Teamwork makes the dream work!
“In a multitude of counsellors, there is safety.”
The rich surround themselves with experts. If you want to do something great, you are not going to do it alone. It is no different when building your property investment portfolio.
You cannot be good at everything, and you do not want to be good at everything as it will divert your focus. You need to surround yourself with a great team. I would not have been able to build my property portfolio without the following people.
MENTORSHIP
Firstly, you need a Mentor in your investment team. You can also have more than one. Your mentor should specialise and focus on property investment. They should have achieved what you still need to achieve and have walked the walk.
ACCOUNTING
You also need an Accountant in your team because you are going to build your property portfolio in entities and need financial statements and tax returns.
LEGAL
You also need the following Legal Experts in your investment team.
Firstly, you need an Independent Trustee who knows the laws around trusts and understands trusts. They need to ensure that your trust is always compliant and that it ticks all the necessary compliance boxes.
The second legal person you need is a Conveyancing Attorney. Read our article, 12 Guidelines on Submitting an Offer to Purchase, for the benefits of using your own conveyancing attorney.
FINANCING
You need a Bond Originator in your investment team who can assist you in obtaining the best financing. For more on this subject, read our article, 5 Ways to Finance your Properties.
You also need a Personal Banker. And if you can get private banking, get it. The benefits of having a private banker to get things done and save you significant amounts of time far outweighs the costs.
REAL ESTATE INDUSTRY
You need Estate Agents and Letting Agents who can manage your property portfolio. In our article, How to Manage your Rental Property the Easy Way, we discuss the role and benefits of a property management company.
STRUCTURAL AND MAINTENANCE
Having a Handyman in your team is a must, and you’ll need them very early in your property portfolio already.
A Property Inspector also forms part of your team. They will give you a comprehensive report of the current condition of a property as well as the possible consequences of those defects in the future.
Look after your investment team. Pay them in time and referrals if possible. When you look after them, they will look after you!