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Subject:
How do I find an excellent, well recommended financial advisor
Category: Business and Money Asked by: 870kdl-ga List Price: $30.00 |
Posted:
06 Apr 2005 08:28 PDT
Expires: 06 May 2005 08:28 PDT Question ID: 505752 |
How do I find an excellent, well recommended financial advisor? I have a couple of rental properties in the San Francisco Bay area, a location experiencing a great rise in house prices. I am looking for somebody able to generate informed opinions about where the economy is going, very familiar with 1031 exchanges and other tax minimization strategies, able to help me think through the decision of whether or not to sell at this time. This is a very important choice point for me, and I am willing to invest in getting it right. What am I likely to be charged for such a service? |
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There is no answer at this time. |
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Subject:
Re: How do I find an excellent, well recommended financial advisor
From: probonopublico-ga on 06 Apr 2005 08:47 PDT |
Whatever you are charged, there's no guarantee that you will be correctly advised. No one can predict the future. |
Subject:
Re: How do I find an excellent, well recommended financial advisor
From: 870kdl-ga on 06 Apr 2005 09:38 PDT |
Thank you for your comment, probonopublico-ga. I'm not looking for guarantees -just the best possible advice. |
Subject:
Re: How do I find an excellent, well recommended financial advisor
From: frde-ga on 06 Apr 2005 11:53 PDT |
1) Do your own research - wrong - dips*it managers will sell out good companies for a pittance 2) Follow the herd - and watch the revolving door There is a big difference between 'tax advice' and 'investment management'. |
Subject:
Re: How do I find an excellent, well recommended financial advisor
From: myoarin-ga on 06 Apr 2005 17:37 PDT |
Greetings, A good financial advisor is going to try to find out exactly what you want and need: immediate cash (not with an exchange, of course); better rental income than you are now getting; shorter or longer term future sale income; whatever. These are questions you can ask - and have to answer - yourself. Anyone "advisor" who is in the real estate business, may have plausible reasons why you should do an exchange, even if you use another broker, because that is his/her "mindset". My search with irs 1031 exchange found 23,000 hits, a lot of them real estate business related, of course. Here is just one link: http://www.realtor.org/libweb.nsf/pages/fg408 but it has links to other sites. You can gain a lot a familiarity with the subject by yourself. If you still have questions, you will know enough to be able to check if an advisor knows as much as you do or if he is pretending. And remember, any exchange will have a broker's commission, something an advisor may not include in his calculation. And if you were exchanging and buying a managed rental property, you would be dealing with a new party: reliability, cost, cost control in the future, rental contracts and their terms (time-wise, too), etc., etc. It's all questions you can ask yourself, and have ready to ask anyone you talk to. The SF Bay Area is a prime location. If/when real estate values drop there, they are going to drop elsewhere, but that is just one man's opinion, no advice. Ditto for my thought that it is better to have "a couple" of properties rather than just one. Thanks for your question. I didn't know about 1031, but should have. |
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