Congratulations your have done it!! you have reached the point where you have accumulated enough cash or equity to set out and purchase an investment property and further your journey towards financial freedom. You have already done a lot of the heavy lifting needed to obtain a property but you will still need to keep your eye on things during the next few stages to ensure your money is well spent and avoid the hidden surprises.
Regardless of whether you have been motivated by an early retirement, passive rental income or maximising capital gains you will need support in managing your property empire. This is where is becomes important to build your team around you and ensure you take all the right steps to avoid costly errors.
Being involved in your property will be important but you are not expected to know every thing there is to know about property law, taxation law, town planning regulations and so forth. This is where your team comes in to help. And whilst your success in property will come down to your hard work and appetite for rewards above your normal income, your advisors will help you steer your way to success.
As the world continues to run at a faster pace then ever before most investors these days will be working full-time in some form of employment whilst building their property portfolio. It is because we are so time poor that more then ever you need to maximise the return you get on the time you have to spend on the property side of things.
So here are our list of the top 7 experts you should surround yourself with when starting out on your journey.
- BUYERS AGENT – We are rather partial to this one at Gold Property Partners and exercised a bit of bias by placing it at number one. A good buyers agent will become more and more a part of how property is transacted in Australia as we all look for convenient solutions to our time poor existence. They will source property, negotiate terms and ultimately work on your portfolio while you are working in your day job.
- ACCOUNTANT – Giving you timely advice of the correct structure of the purchase for asset protection and taxation.
- LAWYER – Not only used for the conveyancing, your lawyer/solicitor will be able to set up the structure correctly. This includes items like companies and trusts.
- INSURANCE BROKER – Not always will you get the best deal from your existing insurer. Whilst you may be entitled to discounts for multiple policies, using a broker will allow you to shop around and make sure you get the best deal. Remember you are now bringing new policies to the table such at Landlords insurance which your current insurer may not offer.
- MORTGAGE BROKER – For the same reasons you want to use an insurance broker you will want to use a good mortgage broker. Their role is to get you the best deal on the market. Often this means they will make your current bank work hard to keep your business.
- FINANCIAL PLANNER – Not every purchase will require a trip to see your Financial Planner however it is smart practice to meet with them seek advice about how to go about achieving your goal. In some cases a purchase inside your SMSF may be a real option and these professionals can walk you through the pros and cons.
- PROPERTY MANAGER – You have the property and now you are seeking the return. These professionals will find you a tenant and manage the property to ensure your investment remains well looked after. You could do it yourself however staying at arms length and paying a professional is another smart play. Besides your time is better spent finding the next great property.
So there you have it, if you take the advice of these experts and build trusting relationships then you will dramatically improve your chances in achieving your desired goals in property.