Yes, a newbie here…and some great help is in need!
Currently reading and studying as much as I can about Property investing – itching to get into the game!
BUT before i do, it’s been strongly suggested that I undertake the process of developing a TEAM of experts around me, to help guide and give advice along the way – these people would be in the form of Accountants, Financial Planners, Mentors/Investment Buddies ect.
Being new to all of this, it has been a challenge to try and flesh these people out – of course I have undertaken my own research and found a few, but it’s difficult to know who is genuine, and reliable.
I was curious to see if anyone here could recommend any experts in the form of above? A very general question I know, but any advice or suggestions would be greatly appreciated.
Most people build this team as they begin investing. Obviously when you are starting out and aren't earning much money this team is expensive and it isn't commercially viable. As you begin owning more properties and getting more money from them it actually becomes expensive NOT to have a team because you pay more in tax and other expenses.
Mentors/Investment buddies who share your goal are important to have. Just be careful choosing your accountant/financial planners now as they may have different ideologies to you and believe in investing using different methods.
Have you saved your deposit? That is the best way to get prepared to start investing. Without a deposit you can read all you want but it is extremely difficult to get into the game.
I’m going to sound extremely bias but you’ve left out your key finance person – the mortgage broker. An IP savvy broker will be of tremendous assistance – both while starting out and later on when you’ve accumulated a few properties.
Yep, me and my partner have saved just over 60k – with the intention of getting to 80k by March next year, all the while educating ourselves. The firs steps seem to be the hardest – knowing whether the strategy’s you choose are going to deliver the profits and goals you set to achieve, and I guess this is where all these helping hands, or experts come into play?
Jamie – agreed! I totally forgot to give the Mortgage Broker’s out there a look in! But yes, they too are an important part of the team.
Keep educating yourself with property books, magazines, seminars, this forum and somersoft and im sure you will meet competent and trustworthy people along the way to help and guide you in your property investing. I have built a pretty good crew within 1 year of buying my 1st property. Just be cautious with who you choose.
Hey Mattdesigner, Keep educating yourself with property books, magazines, seminars, this forum and somersoft and im sure you will meet competent and trustworthy people along the way to help and guide you in your property investing. I have built a pretty good crew within 1 year of buying my 1st property. Just be cautious with who you choose. Engelo
This is v good advice.
I do not know how important the end goal is to be sure of early on. I have found that over the last 18 months since I got interested in property that the end goal still is not formed but is becoming slightly less hazy. Meanwhile I have bought several properties.
There are several schools of thought out there regarding the 'best'approach to property investing. Steve McKnight strongly advocates positive gearing or income based investing (ie high rents). I also read that book and his arguments made sense. However there are other views out there that are also v valid and you should widen the scope of your reading.
Eg Margaret Lomas; Michael Yardney.
Also worth subscribing (or just buying form the newsagent) either or both of Australian Property Investor or Your Investment Property magazine, which always have a range of real life scenarios/expert articles/Q&A etc etc.
This forum is a fabulous source of brilliant minds and many are professionals who just appear to love assisting people, such as Terryw above, (who seems to be having a rare off day). You can also search past questions/forum topics on here.
In the end you have a good deposit of $60. My suggestion is educate yourself some more then buy something with as best information as you can. There will be better deals out there, there will be worse deals, but if you never start you will never know. The team you speak of will form as you start, eg go to the mortgage broker, accountant, solicitor, etc.