Hi all,
i’ve been reading loads of posts and have been reading even more books (just finished Richest man in Babylon…again).
Just wanted to ask, how do you know what bank manager/property agent/people to build good solid relationships with? I mean, do you go and hang out with the bank manager??? (sarcasm overfloweth my cup). How did all you savvy people make the connections and how did you know the person knew what they were talking about? I find the motives behind real estate agents sinister at times especially in sydney and i don’t know how to get in good with them as i don’t buy a property once a month and i’m young so quickly dismissed as a time waster.
I’d love to hear about your experiences.
PT
I don’t use a bank manger for finance (although I have a ‘personal banker’ – I just don’t use them) because I find mortgage brokers to be better. The mortgage brokers on this forum are in my opinon great. Their high level of knowledge and eagerness to help and explain is a fantastic resource.
As for other team members (lawyers, property managers (PM’s) and RE agents) you can always ask peoples advice right here on the forum. Most times they will suggest someone who can help.
Being young does have it’s downside but it does have an upside – youth. You’ve got time on your side which is probably the most valuble reource in itself.
You only need a couple of runs on the board to get you started.
Hellman
Hey PT,
Regarding the bank manager, that’s so 1995, no hip, cool property investor would admit to knowing the bank manager, it’s all brokers these days and there are plenty of good ones right here on the forum.
RE agents are a necessary evil to investing, and I believe that unless you’re zeroing in on a certain area and type of property you dont really have to be ‘tight’ with them either. Just take each one on a case by case basis and remember that an agent is not your friend, just a necessary ‘thing’ in regards to the property you’re after. Sorry agents!
With an accountant, financial adviser etc. you need one that knows what they’re talking about and whom you can trust. If you speak to a few you can always verify what they’re telling you with very experienced investors on this forum, they can help you and point you in the right direction in regards to your ‘team’. They might also recommend one in your area.
In regards to being young and a time waster, well I’m regarded as one too sometimes, so you’re not alone, solidarity in numbers my friend. Besides everybody’s gotta start somewhere.
Hope this helps…G7
Hey Hellman,
Your post must have come up when I was typing mine…You dont have ESP do you???
I just was thinking the same thing!
Creepy Hellman
You know what they say…Great minds think alike! [biggrin]
PT and others
All great questions. I too, have a great bank manager but also deal with brokers. I have no loyalty to any in particular – at the moment it’s whoever will get me the best solution for my needs – although I agree that a good broker can be a great ally.
Re: Real Estate Agents – I agree with g7 – they are a necessary evil and you can’t count on them being on your team – in fact, they’re supposed to work for the vendor (although most just work for themselves).
Regarding other advisors, anyone on my team MUST be an investor themselves – my accountant, my solicitor, my broker – otherwise how can they give you advice if they have no “real” experience. It takes a while to find good people and there are a lot on this forum or recommended on this forum.
Don’t let your age or what they think of you get you down. As a female I also get treated with indifference sometimes, esp. from some agents who apparently believe that my gender disqualifies me from making intelligent decisions – esp. if I challenge them or seem to know something of the market. All in a day’s work!!!
Keep moving ahead and you’ll get there!
Megan
Megan
http://www.propertyhub.net
Your Investing and Developing Information Hub.Initially a RE Agent may be a bit dismissive of us young ones, BUT If a RE Agent thinks you are likely to make an offer, they quickly try to become your friend.
An accountant starts off friendly and If you keep paying an accountant on time, they will stay your friend.
A broker will always be friendly and helpful, they love commissions.
A Bank worker will maybe become friendlier as you borrow more and more money.
Basically Everyone loves it when you make ’em money!!!
Finding good quality help is another thing altogether.
####### A good way to get some inside help from an RE AGent is to ask if they can get you a list of all the recent sales in the area. All agents can get this on their exclusive database, and it is a good gauge of their actual friendliness. However the friendly agents may not be busy because their agency has overpriced properties.
Busy agents can be quite dismissive, but this can be a good thing. If they are really short of time, then they are very likely to push through quickly any low offers HARD on their vendor……………BARGAINS!
Live, Learn and GrowLifexperience
PT
Don’t feel that age is ever an issue in being successful.
As for building up a team to assist you:
1) Your Bank Manager will be off and looking for promotion when the opportunity arises and will not think of staying put becasue you are his customer. His lending policies will change as his Banks criteria alters over time.
2) Believe it or not myself alongside a lot of the brokers on this forum are not only in finance for the money. I enjoy helping people and spend a lot time with clients answering questions on wrapping or generally building up the IP portfolio. If they ask me to assist them with their finance then sure I earn a commission.There are some brokers out there that will suggest you refinance each year or so merely for the upfront commission. The broker on the forum are ethical and do not suggest that. In fact we work together and i often receive referals from other brokers and refer to them clients as well.
3) Accountants – Well certainly you may go through a few before you find a good one and someone you can relate to and work with. Yes they have to make a living but not all firms charge ever time you pick the phone and ask a question.
4) Agents – well they are merely looking for a sale and in my opinion don’t seem to work hard for the Vendor only themselves. i have some great relationships with a few Agents here in Brisbane but others ring you when they have a property for sale and have tried all there existing client base.
Developing these types of relationships will take time.Start slowly, structure correctly and you will build up your portfolio.
Cheers Richard
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http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
Thanks all for the replies. It’s good to hear that some people aren’t in it just for the money and actually like to help other people.
I’m lucky as my accoutant is my dad and he does have investments but the banker he’s recommending is a friend who i know has made bad decisions so i’m not going there.
As for RE agents, i just wanted confirmation that they were what i thought, just something i have to deal with like paper work……. or the flu.
I find it hard socially as not a single one of my friends bar one couple invest in anything let alone property so i don’t seem to have the ebb and flow of ideas in a conversation. That’s why this forum is brilliant.
Thanks every one!
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