The People You Need on your Team for Great Results

The approach when looking for a house should be the same as the approach you take when you get sick. Many will go online, self diagnose and medicate and in some cases make the illness worse and prolonged. If they were to see a doctor they could be diagnosed accurately and provided the right antidote to reduce the pain and recovery time required.

Purchasing property is very much the same, you can go online and look for a property yourself but knowing what you are looking for can make or break your future wealth plans. Having the right professionals advise you along the way will ensure that you are looking at the right properties and avoiding any issues that may appear later down the track.

We are going to talk about the people you really need to have on your team if you're looking to get some great results and build a portfolio. Your first stop should be a good mortgage broker who will be able to help with this, someone that is going to help you structure your finances the right way and help you get the finances, because without getting the money you're not able to really buy a property so they're number one on your team.

Number two would be a good accountant because you really need to work out the best ownership structure for you, should you be putting it in your name getting some negative gearing or setting up a family trust or buying in self-managed super.

The third person you need on your team is a really good financial planner, someone that can protect your risks, organize insurance for income protection, life insurance, trauma death disability, organizing super fund and do all that for you to make sure that you protect your risks and that you don't have to sell a property because you're struggling and can't work due to being sick.

The fourth person on that list is us, the property specialists. You really need them to help you navigate through the market, help you choose investment grade quality property, try and access soft market sales and try and avoid auctions where there's generally more competition and you're buying against someone with emotion and an ego involved. So it is really important to get the right advice because only 70% of people end up buying the right investment property and only having one investment property and not many more end up buying more than one property.

The next person you need on your team is a good conveyancer. A conveyancer will help you in terms of giving advice on the contract of sale, any special conditions and just making sure that you're not buying a property and you're going to have some serious problems later because of certain contract conditions.

The next person is a good building inspector and someone who can navigate and look through a building and look for termites. They make sure that it is structurally solid.

Also a renovator company can help you with renovations because that's a great way to really add some instant value to a property.

The last person you need is a good property manager. Once you've bought your property you want it to be a very seamless transaction and manage that property nice and easily, collect the rent, organise all the maintenance and make it a maintenance-free investment for you.

So if you get this team on your bus they will help you create a portfolio that will hopefully help you retire earlier, create wealth and have more fun with the family and kids.