Who do you have on your team?

If you are going to be a successful property investor it's best to have a solid team that you trust. Make sure you get recommendations from family and friends. You're looking for team members who are successful investors themselves. Also keep in mind the best way to see if they would be a good part of your team, is to see how well they have done for others.

Once you have a list of people go and talk to them and see if they fit with you. Find out how your investing strategy fits with their philosophy.

But who is it you should have on your team?  

The Money 

You need to know how much you have to spend and your Finance Broker is just the person to sort you out. There's no point looking for deals if you can't buy them straight away. The best deals are not going to sit around and wait while you go from bank to bank to finance a deal. Your Broker on the other hand, can almost create miracles and allow you to get those great deals.

The Agent

Your Buyers Agent can find you the deals that you wouldn't normally have access to. You do have to pay them to find you the best deals, but it works out to be a win/win for everyone.

The Legal 

You need someone to be able to read the contracts, know what they mean and be able to interpret them for you. Be aware that there are differences from state to state, so you need to have your Solicitor to be aware of those nuances. When it's in writing it's binding, so you want to make sure you know what you're signing.

The Numbers

Your investing needs to be structured in such a way that you are protected, that you are paying the right amount of tax, and you are getting the most out of your investment. If you get this wrong you will pay dearly. Make sure they know your strategy and they will help structure things in the right way.

Insurance

You need insurance and this is often overlooked. Most don't consider it to be of vital importance until after the purchase has been made and tenants are in the door. Make sure you get Landlord insurance ASAP - as soon as the deal has gone unconditional. That way you will have peace of mind and it covers pretty much every eventuality. 

The Manager

How could I give you a its of people on your team if I don't talk about a Property Manager? We take away the day to day frustrations, and ensure your property stays in tip top condition (among other things). Make sure you know how your property management company is structured - who exactly will be managing your property. This is a big asset of yours and you want it to be looked after with tender loving care.

So do you think I missed someone from the team that I haven't included? If you would like some help in tracking down some team members, get in touch.