Paul Glossop: Well welcome again guys to Pure Property Investment one on one. Today I’m joined by Andrew Foo. Andrew is the principle of Apexx Wealth. He’s also a financial advisor. And what we wanted to cover today, Andrew if you don’t mind to, is probably talk about your role. And financial advisors are more so properly focused financial advisors in general. Their role in helping investors or would be investors get into the property market and how that financial advisor, financial planner should really be working with the client in the early stages.
Andrew Foo: Look, although as advisors we can you know direct clients to invest directly into property that’s your job. You know, we able to help give clients an objective view of “Okay, this is what you want. Right? You want to achieve you know this amount of properties over this amount of time, how do we get there?” You know, first we look at the cash flow and we look at any potential equity that they may have in an existing place or in their savings. And we form you know a projection of “Okay, this is how much we think you may be able to afford based on what you bring in and how your spending habits are.”
You know perhaps this is you know the price point you should be looking at, you know and this is what the potential repayments will be like and you know we project you know rental income obviously on a worst-case scenario just to make sure we’ve got a buffer. And from there you know if clients don’t have you know the right amount of equity or don’t have savings, we help put a cash flow plan in place to get them to get in those good habits of saving your money, building up a good nest and then using that potentially to get you know the first investment property or get your first home anything like that.
Paul Glossop: But it’s key I think you’ve probably put out a point there saying you kind of making sure that habits are right. I think Aristotle once said that “You are what you repeatedly do”. And making sure if you don’t have those habits in the early stages as far as savings or budgeting, your role might not be to say “It’s time to buy a property”. It might be to say “You need to start changing the way you spending or start to understanding where your money is coming in going out, to get you in the position in 12, 24, 36 months’ time to then therefore buy the property.”
Your role kind of sits right across the gamut right from property investors with big portfolios to manage cash flow and manager objectives right down to those early investors wanting to get into the market. And also like you said I think you pointed out the key is also understanding is this the right asset? Is property the right asset? It might not be, it might well be that they’ve got a diverse property portfolio and they may need to look at some kind of diversity outside of that as well.
Your role is probably look at it, like you said, holistically understand everything that they’ve got, where they trying to get to and how you can best probably project how we can get there in the best way and probably the most defensive way possible.
Again, it’s probably a little bit more of there’s a lot of detail behind that discussion and I think that detail probably needs to happen in a probably good 30 minutes to hour discussion around everything that you have.
And if you do want to talk to someone like Andrew about your position and how he can potentially work with you to talk about budgeting or strategies and objectives. Feel free to contact him on the details at the bottom of your screen. And likewise if you’d like to get touch with us, you can contact us at any time as per details below as well. And we’ll catch up with you soon. Cheers!
