Meet Mike, a property investor who came to The Wealth Centre to purchase his 4th property. Mike was doing well, he had his owner occupied property, two investment properties and was purchasing his 4th. During the purchase Mike was advised by The Wealth Centre of the importance of an asset protection strategy, as it was clear to the Trusted Advisors that Mike’s portfolio was extremely venerable as it was cross collateralised. On advising Mike of this venerability and the need for a protection strategy, Mike acknowledged he understood the purpose and benefit of an asset protection strategy however he deemed that getting his finances in order was just too hard! If only he had, as when he attended his next Annual Financial Review at the Wealth Centre, Mike explained how he had lost his job in the resources sector and had not been able to source employment for nearly 12 months. The pressure on his personal cash flow from holding 3 investment properties was unstainable, and because Mikes properties were cross collateralised, with no asset protection the bank forced him to liquidate his best preforming investment to hold onto the other properties. If Mike had taken The Wealth Centre’s advice he would have restructured the lending portfolio, obtained asset protection and still be able to hold all of his properties today.
About thewealthcentre
Ian Barr is a successful property investor, mentor and founder of The Wealth Centre. He comes from a rural background, commencing his working life as a third generation farmer, managing and eventually owning the family farm in the Western Australian North Midlands region.
The first 14 years of his adult working life taught him vital life survival skills while providing the essential support for a young family. These events eventually lead him to teaching agriculture based programs at Northam Senior High School along with voluntary community work. During this time he discovered his ability to communicate and mentor people in many fields.
Ian got involved in the real-estate industry to understand how the industry worked, find some mentors and discover the blue print to using property investing as a wealth creation business.
Through his successes in property investing, combined with his acquired mentoring skills he took the leap into property advising by joining one of WA’s leading boutique property investment groups.
Through natural progression he was involved in a number of property groups in Perth over a period of some 10 years. Disillusioned by the inabilities of these organisations to provide blue ribbon customer service, the timing was perfect for Ian to realise his passion for helping people and create “The Wealth Centre”.
Like so many of us, Ian has had his personal challenges including separation and divorce. However, today he is a happily married to an amazing woman, Trish, and together they are doing their best to assist their blended family of adult children and precious grandchildren to build a financial legacy for generations to come. His combined life experiences allow him to be the perfect mentor for those who want to increase their personal wealth.
