Picking your Investing ‘Team’

I would think that you certainly need an architect or builder on your team who is prepared to make inspections for you.

Pisces

Whatever you do Itsamoorey make sure you employ someone who has Professional Indemnity insurance and who supplies a report in writing.

Pisces

Hi Itsamoorey,

Your investment team need not be located in the local area.

Sure you may find an ‘expert’ in your local area but with modern technology and communication infrastructure it isn’t essential to do a face to face all of the time.

Don’t restrict yourself unnecessarily.

Derek
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I have bought 2 investment properties in Queensland and live in a remote area I used Conveyancing Works $795 for all conveyancing I used email, phone and fax to correspond. For building and pest inspections I used QHBR I used these as it was a fixed fee The building and pest used locals. I found both services terrific

Personally I got my contacts started from people who had used them, sort of an insuance policy, if someone recommends a trade person, you can almost bet they were ok. I say this becaause anyone that has had a bad run in, will most certainly bad mouth the trades person.

Example, I had new bathroom kitchne and building renos done to my home. I went shopping around at bathroom places, asked questions and found 3 contacts, got quote spoke to them and one year later I made my choice. I would recommned my bathroom guy. Not only that but the 37 people I had come through my house in 3 weeks to fit carpets, appliances and the rest, went away with names and contacts. They saw the work done, and know I was happy too.

Given I had a set of trades per job, that is some networking.If I had an issue, I addressed it, even if I yelled at them! (moi? I wouldnt do that)- stressed, you do anything. They were all impressed with each others work, but golly where was my credit for all the hard work I had done? Out of this, I would recommned all product and or trades, with one exception, my kitchen company. Now this is a stunning kitchen, but the customer relations on their part, you bet, I will bad mouth them. Not only that but I wold never go back to their franchise again.

I do all my work over the phone and email. I live in another state to my investments.

As for building inspections: I used contacts as supplied by my family, who had used them. Very thorough so now if I use that area, I use him, he has had 6 building inspections and I get a bit of a discount.

He intern made a suggestion when I asked about a pest inspector, so hes on my regular list. I have a good rapport with both.

My solicitor- was via a friend in commercial lettings, this was exceptionaly good until recently, when she had a breakdown and I ahve not heard anymore, there is some unfinished work to do, which does concern me, but I will move on.

My accountant, again was great, I think he is worn out, so I am looking for a change.

My bank manager changed locations, and I followed. How many bank managers call in and bring you a bottle of red on their way to their holiday destination, out of the way to the ariport? Mine.

My electrician, is on call

My property manager has finally come to grips with my style, but she also knows, if I dont like something, she will wear it in some way.

Dont be afraid to change if those being paid by you to do work for you, are not working for YOU. Because it isnt worth it in the end.

I have a good list of contacts and my netwroking is pretty good, this is how you get things done, and how people react to you, it is how you get work done on a phone call, because you have that rapport, bills fall into the background.

does this help?
so ask around
ask questions
dont be afraid to dump em if not happy
build a network
build rapport
be consistent
tell them what you want
tell them how you work or operate
ask them their expectations, and give yours basically.

things get easier when they feel comfortable.

Elves

actually I use different solicitors for different things, depending on WHAT their speciality is. I have a solicitor.lawyer for my personal estate things, eg power of attorney, will, etc

I have one for properties, in the area (state anyway)

I keep one accountant

I keep one bankmanager the reason for this, he knows my situation, he knows me personally, he knows my finances and he works er laterally as a result. When you are talking some cross collateralised properties, best you keep it all in one basket, my way anyway, each to their own.

I have used a conveyancer, for my own home as I was not established at the time.

You have ot consider woud you get better service or cheaper rates, for the more work you shove their way?

Or do you want to keep what the right and left hand know as separate?

elves

itsamoorey,

I’m a CPA but not in Northern Queensland my closest office to you is Maroochydore. We do great things over the internet. Send me your e-mail address and I will send you our free Rental Property Booklet. Just put Rental Property Booklet in the subject. Or you can down load it off our web page http://www.bantacs.com.au

[email protected]