There is little doubt that financial independence is the eventual end goal of property investment. However, when one is starting out, it’s tempting to try to do it all alone, but this decision isn’t necessarily wise. There are many experts to consult, among them property managers, financial planners, finance brokers, accountants, buyer’s agents, and conveyancers – just to name a few. Although you may have to pay a little more, having experts on your side is a safe way to ensure you make all the right decisions.
Firstly, if you’re starting out on your property investing endeavour and have partner to help shoulder the initial financial burden, make sure they understand the market as well as you do. They should be there conducting research right alongside you, and when you are consulting experts, they should be there to receive the same information you receive. Teamwork helps avoid conflict and can help make mutual decisions along the way.
Experienced Property Manager
An established property manager will help you make the right decisions at the right time. They can share the expertise of what it takes to be a successful property investor, such as what types of properties are tenant’s currently looking for, how to secure a long term tenant, and also give you tips on how to conduct productive research.
A financial planner can help you establish long-term and short-term financial goals and strategy. Reaching goals will give you a sense of accomplishment and increase your motivation, and having the right strategies, such as advice on superannuation and ensuring your assets are protected, will help you reach these goals.
Accountants are also an indispensable part of your property investment team throughout your career (unless you really want the task of crunching a fair amount of numbers by yourself.) Accountants should understand tax legislation and use the laws to your advantage. Thy will also help with financial strategy by advising you on how to structure your finances, and also help with financial record keeping. You know you’ve found a good one when she uses the same strategies for herself that she uses for you.
A finance broker will help keep you up to date with the latest lending criteria for the lenders you might be using. They will also give you advice on how you should organize your loans. This organization will be critical when you start acquiring multiple properties.
It’s tempting to try to do everything by yourself. Everyone enjoys feelings of independence, and individuals wanting to break into property investment are no different. However, you’ll find that even the most successful property investors have a strong team surrounding them.
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