Some of these may surprise you:
- Friends
Yes- friends! Unless your friends are successful investors themselves- don’t ask their advice.
Some of them may be secretly jealous.
- Family
Same deal- unless they themselves are successful investors.
- Accountants
Now accountants can give good tax advice but they may not necessarily give you great investment advice.
Just don’t rely on your accountant as the only source of advice.
- Mortgage Brokers
Brokers make money when they sell you a loan, so it is in their best interest that you buy another property.
Just be careful, unless they themselves have a successful portfolio of properties.
- Financial Planners
Like mortgage brokers, financial planners get kickbacks for selling you certain products and they will point you towards the product that makes them the most money.
The moral of the story is- Get advice from people who have already done what you want to achieve.
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Why would you hand over your rental revenue to a property manager?
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