In property investing it is extremely important to surround yourself with a good team. This reduces the amount of time you spend stuffing around doing jobs that someone else could be doing and gives you more time focussing on the most important things. A good team will make your life much simpler and will eventually allow you to do more deals and reach your goals quicker. Some of the members of your team should be:
A good lawyer: They understand property law, they can do background research on properties, check the title, correspond with the vendor/purchaser’s lawyer, do the conveyancing. You need a lawyer who understands property well. They should also be able to provide you with a list of their fees before you go into a deal.
A property accountant: Will be able to advise you on correct structures for asset protection and tax minimisation. They will also be able to help you with any expenses you can claim and aid in other things such as depreciation schedules. Your accountant should get excited about what your plans are and want to help you, they should not look at you as another pay cheque.
Mortgage broker: I think mortgage brokers are invaluable and I can’t believe I ever purchased property without 1. They do all the hard work for you in presenting your offer to the lenders, they also know the right lender to go to with your situation and can negotiate fantastic interest rates. Best of all mortgage brokers are paid by the lender so there is no cost to you.
Project manager: If you are going to do renovations then it is smart to have a project manager on your team to oversee the renovation process. They should be able to come in and give you a quote on likely costs and also give you ideas for the renovation. Renovations differ completely depending on if you are renovating to sell or renovating to rent.
Valuer: Needs to understand why you need the valuation as they can differ if you are buying, selling or refinancing.
Building inspector: If you are buying then you want a very thorough inspector. If your inspector doesn’t find anything wrong with the house then you probably need a new inspector. Use the inspector’s findings to negotiate a better price.
Property finder: If you are stuck for time a property finder is a fantastic edition to the team to go out and find properties that fit your criteria.
Real estate agents: Generally you want a good agent to sell through, and then you want as many agents working for you as possible, finding you properties which meet your criteria.
Mentor: I think everyone needs a good mentor; someone they can look up to and seek advice on investing from. They should be clued up on the techniques and tricks of the business and be willing to share them with you.
Can anyone think of any others to add to the list?