Hi Everyone
I have just realised something that is quite important. I seems some people listen to advice without considering the strength of the person giving the advice.
It is very important that you have a good investing team (accountants, tax & legal advice, mortgage brokers, etc.). Spend just as much due diligence time considering who should be on your team because it is very important. A bad team member can ruin an otherwise good investment plan. Simply put, a bad team member can cost you thousands.
This is especially important in poorly regulate areas (like mortgage broking). The government isn’t doing its bit to weed out poor operators so you have to be extra diligent (note: regulation in broking industry may change soon – fingers crossed).
Think about what you are looking for in much the same way that you think about your target investment property (type of person, education, location, fees, etc.).
These comments have arisen from my experiences in seeing some clients run around in circles. One brokers says “A” and another says “B”. They get very confused. I would strongly recommend people consider the strength of the person giving advice in the first instance. Then secondly (if your happy with the person giving advice) listen to the advice.
Often when it all goes wrong people end up saying “what a bad broker!” (or accountant, etc.). However, most times its because they didn’t do enough due diligence themselves.
If you don’t do any due diligence on your team and it all goes wrong then you only have one person to blame.
Sorry for this being a negative post but I thought it was one that might help a few people.
Cheers
Stu
Property & Finance News
at http://www.prosolution.com.auHi Stuart
Well said. As an example from my team, my lawyer is in Auckland this weekend attending the annual conference of the NZ Property Investors Federation. He is also president of the Hawkes Bay PIF. This weekend he will be continuing to make contacts with other like minded people and improving his knowledge of property investors and thus will be able to help me make better informed decisions in my quest to build up my property portfolio.
For interested Australians in NZ we have a property investors organisation which has branches in most cities. An annual sub is paid(tax deductible) and most branches hold monthly or bimonthly meetings. Most also publish a magazine or newsletter.
Regards
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