Your property team

Also, the better your team the better your chances of success – so make sure that you choose wisely when you’re compiling them.

Your Team

A property mentor

This one is absolutely vital. A good mentor is going to be someone who has successfully invested in property using a similar strategy to the one that you’re considering. For example, you wouldn’t seek the aid of someone who has made money in commercial real estate if you’re looking to invest in residential property. Consider looking amongst your friends and family. Know anyone who has succeeded in property investment? They might be a good person to start with. A buyer’s advocate who is a property investor themselves and who has lots of experience in the industry is a good choice – because not only do they know the industry but it’s their job to help property investors like you become successful.

Solicitor

You need a solicitor who specialises in property investment so that they know the best way to read contracts and manage your legals. You need to be able to trust them to look after your conveyancing and other property related legalities.

Financial planner

This one is vital to your success, because they’re going to help you to structure your finances such that you can continue to borrow. They’re going to advise you on your financial position, superannuation, tax benefits and also ensure that you’re protected against anything that can go wrong. Note: By law, financial planners are not authorised to offer property advice, because property isn’t considered a ‘financial product’ as covered by the financial services license. As a result you may find that financial planners steer you towards products from which they gain a commission. If this happens be wary. You need someone who is going to play a role in the creation of your multi-property portfolio and who ultimately has your best interests are heart.

Accountant

Your accountant is going to be someone who understands tax legislation and can use the laws to the best of your advantage. Your accountant needs to be able to work out the best way to structure your finances and should ultimately have a solid understanding of property investment or even be investors themselves.

Mortgage/finance broker

Your broker needs to be a specialist in property investment who is on top of the latest lending criteria and who knows how to best structure your loans to help you leverage multiple properties.

And remember, if at any point you realise that you now know more than anyone on your team, it’s time to replace them!

So who should you ask out of your team about your property investment strategy?

Ultimately this comes down to asking one person’s advice who you trust, and this is usually your mentor or buyer’s advocate. They have the skills and experience to structure your property investment plan to get you to where you want to be. They can also map out your goals and ensure that every property that you buy matches up with your plan and goals. If you find yourself asking the advice of too many experts you might find that you become overwhelmed with information! If you have chosen a good buyer’s advocate or mentor you should find that they have sufficient information to help you.

Keep It Simple.

If your mentor can help you to find a good property and your broker has managed to get the finance, then why consult anyone else? These are professionals who don’t stand to gain anything from advising you incorrectly.

How Your Team Will Help You

Your mentor is there to give advice and ultimately may play a role in coordinating who you populate the rest of your property investment team with! They will hopefully have a network of brokers, financial advisors and solicitors who they can recommend for you.

Once you have started on the path to property investment, your broker will be working hard for you and focusing on structuring your loans to give you the greatest borrowing power. Your broker will be focusing on finding the best possible products for you that are best suited to your short and long term goals.

Your whole team will be coordinated by you and your mentor, so make sure that you have a good working relationship with them as it will be vital to ensuring your continued success.

Jason Paetow is the Managing Director of AllianceCorp, a buyer's advocacy and property investment company. Jason has over 15 years of experience in the property industry and is an expert at property investment strategy, and in coaching and working with clients to optimise their success through education and support. He is a qualified Financial Planner, Mortgage Broker, REIV Licensed Real Estate Agent and a Licensed Builder. To find out more, please visit www.alliancecorp.com.au.


Disclaimer: while due care is taken, the viewpoints expressed by contributors do not necessarily reflect the opinions of Your Investment Property.