When it comes to buying property don’t "go it alone"
Yes, it is true that independent people are often some of the most successful, but there is more to the equation.
Remember the old African proverb:
“If you want to run fast, run alone. If you want to run far, run together.”
This applies to many areas of life and success… and just one of them is property investment.
Sure, you might feel like you have enough experience and expert know-how to ‘go it alone’, but with a good team around you, success can be even higher.
Think about it.
The property investment market is an ever-changing landscape of trends, rules, and laws.
And it’s become even more complicated over the past few years as the government, councils, and other interested parties put their ‘two-cents’ in to try to help with our housing supply shortage.
And that doesn’t even include constantly changing legislation around lending requirements.
This is the team you need to assemble
Smart property investors understand that they can never know everything there is to know in order to make the best investment decision 100% of the time. So in order to become a successful investor you need to assemble a highly skilled group of people to work with to help you with every step of the process.
It’s what I like to call my A-team!
Experts in the following categories would be a great start for assembling your team of experts.
1. A PROPERTY STRATEGIST
Now I know you may think I'm biased, because I am a property strategist, but I believe they must be a critical part of the team for all property investors. But be careful... a lot of people call themselves strategists when really they are either salespeople or buyer’s agents in disguise.
Your property strategist will be your guide along the way, your advisor, and your mentor.
The good strategist will discuss your future goals, your time frames, and your risk profile and then build your customised plan for your specific needs.
In essence, they will do three things:
Fix any problems with your current property portfolio. It's usually too hard for investors to subjectively assess the performance of their existing portfolio -you need an unreasonable friend to see your blind spots.
Prevent - Your strategist should prevent you from stepping on the many landmines that stop investors from achieving their goals.
Help you outperform the markets by giving you a plan that will tell you what to do and when to do it, where to invest, and just as importantly what not to do.
And then they will regularly review the performance of your property portfolio
2. A FINANCE BROKER
Property investment is a game of finance with some houses thrown in the middle, so it’s important to enlist the help of a mortgage broker to help you with your finances.
Having a clear overview of your finances, lending rules and requirements, and a direct line into the bank can give you a competitive edge both when it comes to securing your finance, and when it comes to purchasing a property as it signals that you’re a serious buyer.
A mortgage broker can help you find the most appropriate loan products for your financial situation and investment plan. They can also negotiate with lenders on your behalf if necessary, which can help ensure a smoother process when it comes to the final transaction.
3. A PROPERTY SAVVY ACCOUNTANT
Your accountant should not only look after your tax compliance but should give you structuring advice to allow you maximum flexibility for the future.
4. A BUYER’S AGENT
A property buyer’s agent is an independent person who works solely in the best interest of the buyer.
Their job will be to implement the property strategy your strategist has formulated for you.
They will help you find suitable properties for investment and can also help with any due diligence, negotiation, or bidding at auction and also the final transaction.
The added bonus of a buyer’s agent is that the right one will have in-depth experience in the property market you want to invest in, and should have access to pre-sale opportunities and relationships stable enough to secure the best deals.
5. A SOLICITOR OR CONVEYANCER
It’s vital that you engage with a solicitor or conveyancer to handle the legal aspects of your investment property purchase.
This is the person who will help you with the legal process of transferring ownership of a property from the current owner (vendor or seller) to a new owner (purchaser or buyer).
They will review the Contract of Sale, conduct necessary searches, liaise with the lender, and manage the exchange of contracts.
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