Build Your Property Investment Dream Team
All successful investors have a team that helps them to build a multi-million dollar property portfolio
. This is a vital ingredient to their success.
The first person you should have in your team is the right solicitor.
Property Solicitor/Conveyancer
These are the criteria to select the right solicitor:
1.Has investment property themselves
2.Has a positive mindset
3.Must be very experienced with property contracts and off the plan contracts
The wrong solicitor will usually advise you not to invest and tell you bad things about property. This will scare you away from investing. If you want to succeed as a property investor, get a good solicitor who is empathetic to your needs. They should encourage you to invest instead of discouraging you.
My solicitor fits all of the criteria above.
Accountant
These are the criteria to select the right accountant:
1.Has a positive mindset
2.Has investment property themselves
3.Specialises in property investment - they will know what to claim for depreciation to maximise tax benefit
Financier
These are the criteria to select the right financier:
1.Preferably owns multiple investment properties.
They've done it themselves or they have helped others to get finance for multiple investment properties, so they can help you to structure the appropriate loan.
The financier should analyse the client situation first before recommending the type of finance.
Don't put all of your properties in one bank. Each property should be put in a different bank. Don't put all your eggs in one basket.
2.Sets up your loan correctly so that it sets you up for your next investment property.
Maximises your borrowing capacity.
Saves you money.
There are over 20 banks around. Some banks inevitably offer better deals than others. A mortgage broker has access to more than 20 banks. They know what deals each bank is offering, so they can select the best bank for you e.g. a 0.2% difference in interest can save you thousands of dollars over the period of a few years.
And last, but by no means least, the final member of your team should be a good property investment advisor.
Property investment advisor
These are the criteria to select the right property investment advisor:
1.Must have a multi-million dollar property portfolio
If they have 0, 1 or 2 investment properties, obviously they haven't got the result that you want so how will they be able to help you?
2.Must keep up to date with property trends
3.Must know where the property hotspots are
4.Provides facts and figures
5.Looks after your best interests
6.Is there with you for the long term
7.Guides you in the right direction
8.Must encourage you and coach you to invest
I have all of these people in my team and they work together with me to help to build me a strong property portfolio.
You can be the best in your profession e.g. a doctor or an accountant, but if you try investing on your own through trial and error, you may make costly mistakes. Some mistakes that can easily be made in this way include:
* buying in the wrong location
* buying the wrong type of property that is not the best fit for your financial situation
* buying a property and then finding out you can't afford it
* not buying the right mix of property
* putting all of your eggs into one basket
You can minimise all of these costly mistakes by having the right team at the outset. Let your dream team fast track your success and make you wealthy. All the best athletes in the world such as tennis players and football teams have coaches - it's wise for you to do the same. There are some people that make many mistakes through trial and error with property investments and then go on to eventually
become successful, but this can be very painful and cost the individual a lot of wasted time and money in the process.
I am certain that, if you ask these individuals about their experience, they will tell you to avoid reinventing the wheel and to learn from someone who already has the experience and result that you want.
by: Nhu Sang Duong
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