Do you fix the plumbing in the toilet at your home?
Do you prescribe yourself medicines (unless of course you are a doctor?!)?
Do you service your own car?
Or do you work with an expert?
Some people like to “Do It Yourself” (DIY) and that is totally fine. The result you will get will be similar to…..
….fixing your own toilet
….mis-prescribing yourself medicines (if the pharmacy lets you have them…)
….or not even servicing your car once a year…soon you will be with a car not looked after – needing you to change your car more often than you have to…
Myth#3: I can ”Do It Myself” (DIY) or just ask my local banker (Specialist vs Generalist Advice)
When investing in property it’s important to consider who you’re taking advice about finance and property? It’s not uncommon for people to seek advice from “Aunty Suzie, cousin Jack, colleagues, friends or parents”.
It’s incredible, how people take years to build up savings and equity….and then rely on these 4 things…
- A 5 minutes of “Google” search (which ONLY shows you the lowest rates– try it!)
- Going to a bank’s online calculator to determine what you may be able to borrow for your next investment (this calculator doesn’t care about your long term goals or drivers!!)
- Walking into a branch and getting that approval in 30 minutes (again your long term goals – were they discussed? Did you maximise opportunities available to you? Did you receive a ‘step by step’ strategy tailored to your goals & circumstances?)
- Often what we hear is….my brother in law started a loans business part time and has hooked me up with an investment loan (So…did you consider YOUR long term goals? is there advice about how you can grow to your next investment property? Did you receive a ‘step by step’ strategy?)
That’s like going to a GP when what you really need is a specialist surgeon!
REALITY: Pay Less NOW & Pay More LATER
Ultimately you pay for it. The costliest advice you will receive will be for “free”. This comes to both home purchase and to building investment property portfolios.
If you wish to do without a ‘step by step’ strategy, there will be a lot of “free” advice available to you – on Google or by someone providing you with their “free” research on where to buy and ultimately be in a sales situation that doesn’t serve you.
You don’t need a ‘human search directory’. You can do a ‘free” search on Google for the lowest rate, fees & charges and instead ending up without a strategy, but with something to keep you stuck for the long term.
You need a ‘step by step’ strategy tailored to your circumstances.
And it’s NOT ONE SIZE FITS ALL!
This strategy takes into account your holistic situation and it ensures you have a roadmap to take action for investment property 1, 2, 3 and beyond. Whilst ensuring you prioritise paying off your non tax deductible debt faster and maximise flexibility at the same time.
Finance & Investment Strategy comes first and then come the property portfolio – STEP BY STEP with a tailored strategy.
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Note: Please ensure you always seek specific specific credit, tax, financial, legal or investment advice. Property Twins' Blogs are not a substitute for personal and specific, taxation, financial, legal or investment advice
