What's the best strategy for me? Who to see for a plan?

Discussion in 'Investment Strategy' started by Sherl82, 11th Jul, 2017.

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  1. Sherl82

    Sherl82 Member

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    Hi all,
    I'm new to this forum. Looking for advice to set up a financial plan. How much to have a financial plan put in place? Who should be involved in planning? ie account, broker, property buyer and planner.

    A bit about me. I'm 34, living in Melb, currently have 70k in savings and have zero debt. Cash flow wise, I'm able to save 4k p/m. I'm currently earning 130k although 50k is ot.
    I looking to rent vest as I can't afford to live in the city.
    Im looking to buy a house or unit with CG in mind with the desire to buy multiple properties down the track.
    Should I just buy what I can afford now or keeping saving until I can buy a quality asset or should I take advantage of stamp duty concessions and buy a principle residence?

    Are there any recommendations of good investor savvy brokers in Melb?

    Cheers,
    Jay
     
  2. Jess Peletier

    Jess Peletier Mortgages, Finance & Property Strategy Aust Wide Business Member

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    Perth WA
    Hi Jay, There's a few good property brokers in Melbourne, Peter Tersteeg is well known on the forums. There's also heaps that can work remotely as well so check out the finance section of the forum and see who you relate too.

    Your broker should be able to help you plan your property purchases, a buyers agent will help you find them, and a planner will help you with the budget and cashflow, insurances and any non-property investments if you're interested in that. Some planners will help with property strategy too but they're harder to find. You will definitely need an accountant as well, but your broker 'should' have a good idea about this as well. The brokers here are all pretty on top of that side of things.

    Good luck!
     
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  3. Terry_w

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

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    A financial plan is usually what a financial planner does – which they now call a statement of advice or SOA. But a financial planner is only needed for the financial advice – none of what you have mentioned is financial advice.

    No licencing is needed for a property plan, budgeting, saving etc, but you should get someone experienced in these areas such as a finance broker or an accountant. Most won’t want to write up a full plan, without considerable charges, but they can give you some ideas at least.

    “should I” type questions ‘should be avoided’, and replaced with ‘what if’ type questions.

    You are probably best to get some ideas from the forum and then put in place your own written plan and then get others to critique it.

    Try Peter T in melb, he is a broker with many yeas experience – probably 10+
     
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  4. Ross Forrester

    Ross Forrester Perth business advisor and founder Business Member

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    What you imagine as a financial plan is best described as a recommendation to buy or sell financial products (insurance, asx shares or unlisted pooled investment products).

    If you do not want to buy financial product you do not need to engage a financial product advisor.

    Have a look at the service providers on this forum who can assist. The brokers often do this work as part of the deal to get the loan.
     
  5. MD90

    MD90 Member

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    I am unable to find Peter T? Can you please PM me his details
    Cheers
     
  6. ellejay

    ellejay Well-Known Member

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    Ask whoever you approach if they have time to take you on. Many brokers are very busy and you can spend a long time waiting for a reply that isn't coming.
     
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  7. Terry_w

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

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    @Peter_Tersteeg
     
  8. MD90

    MD90 Member

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  9. The Y-man

    The Y-man Moderator Staff Member

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    Hey Jay,

    Your post has a lot of questions in it ~ but the primary one "Looking for advice to set up a financial plan" - I think you already have one. Maybe you just need to sit down and really articulate it out more clearly.

    Im looking to buy a house or unit with CG in mind with the desire to buy multiple properties down the track.

    The Y-man
     
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