Something I have learned over time is that getting the right people to support you and work with you is very important. We can know a lot about many things, but you will not understand it as completely as the guy who does it all day every day for many years.
Thus, we assemble an excellent team around us to make our journey easier, more educational and more successful.
Whom do you need in your Property Investment Team?
An excellent solicitor who specialises in property:
The law can become very complex and nuanced with many different little things, get someone who deals with property law all the time. Yes, it is nice your cousin has a law degree or one of your old school friends has a law degree, but if they do not practice property law, it will only cause more problems. The number of times I have seen deals fall through due to incompetence on the side of a solicitor who does not deal with property is shocking. This just wastes time and money for both sides of a transaction; please hire a specialist property solicitor.
An excellent agent who works in the area you are interested in or deals with the kind of properties you are looking for:
A good agent is worth his weight in gold, do what you can to find the very best ones who deal with what you are looking to invest in. Make sure they have a strong record and have a passion for what they do. Here you want someone who wants to help you achieve your goals and their own. Not just someone who processes transactions.
An excellent mortgage broker if you are going to mortgage your project:
Mortgages, especially mortgages for investment properties can become very complicated or very expensive if not handled well from the start. A well-connected broker with a keen understanding of investment mortgages will be invaluable. They are also able to save you money from day one of your ownership with lower mortgage fees, better interest rates and putting together a deal that suits your outcome best.
An excellent tax advisor:
That second certainty of life, TAXES. When you invest, you need to be sure that the way you structure your investments is tax efficient and tax compliant. A tax professional will help you optimise your investment financially and ensure that the money that's due to you comes to you.
Speak with a few people in each category before you make a decision of whom you will try out. Make sure you have some fundamental questions you want to ask them before you meet and make it very clear to them what you want and expect from them. Also keep in mind that while you are interviewing them, they are evaluating you. People who are very good at what they do won't just take the time and energy to take on any new client, your requirements and drive and projects need to match with where they are heading as well. It is a mutually beneficial relationship.
When you choose these people carefully, and with proper due diligence, then these people will make your life a lot simpler. They will bring so much value to you and your property investments.
Want to discuss how you can best assemble your team, or which other professionals might be valuable to have on your team, comment below or contact me directly.
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