# Lounge > Real Estate / Finance >  Independent Financial Planner recommendation

## tonytiger55

Is anyone able to recommend a mature independent financial planner? If they are Asian that is a bonus as elements of culture need to be factored in and understood (if that offends anyone, this is not the thread for you). 

Me and my partner are looking to buy a house. There are different ways to structure the financing. Ive worked in a bank a decade ago and my gf has a good understanding of money too. But I would like someone qualified with life experience to take a outside unbiased look. 

We have planned out 5-10-15 years. We have used conservative numbers. We have factored in renovating the basement (rental income, & secondary rental income), kids, change of vehicles, parents passing(moving in), utilties & bills, interest rate hike, ROI, possibility of one income in extreme scenario too. We do want to pay off the mortgage early. 
I looked at how the generation of my parents did things, looked at mistakes they made and things they did well. Things they also do culturally (rental income etc).

Do we go for something small and renovate over time($525kish), we would like to stay in the this range to pay off the mortgage early. Or go for something new and bigger ($750k)? If so how do we restructure our finances for this?

Can anyone recommend a Independent Financial Planner to go over our numbers. Or if anyone is qualifed on here that we can buy dinner/alcohol and have a chat one evening?
Any recommendation from fellow beyonders is appreciated.

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## Xtrema

Not financial advice...

Living with tenant in basement sucks. Would not recommend. May be fun for a few years while you are all 20 something. I would only consider it if you are trying to generate some income until it turn into MIL suite.

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## msommers

Raj to be perfectly honest with you man, I think you're far more qualified to make those decisions and calculations than any financial planner.

And there are always going to be surprises that no amount of planning can account for. Hope for the best, plan for the worst - and it sounds like you've already done that.

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## gwill

Your way over thinking things. You need a good mortgage broker.
They can sort out your debt ratio, rental income and crunch your long term numbers for you for wherever you think rates will be 5 years down the road.

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## tonytiger55

Thanks for the feedback guys. Maybe I am overthinking it. 
I was trying to see if there was any unconcious bias in how I was planning this out. If I missed anything.

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## gwill

only variable i didn't see was if your getting the house you'll plan to stay in for 15+ years. Lots of people buy and sell well before that.

Would you be getting your forever home in the lower price ranges? Might be worth getting a realtor to show you what the different price ranges get you.

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## msommers

Yeah good point. And if you're a poor like me who won't be sending their kids to private school, consider the schools your community is designated to.

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## ExtraSlow

Schools and walkability are pretty important for parents, because school busses are awful and unreliable.

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## Xtrema

> If they are Asian that is a bonus as elements of culture need to be factored in and understood (if that offends anyone, this is not the thread for you).



I don't understand this angle. Is your GF Asian? Asian finance habit does varies and depends on environment they are brought up.

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## jabjab

> Not financial advice...
> 
> Living with tenant in basement sucks. Would not recommend. May be fun for a few years while you are all 20 something. I would only consider it if you are trying to generate some income until it turn into MIL suite.



I know a few people who have done this but it was a legal suite with a separate entrance. I believe they put in extra sound proofing and hadn't had an issue but they had also had good tenants.

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## littledan

ya its never an issue...

until it is. i.e. tenant leaves stove on and burns down your house with you inside. Or leaves windows open in january and freezes your pipes.

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## tonytiger55

> only variable i didn't see was if your getting the house you'll plan to stay in for 15+ years. Lots of people buy and sell well before that.
> 
> Would you be getting your forever home in the lower price ranges? Might be worth getting a realtor to show you what the different price ranges get you.



Yes. Thats what we are trying to figure out. Buy the home and renovate over a number of years. Or maybe not. We are looking at different scenarios.
There are other variables that play into that. When we factor in a small timeline, parents passing, kids, what type of lifestyle do we want? There are other variables that will have a impact I wont mention. We are just being sensible to consider them and make a informed decsion. 
We have looked at a few homes to get a feel. Its a ongoing process.




> Yeah good point. And if you're a poor like me who won't be sending their kids to private school, consider the schools your community is designated to.



We thought about this. But all in all. If I am brutally honest. I am not too bothered about the schools. Calgary is pretty much Seasame street if I am honest. The schools here are not as bad as the school I grew up in. The main concern is marxisim and its social indoctrination which is a Canada wide thing. I mean the worry is if we have kids and the child comes home and identifies as a brocollie or a carrot. At that point I'l ship them to the UK Prince of Bel Air style to live with thier aunts. 




> I don't understand this angle. Is your GF Asian? Asian finance habit does varies and depends on environment they are brought up.



Yes she is. I am east Indian. You are right it does depend on the enviroment they were brought up in. 
Its more to do with culture and not having to explain things. i.e If a parent passes away, there is no issue of them moving in. Finances, food, cultural practices (altars etc) or religious customs, how the household functions and layout. It makes things easier. If someone is not familair with that, then havng to explain that can be a pain sometimes. Understanding it is a different thing too. 
In the current political enviroment that is really offensive to some people.

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## schurchill39

> in the current political enviroment that is really offensive to some people.



i'm appauled!

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## Xtrema

> We thought about this. But all in all. If I am brutally honest. I am not too bothered about the schools. Calgary is pretty much Seasame street if I am honest. The schools here are not as bad as the school I grew up in. The main concern is marxisim and its social indoctrination which is a Canada wide thing. I mean the worry is if we have kids and the child comes home and identifies as a brocollie or a carrot. At that point I'l ship them to the UK Prince of Bel Air style to live with thier aunts.



I believe what he meant about school is space and grade availability in the neighborhood. Public school ain't bad but getting in within same neighborhood is an hassle unless you don't care about bussing your kids all over town.

Years ago friend has to move from Mackenzie Town to Lake Bonavista just so the kid can go to Grade 1 that's close to home.

Another one is now stressing since the public school in Mackenzie Lake only goes to Grade 5 and has to find a place for daughter to get into Grade 6 and beyond.

A third one rented a condo in Mission for 3 years so his kids can go to Western.

So I would not consider this as forever home until you actually started to have kids OR get your schooling sorted out before the purchase and hopes the game doesn't change while kid is growing up.





> Yes she is. I am east Indian. You are right it does depend on the enviroment they were brought up in. 
> Its more to do with culture and not having to explain things. i.e If a parent passes away, there is no issue of them moving in. Finances, food, cultural practices (altars etc) or religious customs, how the household functions and layout. It makes things easier. If someone is not familair with that, then havng to explain that can be a pain sometimes. Understanding it is a different thing too. 
> In the current political enviroment that is really offensive to some people.



If you are used to multi-gen households, it's just that. More income on the same cost as long as everyone get along.

My suggestion is looking at properties that has potential for laneway house depends on how many parents you are potentially taking in. So if a fight does break out, they can isolate and cool off. This may sound sexist, more than 1 female per kitchen is a bad idea.

Also, eventually you will have hire help or ship them off to assisted living facilities anyway. Even if you have the time, you won't have the skill to deal with old people in their final years.

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## killramos

It’s sounds like you might need more than a financial planner.

Maybe a guru of some kind?

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