So you have made a decision to create wealth through property, you have educated yourself about what to buy and where, you have created a strategy and now it is time for taking the right action.
Does this sound like you? If not this blog post might be of value to you.
Setting up your team when it comes to property investment is very important. So whom do you have on your team?
The property team should consist of an accountant/financial advisor, conveyancer/solicitor and mortgage broker and to get the right information and create the right strategy you should have a mentor/property advisor to guide you.
I have covered the subject of property spruikers before with their ‘free’ seminars and ASIC has been very busy tracking down over 80 or more of them recently and pulling them into line. So please stay away from them.
So we start with the accountant/financial advisor. As you would know all accountants are not financial advisors and furthermore all financial advisors are not really financial advisors. They do a very important job, but ultimately their role is to put the right beans in the right columns. What you need to know, to determine if your accountant is the right one for you, is to find out if they are financially secure themselves and whether they understand how to create wealth and have the knowledge and the experience to do just that.
And don’t forget your depreciation schedule for your investment property. You need to be sure that your accountant has competent knowledge of this plus planning, tax returns, trusts, self-managed super funds etc.
Don’t be afraid to ask what your advisors experience is, remember they are helping you build your way to financial freedom, and their advice needs to be in line with your goals.
As far as a conveyancer/solicitor is concerned I am a bit old fashioned and would rather have a solicitor rather than a conveyancer on board, because at times you might need advice on legal structures for your purchase and if any complications arise they are ‘Johnny on the spot.’ That said, you would be looking for a solicitor that did plenty of conveyancing work.
I will touch on Mortgage Brokers and Mentors/Property Advisors next week, as they are a very valuable ally on the journey of wealth creation.
Here is an interesting piece regarding dodgy Property Managers and some shonky practices.
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