion.

 

Better make sure you get a truly independent financial adviser.

Otherwise they are just salespersons and you will end up in some managed fund or else holding further unwanted repossessed properties in mining towns that the bank (that they work for) wants to unload.

 

The OP isnt seeking financial advice as such. I speak to 2-5 people a week who ask the same question. The danger is the "advisers" they gravitate to will flog them another property as they are a one horse race - ie buy more !! Financial advisers will charge a bomb to give real advice and thats not what they seek. Advisers are often product sellers.

I believe the OP needs tax advice concerning options for CGT, main residence choices and how to possible effectively exit some property for minimal cost so that a better tax outcome occurs. Walking through the options often discloses some clear issues to follow that minimise loss.

 

Do you provide these services Paul?

 

I've found the best financial advisors I've met aren't actually financial advisors. Or accountants. They've been mortgage brokers. They need to understand the rules of the game better than anyone else so their depth of knowledge and ability to strategise is generally quite good.

 

Problem with this is that brokers aren't licences to give tax advice - this scenario sounds like a tax accountant would be their best bet.

 

I would suggest an accountant for specific advice, but in the meantime posting up scenarios on the forum will give you heaps of different opinions that you can further consider.