48 percent of Pters are equity Millionaires

[donna]

Whitt and Revdev worked it out that 48 % of Pters are millionaires and so it got me thinking about what Michael Yardney's article on 'Behind a Millionaire is a Great Team'

In his article he says:

As a property investor your Wealth Team should consist of the following key players:

·A property savvy accountant

·A smart finance expert

·A property investment strategist

·A solicitor

·A mentor or a mastermind group

How many of our 48 percent have all these experts in their team? Umm you don't need to be in the 48 percent to reply.

Cheers,

Donna

[srv]

Isn't that article more of a shameless plug to get more people to go to their seminars?

"One place to start may be at a series of property seminars sponsored by Property Update"

[donna]

Isn't that article more of a shameless plug to get more people to go to their seminars?

"One place to start may be at a series of property seminars sponsored by Property Update"

yes agreed that would be the underlying motivation for writing the article however I was wondering if anyone had these experts in their 'power team' - it's not unrealistic and may account for some property investors achieving more as a result.

We don't have a 'property investment strategist' however we are in the throes of getting a wealth consultant (could also be known as a financial planner).

Cheers,

Donna

[srv]

We don't have a 'property investment strategist'

That's you

[xris]

Hello Donna,

I believe I am one of the 48 % minority you refer to.

In answer to your question…

How many of our 48 percent have all these experts in their team? Umm you don't need to be in the 48 percent to reply

…this is my honest answer:

As a property investor your Wealth Team should consist of the following key players:

·A property savvy accountant

Never until after I became one of the 48% ers, and even now I would not include him as particularly property savvy, just a good accountant.

·A smart finance expert

Never

·A property investment strategist

Nobody, except myself perhaps and a book I bought from Whittcauls for under $20, (or was it under $15?).

·A solicitor

I have gone through several over time and have generally found them to be of average to low quality. I have commented on my opinion of the legal profession before.

·A mentor or a mastermind group

Never.

…………………….


I only wish somebody would pay me $2,999.00 for the above advice but alas, no. Too many people feel the inescapable urge to spend a weekend at a city centre hotel, be drip fed coffee and nibbles, learn how to chant, and all for the thrill of walking away with stars in their eyes and a depleted bank balance.

But you know me by now of course, nothing but a miserable old bugger.

xris

[Orkibi]

Anybody know a property investment strategist ???

Hadar

[donna]

SRV said it is us - we're the property investment strategist.

Cheers,

Donna

[artemis]

Umm, I have a solicitor.

I do keep it all simple though - no trusts for example.

Never been on a property course either.

PS Doing quite nicely thank you.
PPS My will is about half a page long.

[sheree99]

had a financial planner once

and their advise ended up costing me.. so never again.

I would suggest that a good % of landlords need a good property manager as many do not know what they are doing when it come to managing their property ,they don't know the RTA, and they don't treat it as a business

[Julian]

xris is on to a winning formula. It's called common sense and it can save a bundle.
Julian

[donna]

xris is on to a winning formula. It's called common sense and it can save a bundle.
Julian

I don't find accounting common sense and so I would never attempt to do it myself. Also for lending requirements having a CA (Chartered Accountant) produce the reports etc holds a lot more weight than doing it yourself (esp. if you are not qualified).

Just my opinion - of course.

Cheers,

Donna

[whitt]

I agree with Julian and Xris.

You dont need all those people in your team to be wealthy.

[Marcus]

I don't find accounting common sense and so I would never attempt to do it myself. Also for lending requirements having a CA (Chartered Accountant) produce the reports etc holds a lot more weight than doing it yourself (esp. if you are not qualified).

I couldn't agree more. I lack the time, patience, energy and interest to learn the expertise of Accountants, Lawyers, Mortgage brokers etc. Knowing/learning a little about each field can be helpful (or harmful in the wrong hands) but you can't beat having good "professional" advice at your finger tips when it counts. There are a lot of 0's in the property game so getting certain things right (contracts, structures, taxable activities etc) can literally make or break you. We have heard a lot of stories about those being "made" in the last few years, perhaps the next few years will be all about those being "broken". Cheap advice can be expensive.

Re. PMs. I have found thus far that I can manage without a paid PM. I find doing a few things well up front (before handing over the keys) can substantially reduce risk and safeguard income. I must admit though, I have considered taking on a PM from time to time but when I rationalise how much time I put in to how much I would be paying a PM, it makes sense for now to do it myself.

Cheers,
Marcus.

[muppet]

Hi Xris

You said:

and a book I bought from Whittcauls for under $20, (or was it under $15?).

Ahhhh, what is the name of the book please?

Regards

[Glen]

I use an accountant and a solicitor only, and neither of them investing in property themselves, but they both do a competant job.