NC/VA asset management/financial advisor?

Question

Hi all, been lurking for a while & doing weekly webinars/podcasts. Very excited to be a part of this community and by what I’m learning!

Approx 15 years ago, through inheritance, helping out a friend in bankruptcy, and just because we enjoyed rehabbing houses, my then-husband & I found ourselves the owners of 5 SFH. We owned 4 of them outright. We jokingly called ourselves "house hoarders." We had no plan. Rented one house out because we couldn't sell it in the 2008 market. When I asked both my banker and CPA how we could leverage/structure some of this to build wealth/reduce taxes, we got incomplete advice that steered us away from pursuing (knowing what I know now, neither were investor friendly/savvy).

Fast forward to now (with eyes open!): those houses are gone and I want to start over in a way that will allow me to replace a portion of my income within two years (beyond that, I’m flexible). I don’t qualify for conventional mortgages.
To help me forge this path, I’m interested in guidance on asset protection/tax strategy/real estate investment strategy. Something like what Anderson Advisors appears to do, but less opaque.

1.Is this one person or three? 2. What are they called?

3. Are they a fiduciary?

4. How do they typically get paid: flat fee? Or based on some sort of percentage?

Thank you in advance, REI hive mind.

Sabine French

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Sabine French · Answer

Thank you for taking the time to respond, Basit. I realize I need to be clearer!

By grouping real estate investment strategy/tax strategy/asset protection together, I did not mean to imply an order of importance or priority. In my mind they are intertwined and I’m unclear if there is a single professional who can advise me on all three.

To that end, when I asked “is this one person or three,” I meant that literally —will I need to find three different professionals to advise me on each of these categories or is there a professional who advises on all three (and, if so, what would they be called?)?

My question regarding flat fees and fiduciaries was so that I could understand in advance what the industry norm is.

Thank you.

Basit Siddiqi · Answer

@Sabine FrenchYou put "real estate investment strategy" 3rd after asset protection and tax strategy.I would like to emphasize that real estate investment strategy(if that is the path you go for wealth creation) should be first and foremost. Asset / tax strategies should be discussed once you know your investment path.If your questions at the end were geared towards Anderson Advisors - I think its a larger firm than just 3 people. If they offer a free 10-15 minute consultation - I would ask the remaining questions directly to them.