All Forum Posts by: Jennie Berger

Thanks so much for your advice. He would be fee only. 1.5% of AUM taken out quarterly. I would be working with him throughout the year. I definitely want advice and active management because I don't have the time or know-how myself. I've been working with an FA for the last 3 years with Merrill/BofA and I'm just looking to expand my financial planning horizons since that institution is limited in what it can offer.

This new person would not be limited by institutional offerings as we'd be working through a company like Schwab or similar to hold the assets but they'd be actively managed by him and his colleague regularly.

As for financial advisors that work specifically with real estate investors--do you have anyone you recommend? Feel free to PM me. Thanks!

Thanks for your insight! It would be 1.5% per year of total AUM taken out quarterly. My brokerage accounts basically. He is an actual fiduciary however I didn't think to ask him about the tax and cash flow items. We would definitely stay in touch year round and my portfolio would be very actively managed and rebalanced on the regular, as needed. They would also advise on other products I can utilize to help me achieve my financial/larger lifetime goals (such as insurance policies, annuities, products that offer guaranteed lifetime income, etc.) I didn't realize a fiduciary for these types of things would also provide tax advice. Is that standard? 

Hi Y'all:

We're in the stages of possibly transitioning away from our financial advisor at a large institution to a third party custodian and hiring a true Fiduciary. The one I'm considering right now is fee based only and asking for 1.5%/year. It feels a little high to me, but I truly don't know what's fair, or what the going rate is. I know that they make money only when we make money, so they have a vested interest in doing well. Do you have any thoughts on this?

Thanks in advance!

-Jennie 

@David Levin Where in Chicago? I know downtown (North of the River, Loop, South Loop), studios are huge. They will always be in demand (as far as I'm concerned) because there will always be students, single people, and even young couples who want to live where the action is and don't want to (or can't) spend a fortune on living quarters. We rent in a small high rise in South Loop right now--2 bed/2 bath--and our building is at about 90% capacity on studio and 1 bed units. They're struggling to rent out the 2 bed/2 baths...

I am IN! Love the continued connections via Zoom but it's just not the same as meeting someone in real life. We live in South Loop and our properties are on the NW side of Chicago. So, anywhere that is within a 20-25 min drive would be OK for me. (Not that you have to book a location around us...just an FYI. ;) Thanks for suggesting this!

@Nathan Orta I'm with @Eric M. on this one. Any reason you wouldn't have a qualified contractor (or 2 or 3) give you some estimates? Their numbers are usually ballparks as well, until they nail down every single element with their own subs. But I believe they'll be a lot more accurate than us just tossing numbers around here...

@Taylor Repp 

So great to 'meet' you here and congrats on getting started! I'm in the process of getting my brokers license with the same intention as you. I don't plan to buy or sell real estate for clients. Rather, to be able to wholesale legally in IL and list my own flips to save a boatload on commission. I've not looked into them thoroughly so I'm not necessarily recommedning them, but I've heard a lot of positives about eXp. Have you heard of them? They might be just the type of entity you are looking for. I plan to do some more due diligence as I get closer to the end of my studies. Not sure how much support and training they offer, and as you mentioned above, that might be important to you... 

Best of luck and please keep this thread updated with your progress and whomever you ultimately choose to hang your license with! :)

-Jennie

@Nathan Orta Do you have a SOW or more details about what you're planning to do to complete this? That might help for a ballpark estimate...

@Derrick Hoffman How wonderful that you are open to and considering multiple avenues to further your education! 

I am a BIG believer in not only looking at the cost of any investment, but the return. When universities tell a parent their child's education is going to cost $50,000/year, they don't flinch. Most people don't think twice about whether or not the education at a traditional college is worth it. Yet, many people end up going to college (for the sake of going to college) to emerge with a degree in one hand, and a whole slew of debt and lack of direction in the other. 

I'm a huge advocate of coaching & mentoring programs WHEN they provide value, inspire and encourage me, and align with my goals. I'm not saying you should go spend 20, 30, 50, 100k on a coaching program. But the cost is 'somewhat' irrelevant to me as long as I know that the return can be multiples of that investment AS LONG AS I implement the tools & systems provided and KEEP GOING.

One key thing you mentioned about the seminar you attended that immediately raises a red flag: "The whole seminar used emotional tools to lead you to believe you will never be successful without them and was fairly off putting to me." That is off-putting to me as well. Any successful and worthwhile (IMO) education, coaching, or mentorship program would not be preaching or insinuating that. Are they trying to turn you off? I know that I am more likely to succeed if I surround myself with those who are successful and align with my core values. But I don't need you, or them, or anyone telling me that I will NEVER be successful WITHOUT them. That's just plain crap.

-Jennie

Welcome Charles! I wrote a post here on Bigger Pockets that may provide some value to you. Feel free to check it out. https://www.biggerpockets.com/...