Despite my title being ‘Investment Specialist’ it’d be naïve to think that one person will be able to provide all the advice you need, to set you up in the best way possible for your investment journey.
We’re called Specialists for a reason – we know our trades. When you start trying to do too many things at once, chances are the final product’s never perfect, right? Because there’s distractions. Connect with professionals that are masters in their chosen fields, rather than someone that dabbles in a little of everything. The results will speak for themselves.
Obviously… I’ll start with what I know best…
Who’s your Property Professional?
There’s no doubt that talking to a local Investment Specialist, or a real estate professional with a strong background in the rental market and a high-performance Property Management strategy, is a great idea. This is vital for ensuring your property is one that will have maximum market appeal, attract the right tenants in the quickest time frame, and set you up for a healthy tenancy.
Without this advice, your chances of experiencing the scary side of landlordship are heightened dramatically.
This is only one part of the bigger picture. There’s so much more to property management than finding the perfect tenant, so equip yourself with the best from the beginning, and your chances of earning that multi-million dollar portfolio won’t be as farfetched as you may have believed.
Yes, despite the upfront advice being complimentary, once your chosen property team starts managing the property there will be costs. Don’t forget; a good Property Manger costs less than a cheap Property Manager in the long run! Reactive management is far more costly than a proactive approach!
Who’s your Accountant?
Particularly here in Australia, where negatively gearing a home is the most common way to invest in property, make sure you partner up with an accountant who understands your goals and assists you in reaching them, rather than someone that simply dictates, or worse – has no interest!
There are so many areas that a great accountant can save you money on tax and set you up (i.e. types of ownership) to protect your assets, what you can and can’t claim with regards to renovations/upgrades and when to sell to avoid paying excessive tax.
Ask any investor friends or your Investment Specialist for a referral to their accountant if you don’t already know one that specialises in this type of portfolio.
Who’s your Mortgage Broker?
Hands down, most commonly I refer my clients to my Mortgage Broker. Time and time again my broker had been able to free up money held in other assets, save thousands on repayments, and reduce financial stress for countless investors.
To top if off, their service is completely free to the consumer!
Be wary of going straight to your bank. It’s almost guaranteed you won’t get the best rate, and when you own a large portfolio, it’s not always best to have one bank in control of all your money and assets.
We’re human, and we don’t always have the time or knowledge when we start. That doesn’t mean you’ve done it wrong.
No matter which stage you’re at in your investment journey, it’s not too late to reach out to any of these professionals and have your property portfolio evaluated.
Find the perfect trio and you’ll be well on your way to the multi-million dollar portfolio.
Investment Specialist | New Business Consultant | Columnist for The Property Investor TPImag.com