Hello all BP'ers!
I am looking for a financial advisory to help me with my roadmap in the REI and FI world. I have a lot of work to do and need some help. The financial advisors I have consulted with so far have been more "cookie-cutter" sorts who advise the same sort of slow lane stuff as they probably recommended to virtually everyone that walks in their door. I want to be more aggressive and focused on the best strategies for putting REI and wealth-building into hyperdrive. I am still in the beginning stages, but I would like someone on my team with an understanding of ambition and how best to proceed with real estate being the primary focus. I am based in Los Angeles for the time-being, with tentative plans for a move to Texas. I am open to a variety of options. Please reach out if you have any referrals or if you believe that you can meet my needs. Thank you!
Hi @Trevor Barrett I would recommend going to XYPN or NAPFA and using their Find an Advisor feature. You can search for location as well as keywords/specialties. There's not a lot of us that work with real estate investors, but there are some. If you want help on the real estate side of things, you really don't want to use a "generalist" financial advisor. Let me know if you have any questions.
@Trevor Barrett I'd look outside of financial advisors as when I was new I did the same and got the answer of 'buy REITs, buy blue chip stocks, stay away from risk, 2-4% a year is good move." We cant get to FI with this kind of return/mentality. Speak to as many REI professionals who are using RE to got to FI world. Lenders, realtors, owners, etc. They all have little bits of advice that can help you build what avenue or RE you want. You may discover a route that you hadnt previously thought of that a REI knows about but FI don't.
In this current market, you have to really search and make deals work as it takes much more effort to get to FI now than it did in 2010.
@Jonathan Taylor yes! You are absolutely right about the typical script for these advisors. You are also spot-on about the difficulty in finding fruitful deals. Hopefully we can all make it work. Best of luck to you.
Financial advisors, even those who call themselves "fee-based", are ultimately compensated from commissions on the investments they recommend to you. They may be good investments, but there is a built-in conflict of interest in most of the advice they give you. Telling you this as a former financial advisor.
Real estate gurus/promoters are ultimately compensated either by selling you their systems or coaching programs or by hoping that you will find them a deal to partner on. You do all the work, and they provide guidance, and you split the profit (if any) - this is how it typically works. As you can see, also some potential conflicts of interest.