In life it’s important to surround yourself with people you can trust and rely on and equally, in your property ventures it’s crucial to find a great real estate investment team to help and support you. Some investors (especially new ones) may take time finding a good team and sometimes not get it right at first - but mistakes can provide valuable lessons. Don’t give up and be sure to surround yourself with people who know more than you. If you know more than people on your team you may want to ask yourself whether they should be in it. Move on and find someone who can bring real value to you. Another important point here is to find people who are either investors themselves, interested in property investing or professionally specialize in this field. Below I wanted to share a list of your dream real estate investment team and a number of prerequisites you should look for:
Having a great mortgage broker who won’t just take care of nitty gritty details, but also direct you to the best lender can make a huge difference. It’s like having a friend who’s got your best interests at heart, so make sure that’s the case with your mortgage broker. It’s important that they understand your requirements and know what you’re after before working for you, and most importantly can structure your loans to protect what assets you may have.
Accounting is complicated especially for real estate investments. Sometimes things change and new rules come in. Make sure to have an accountant who understands the law, property investing, and what you need and the best way to help you.
It is important that you have a lawyer who understands local laws, legal requirements in the area you’re investing in and the real estate industry.
An experienced real estate agent who you can trust and who stays in touch with you - actively offering properties which match your criteria - is priceless. Find someone who can get you the best price or offer you more than the regular agencies can, should you need to offload any stock.
Look for a good valuer who will not just do an accurate valuation of a property, but suggest ways in which you can add value (whether you are buying or selling).
You want to know an experienced building inspector who can save you a lot of money or steer you away from bad buys. A fault in a house can also be a negotiating point to bring the price down when you buy, so a good building inspector who can give you an accurate inspection is hugely important.
Make sure to find someone who is knowledgeable and if they specialize with real estate dealings, it’s a bonus. Insure all your properties with one broker, as you can most likely get discounts and better service. If you can find a good broker who also tries to save you money, that’s a definite win.
If you know more than people on your team you may want to ask yourself whether they should be in it
Who do you need?
1 MORTGAGE BROKER
Having a great mortgage broker who won’t just take care of nitty gritty details, but also direct you to the best lender can make a huge difference. It’s like having a friend who’s got your best interests at heart, so make sure that’s the case with your mortgage broker. It’s important that they understand your requirements and know what you’re after before working for you, and most importantly can structure your loans to protect what assets you may have.
2 ACCOUNTANT
Accounting is complicated especially for real estate investments. Sometimes things change and new rules come in. Make sure to have an accountant who understands the law, property investing, and what you need and the best way to help you.
3 CONVEYANCING LAWYER
It is important that you have a lawyer who understands local laws, legal requirements in the area you’re investing in and the real estate industry.
4 REAL ESTATE AGENT
An experienced real estate agent who you can trust and who stays in touch with you - actively offering properties which match your criteria - is priceless. Find someone who can get you the best price or offer you more than the regular agencies can, should you need to offload any stock.
5 PROPERTY VALUER
Look for a good valuer who will not just do an accurate valuation of a property, but suggest ways in which you can add value (whether you are buying or selling).
6 BUILDING INSPECTOR
You want to know an experienced building inspector who can save you a lot of money or steer you away from bad buys. A fault in a house can also be a negotiating point to bring the price down when you buy, so a good building inspector who can give you an accurate inspection is hugely important.
7 INSURANCE BROKER
Make sure to find someone who is knowledgeable and if they specialize with real estate dealings, it’s a bonus. Insure all your properties with one broker, as you can most likely get discounts and better service. If you can find a good broker who also tries to save you money, that’s a definite win.
8 PROPERTY MANAGER
Look for someone who knows the area your property is in and can give you an accurate rent appraisal before you buy or consult you on what changes can be made to a property to raise the rent price during their management. It is important to have a very good property manager who you can trust, who will answer your calls straight away and be there to sort any problems, especially once you have a number of properties under your belt.
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