There are many places you shouldn’t go for property investment advice, unfortunately this is where most people actually get their investment advice from. I have outlined the 5 bad places people go for property investment advice.
A quick warning, some of these may shock you.
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5 Places NOT To Go For Property Investment Advice
1. Your Friends
Yes, your friends.
Your friends will probably try and talk you out of whatever investment you are trying to do because they want to protect you. They want to keep you in line with them, because you define their status quo.
Unless your friends are successful investors and they have invested before and have invested in the way that you want to invest, they’re probably not going to give you the best advice.
2. Your Family
Number two, family. Same deal.
They will probably try and give you advice, but they probably aren’t successful investors either and if they’re not successful investors then how good is their advice going to be?
Let’s say you want to learn how to be a great 10 pin bowler. Let’s say I’m going to try and teach you how to bowl a 300, but myself, I’m actually really bad at bowling. I might get 90, 100. How successful do you think you’re going to be at getting a 300 if you’re learning from me who doesn’t know how to get a 300?
It’s exactly the same with family and friends. If they’re successful investors, by all means, learn from them. If they’re not, by all means listen to their advice, but I wouldn’t necessarily take it.
3. Your Accountant
Accountants are generally not investors. They may look at how you can save money in tax, but they probably won’t give you great investment advice.
They will often give great advice around property taxation and managing your money though. But just be careful relying on them for advice on your top line strategy.
4. Mortgage Brokers
Mortgage brokers make money when they sell you a loan, so it’s in their best interests for you to buy a property and very few mortgage brokers will actually have a successful portfolio of properties. Be very wary, very careful when talking to mortgage brokers.
They understand loans and banks very well, but when it comes to actually making money from your investment, most aren’t as strong on that side of their expertise.
5. Financial Planners
Number five place not to go for investment property advice is to financial planners. Now this may cause some skepticism, some outroar, but most financial planners, I’ve found, are paid a salary and don’t live off their investments.
That is my goal, to live off my investments. If my goal was to live off a salary, then for sure, I would go to the financial planners and learn from them, but I want to learn from people who are already doing what I want to be doing.
You also have to be aware that many financial planners get kickbacks by selling you certain products, e.g. certain types of stocks or mutual funds.
They will obviously point you towards the product and the investment type that makes them the most money.So always do your own research.
That’s the five places not to go for property investment advice. I understand that’s a bit controversial, again, as I said, with some of those like friends and family, if they are successful investors, then by all means go to them.
The moral of the story is that you want to get your investment advice from people that have already done and already achieved what you want to achieve – or who are on that journey also. You want to get investment advice from people that are already in the financial position that you want to be in in the future.
If you want to learn more about investing in positive cash flow property, why not try my free audio master class series. Just go to here and enter your name and email address.