Team work makes the dream work.
I was at a panel discussion this week for property investors and it really reminded me of the saying "team work makes the dream work".
Getting a team around you is one of the smartest things you can do to achieve your property goals. Build your "Dream Team" based on your goal, your unique needs, experience and knowledge and you will find that you have a team of supporters offering you great advice and information. This will ultimately make your property goal much easier to reach and help you avoid costly mistakes.
For those starting out in property investing, looking at developing/renovating a property or buying a different type of property (ie a farm or commercial business) or
just upscaling everything into a bigger portfolio of property investment (such as a multi-unit property or a multi site sub-division), there are a number of people you may want to consider having on your "Dream Team".
First on the list is a Mentor. Someone who has "been there, done that" and has done it successfully. They key here is "successfully!!". Take them out for coffee, ask questions, see if they are willing to share their learnings and if they can offer you real, practical advice and support your goal. If you find one of these helpful mentors, nurture them and remind them how much you value their advice. Your local Property Investment Association can be a great place to find one of these like minded, experienced mentors who are willing to share their experience with you.
Now, some other important experts to consider for your "Dream Team":
1. A Real Estate agent/salesperson - someone who knows the specific property industry you are looking at, knows the geographic area, is informed on current market trends, current laws and policies. They need to be up to date with market statistics and knowledgeable about the wider area you are planning your property goal in. (ie. socio-economic factors, trends, key points of interest, proximity of amenities etc). Above all that, they must be someone you relate to, feel is trustworthy, and demonstrates they are happy to prioritise your project goals and can guide you through the sale or purchase process of your property project.
2. A mortgage broker. A broker will work with all the main banks and finance companies to get you the best finance deal for your unique situation. They are sometimes able to get deals across the line when one bank may say "no" initially. They have tons of lending advice and deal with all the banks all the time so know the latest rates, policies and lending citeria of each bank.
3. A solicitor who understands your total situation, is an expert in the type of property deal you are hoping to do, and can advise you on the best structure for your project and your circumstances. Find one who can discuss trusts, companies, partnerships and joint ownership and explain each option to you easily. And while you are there, get your will sorted (if you haven't) so you can protect your assets for future generations. Your lawyer will also manage your conveyancing work if you buy/sell a property.
4. An accountant who can advise on structuring your finance, minimising tax and interest payments options, gifting structures for trusts, splitting assets, and income protection. They will work with the mortgage broker and the lawyer to get the best value for you, both now and into the future. They can also advise on depreciation, ring fencing, capital gains and loads of other tricky tax matters that leave the rest of us quite confused.
5. An interior decorator/designer/landscape architect can offer inspiration and ideas to transform your property and a landscape designer can be very useful also if planning involves developing land. Getting good advice at the design/planning stage can avoid costly mistakes and avoid overlooking important and essential things that can impact on the value of your property.
Some other experts you may find useful to have on your team, depending on your property goal, are:
5. A building inspector.
6. An architect.
7. A property valuer.
8. A builder and a group of reliable sub-contractors.
9. A planner who understands consenting work/subdividing /district plans and the like.
10. A skip-bin supplier/removal of hazardous materials expert (ie asbestos)
11. A house removal company (if required)
12. Reliable suppliers of machinery, equipment, supplies and materials.
There may be others you need, specific to your property goal, but I will leave you with my last Dream Team "must-have"....a good friend, family member or a partner who believes in you and your goal 100%.
I can hear you saying that these "experts" all cost money! Yes, that is true. Good advice generally costs you money but it also adds considerably more value to your project, saves you from making costly mistakes and errors and can minimise risks and unexpected issues and protect you, your assets and substantially improve your profit. Like anything, the cheapest advice may not be the best advice and I encourage you to focus on building the the right team around you, not the cheapest.
And finally you need a great cafe to keep you supplied in coffee, cake and a place to meet with your dream team members on occasion! With your own "dream team" on your side, your property goals will be reached faster and easier. Good luck!