It has been an exciting weekend for me.
I just got back from visiting my daughter who had her third child.
That’s my tenth grandchild and a great reminder of the important things in life.
In today’s podcast, I answer the question of who should you ask for property investment advice.
With so many mixed messages and vested interests, who can you really trust?
In my mindset message I’ll be sharing messages from one of my mentors Jim Rohn.
Who Do You Ask for Property Investment Advice?
Options that may not be the best:
- Many people ask no one – which might leave knowledge gaps.
- Friends and family may have good intentions, but may not be experts.
- Real estate agents work for the vendor and most don’t own any investment properties.
- Mortgage brokers may not understand the market enough to advise you on what an investment grade property is.
- Accountants don’t have an intimate knowledge of the property market.
- Financial planners are licensed to sell financial products, but most aren’t able to advise on real estate.
- Property marketers are sales people selling a “product”.
- Invest seminars and workshops. Ask if the person conducting the event is an expert and how have they made their money.
- Many people who claim to be mentors can be property sellers in disguise. Be careful who you choose.
- Buyers agents are usually just order takers and don’t take into account your long term strategy.
- Find a trusted advisor who can help you devise a strategy that sits behind your property investment decisions.
- Following the teachings and systems of those that have already achieved what you want to achieve.
- A trusted advisor tailors their recommendations to your personal circumstances and warns you of the possible risks.
- The first question you should ask is “how are you getting paid.”
- Experience takes years to acquire and comes at a cost.
Mindset Message: Two choices we have in life from Jim Rohn
- Make it less than we have the capacity to be. This can lead to a life of apprehension
- Become all we can possibly become and do as much as we possibly can.
Ken Raiss: Can you claim negative gearing when you own a property in a trust?
- Negative gearing is not a property investment strategy. It is a finance situation at a moment in time.
- Some trusts allow you to take advantage of negative gearing, but the ATO puts restrictions on these.
- Other trusts will let you carry the loss foreword for future years.
- There is no right or wrong answer – the type of trust you should use depends on your individual circumstances and you need specialist advice.
Links and resources:
- Michael Yardney
- Rich Habits Poor Habits
- Jim Rohn
- Ken Raiss
- Metropole Wealth Advisory
- Episode 1: What Makes an Investment Grade Property
Favourite quotes from this episode:
“If they are not financial experts, don’t ask them for financial advice.” Michael Yardney
“If you are interested in getting proper financial advice, you just need to find the right advisor who understands all aspects of investment.” Michael Yardney
“Most wealthy people have trusted advisors and are prepared to pay for them in all areas of their lives.” Michael Yardney
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