Time and time again I hear this. And everytime I get more and more confused given the amount of “professionals” there are out there. How do I know who is legit and who is not? I feel like contacting a few of the people from here but even then, I get cynical about the fact that people have their own interest/agenda be it mortgage brokers, accountants, solicitors. The reason I feel this way, is because I don’t want to pay for the first person who sells it well, I want to make sure I have the best team, who will help me as much as possible along the way, without me having to pay them a fortune.
How do I even know if I’m choosing the right one? A lot of people can say “yeah I’ve done this, and I’ll help you out”, but how do I know who is genuine and who is not. Do I keep calling around until I find the right one? I just keep delaying things from buying my first investment property as a result. Do I make sure they themselves are property investors…Any suggestions even for a mortgage broker / solicitor (for QLD).
Sorry if a silly question, just getting really frustrated as I’ve been reading about investing so much, but I feel powerless to move forward and buy my first property due to not knowing if what I’m doing is right, and the only way to find that out is doing it. Yes people will suggest buyers’ agents but what do I learn from taking the easy option. How would I learn to negotiate etc…
Great question achimy! Agenda free support can be hard to find where businesses are dependent on the money they make from the products/ services they sell. The trick is to:
– Have a specific outcome in mind. What do you want from property? Just participating, isn’t really a strategy. This way you can be have a selection criteria to help qualify the service provider.
– Shop around, buying property is a serious business, its worth making the time to meet with different providers to get a feel for their point of difference. Take your partner with you, if you are going to be making joint decisions, you will both need to feel comfortable the with support at hand.
– Qualify them by their experience. There is little point taking advice from someone who hasn’t done it before, or proven their own success in investment.
– Qualify the nature of their success. Building a portfolio of assets which yield income and equity to retire on, is much harder than renoing a property once and making $50K.
– Assuming you’ve found someone with proven investment success, make sure they are qualified to give you advice. You’ll probably find lots of ‘experts’ aren’t actually licensed to give you personal advice. Why is this important? Well, at least you know there is some regulation of the advice they provide, which means if they act unprofessionally or provide advice which is not in your best interest, there are serious consequences. Some assurance they will do the right thing..
– Ask for client references. Can you speak to a client who has used their service and achieved an outcome in line with their plan? This is important, as it helps you recognise the provider has understood the client’s needs and objectives before recommending an appropriate course of action.Importantly, the responsibility of sourcing the appropriate provider is yours. Given you have done all your reading, work out what it is you want from property and then shop around to find someone who has the right skills to help you achieve it. If you give this process the effort it requires, I’m sure you will enjoy the same benefits other do from ‘building the right team’.
Richard | PPI Investment Advice
http://ppiinvestmentadvice.com.au
Email Me | Phone MeLicensed Property Financial Advisors providing tailored property advice and solutions!
welcome on my board. I even more confused with my friend’s very good recommendation. Once i found out his very good broker provided him bad choice of investing loan, i pulled myself out of it. It’s really important to do our due diligence and keep our head clear. I keep having people giving me bad advice such as ” why you took forever to buy a property ? just buy any in sydney – they will give you good growth, every property in sydney doubled after 10 years ”
good luck with your search.
Hey Achimy,
To add to Richard’s points.
– look for someone your are comfortable with. People do things differently so once you have identified the “checklist” that you need in qualifying a member of your team, also look for people that you are comfortable talking to and someone that explains things to you in a way that you can clearly understand.PHP | Mortgage Station Pty Ltd
http://www.mortgagestation.com.au
Email Me | Phone MeGive us a call or send us an email for a free residex report.
Hi Achimy
Firstly welcome to the forum and I hope you enjoy your time with us.
Totally agree with you that it is hard to build a team of professionals that you can trust as most are dependant on the income they receive from their recommendation and without this they are unable to put bread on the table.
I usually say to client just ask the professional how many properties they have and you will see whether they are on the same path as you.
You would be surprised how many Brokers out there are giving credit advice to investors and yet don’t even own their home or have even purchased their first investment property.It is a bit like going to a dentist for a tooth removal to be told that he has never done one before but will give it a whirl. Certainly wouldn’t fulfil me with confidence.
Certainly no one objects to any professional earning an income for their services but try and build your team with people who do it because they enjoy it and is not reliant on the income they earn.
Cheers
Yours in Finance
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This reply was modified 10 years ago by
Richard Taylor.
Richard Taylor | Australia's leading private lender
Alright, thank you guys for the advice, I might end up actually contacting someone from here given the amount of people that are here :D This is kind of my first interaction with people who invest in property as I’m relatively new to the game, but have a lot of technical knowledge (read so many magazines + books = analysis paralysis). Will be contacting/interviewing people soon, thank you guys for your warm welcomes, will be keen to stay on!
If you’re looking for a broker in QLD then hit up Richard – it’s a no brainer.
He’s got the runs on the board and has been on this site since the internet was invented :-)
Best not to use terms like “interview” either – the decent brokers are fortunate to choose who they take on too – so the fit has to be right for all parties.
Cheers
Jamie
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This reply was modified 10 years ago by Jamie Moore.
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Does anyone have a good property management agent in the Highgate Hill area?
Creating a good team is way harder then it may look.
Mortgage Brokers
Not all mortgage brokers are created equal, look for an independent broker firstly. Then look for one who owns their own business and has staff. One man bands can be very erratic! Look for one that is a property investor themselves (harder to find then you may think). I have one that fits the bill, PM me if you would like his details.Conveyancer
In all the 20 years and 140 plus transactions I have done personally, it wasn’t until 11 years ago I found a really, really good NSW conveyancer. It’s basically the only thing they do. You will need to ask around and trial a few as you go along.Lawyer
Once again, a good lawyer is a big help. If you can find a lawyer that will just charge for miscellaneous calls and quick bit of advice that would be very helpful. Sometimes they can take themselves a bit too seriously with their billing, which is a shame.Modernity Investing
Email Me-
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