4 KEY EXPERTS YOU SHOULD HAVE ON YOUR TEAM!
No matter how much of a DIY master you consider yourself, making money from renovating and developments is really a team sport and it is the best manager who wins the game in the end. We are constantly talking about the importance of moving away from the DIY mentality and towards the mentality of managing the process and being the glue that sticks all of the different trades together.
We believe having a team of top trades behind you is a vital step towards having success in property but it is even more important when it comes to your team of advisors. Now in a perfect world we would all be rich enough to hire our own finance and legal teams who would look after our interests and only our interests. I would guess that if you are just starting out on your property journey that is probably not a reality (yet) so here are our 4 key experts that you MUST have on your team!
Should you buy the property in your own name? Maybe a family trust or a unit trust? What about a corporate trustee? Finding a good accountant is an absolute necessity when you are looking to start on your property journey. Your accountant will give you advice on company structures as well as how to best structure your tax to benefit your goals.
Obviously you will need a conveyancer to complete any purchase/sale of a property but you should try to find a great lawyer who can act as an advisor as well. As you progress along your property journey it is inevitable that there will be complicated contracts, joint venture agreements and other complex legal issues that have the potential to cause problems for you. In our point of view it is smart to pay a little extra for a good lawyer that can then save you money and potentially something worse in the future.
3. Mortgage Broker
People debate the value of mortgage brokers but if you find a good one they are worth their weight in gold! Whether you are a “difficult” case and need to look at alternate lenders or you are an easy fit with the big banks, a broker will do all of the hard yards in finding you the best rates and deal so that you can just sign the applications and stay focused on the important stuff. It is also worth keeping in mind that your broker is usually paid by the bank so you don’t have to pay them on the front end of your project.
4. Insurance Expert
It is important to have an understanding of your liabilities in regards to insurances especially if you are going into renovating as a business. Find yourself a good insurance broker that understands the requirements for the type of properties you are doing and will be able to ensure you are covered from all angles!
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