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Building the RIGHT team around you is fuel for your portfolio!!!!

Discussion in 'General Property Chat' started by MsAli, 28th Sep, 2015.

  1. MsAli

    MsAli Well-Known Member Premium Member

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    Hi guys

    Having invested for the last 5+ years, @monalisa and I believe one of the most important decisions you can make on your property investment journey is building the right team around you who have the best interests at heart for you. A typical team for a property investor that would be the fuel for the accumulation of assets would include:

    - A GREAT mortgage broker
    - Solicitor for conveyancing
    - Property managers who are great at maximising your return, tenant selection and are well-informed of the tenancy legislation of the state you’re investing in
    - Tax accountant that specialises in property
    - Buyers Agent (if you are time poor, don’t have expertise in the area of investing or have never invested before and want to learn)
    - Building & Pest inspector for houses / Strata search company to do body corporate reports for units, villas and townhouses

    A GREAT Mortgage Broker is KEY

    I believe having a great mortgage broker on your side is key! Having dealt with mediocre to great mortgage brokers, if you’re looking to build a substantial property portfolio, I want you to be fully informed about what to look for in a broker. This is what I look for when deciding on a great broker to be part of my team:
    1. Figure out what your plan is in terms of purchasing ($ value, time frame, rental yield). Work with the broker based on your income, expenses, assests & liabilities, potential property rental returns to figure out what’s the maximum you can spend. I.e. for instance, say if your income is $70,000-$80,000 (Average Australian Income), can you buy property worth $1mill, $2mill, $3mill and so on? Discuss with the broker to map out up front on which lenders you can use and why (ensure that they are MAXIMISING your ability to borrow as opposed to choosing an easy way out to the quickest lender)
    2. If they are unwilling to draw up some sort of a plan to align with YOUR plan then this is concerning
    3. Ensure they are not making serious assumptions about your situation and covering all basis
    4. Ensure they are responding to your queries in full and that it doesn't take too much probing to get an answer. Succinct in verbal & written communication is a must.
    5. Are they willing to think out of the box?
    6. They MUST be able to look at the big picture, rather than ticking boxes & churning loans
    7. They MUST be willing to cover all basis as opposed to looking at one deal at a time (as an investor you are always looking deal x+1). If they keep brushing aside your plan after IP x then obviously they do not align with your goals (assuming you want to build a solid foundation portfolio and more!)
    8. They MUST have an effective content management system in place that they utilise. Otherwise this is not good use of your time and is inefficient
    9. As an investor ensure that the broker you choose is able to work past property 5/6/7 etc. as you don't want to keep moving ahead and guessing what’s next for you
    10. Last, go with your gut feel on who would be best placed to be your broker. What works for one person may not work for you.
    Best with your investing goals!
    MsAli
     
    Last edited: 28th Sep, 2015
  2. longhaul

    longhaul Active Member

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    Great post MsAli.

    I have a great team around me bar a tax accountant specialising in property. Do you care to reccomend a great one in Sydney?
     
  3. monalisa

    monalisa Well-Known Member Premium Member

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    Hi!

    We have just outsourced our accounting to Nick Moustacas of Strategic Wealth (http://strategicwealth.com.au/). A lot of PC members are Nick's clients, and he comes with great feedback :)
     
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  4. RetireRich101

    RetireRich101 Well-Known Member

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    Agreed with Broker being the strategic player in the team, but also important for me is the ability for that Broker to take my calls after 5PM. Not all Brokers are created alike.
     
  5. longhaul

    longhaul Active Member

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    Thanks for the tip MsAli!

    At the risk of pushing my luck, do you prefer any particular buyers agent in Brissy? I am strapped for time to get up there and look myself for the foreseeable future.
     
  6. longhaul

    longhaul Active Member

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    Even better when they volunteer to attend auctions on your behalf!
     
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  7. monalisa

    monalisa Well-Known Member Premium Member

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    Hi Longhaul

    We have purchased ourselves in Brissy with feedback from some very kind PC members who know Brissy well.

    If you are time strapped, I think using a BA is worth the money. I think a few people on the forum have used Karen from Property Zest, and from the feedback, people seem very satisfied with her services.

    Regardless, be sure to do your own research too, before making a decision.

    Best of luck :)
     
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  8. Leo2413

    Leo2413 Well-Known Member Premium Member

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    My broker is insane. She works 7 days a week, goes to clients home up till midnight. Takes calls anytime. She's a gem. Also has her own amazing portfolio.
     
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  9. longhaul

    longhaul Active Member

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    That's great to hear more good feedback on Zest, I had a friend go through Karen last month and he seems quite happy with his purchase. The process appeared very thorough.

    I agree with you on background DD, always imperative. I am somewhat familiar with Brissy as I spent a few trips looking for a purchase late last year, settling on a place in Daisy Hill. However I would target a totally different area this time around.
     
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  10. monalisa

    monalisa Well-Known Member Premium Member

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    As you have already researched Brisbane, I am sure this time round it would be much easier than the first one. Just having visited the place makes world of a difference.
     
  11. longhaul

    longhaul Active Member

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    Yea I can definitely see myself making at least one trip to compliment engaging a buyers agent.

    Driving around various places in Logan last year dissuaded me from purchasing in some of the cheaper suburbs.
     
  12. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    100%. Having a great team is critical. Investing is a team effort.

    Had I not found a brilliant broker when I got going, I'd have been stuck at 1 or 2 properties and had no idea I could keep pushing further with the right structure and planning. Definitely the backbone of the team. :)

    Excellent, experienced property managers are critical for a number of reasons. Some of the best will go FAR beyond the call of duty too which is what you want.

    A thorough conveyancer is also a must.

    And of course, a fantastic accountant goes without saying. Their fees will always come back manyfold. I'm a client of Nick's – he and the team are fantastic.

    I must admit though, I have not been as meticulous when it comes to B&P inspectors as those I've used were recommended and seemed to do a great job and that's as far as it went. Anyone care to share the differences between bad and good?
     
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  13. Michael_X

    Michael_X Mortgage Broker Business Member

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    +1 for Nick and his team.

    Cheers,
    Michael
     
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  14. KayTea

    KayTea Well-Known Member

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    Would also highly recommend Jacqui Middleton at Taylored Financial Solutions.

    She's amazingly efficient, and very on-the-ball. So far, any time it looks like there may be a bit of a 'hiccup' with a purchase, she makes sure she lets me know of the issue and the solution that she's already put in place, so it doesn't cause any problems. She saved me a lot of stress and time, and she really knows her stuff.

    Plus, Taylored seem to be quite a bit cheaper than many other Brissy BAs.
     
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  15. KayTea

    KayTea Well-Known Member

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    Any recommendations for Brisbane accountants (preferably south-east) who know investment?
     
  16. MTR

    MTR Well-Known Member Premium Member

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    What I have found personally is that as my strategy changed so did some of the professionals I used as I needed someone with expertise to suit.


    MTR
     
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  17. D.T.

    D.T. Adelaide Property Manager Business Member

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    Been using my current mortgage broker, conveyancer and B&P for several purchases now. Very happy with them.
     
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  18. UrbanDingo

    UrbanDingo Member

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    any Melbourne tax accountant recommendation
     
  19. orangestreet

    orangestreet Well-Known Member

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    Why are they "quite a bit cheaper" than the rest of the Brisbane buyers agents?
     
  20. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    I've recently dealt with Jacqui, we have a mutual client. I can second the recommendation, she's been a pleasure to work with.