Needing advice on setting up a team

Hi all

I'm brand new to property investing and am looking to find the best people to make up a property investment team for myself. Who would you recommend as the best mortgage broker, buyers agent, solicitor and accountant to make up a team to build a property portfolio? I'm aiming for at least 6 properties over the next ten years, so need people experienced in that area. Any other professionals that I will need?

Any help would be appreciated.
Thanks
Mark

 

Research in yourself so you understand the ins and outs would be more important that surrounding yourself with "professionals"

It's important to have a good team, but you need to know what's required to make the team good - and asking people simply for their recommendations is not the best way to go about it.

 

A good accountant and broker (or banker - hi Brady!) are important (I'm biased because I'm a broker). Have a look through the various posts and reach out to one that you feel would do a great job and you could work with.

BA's definitely have their place too - especially if you're buying interstate and aren't comfortable with approaching it solo.

I'd use a local solicitor/conveyancer in the area you're purchasing in (shouldn't be hard to find a recommendation for one once you've worked out where you want to buy).

Cheers

Jamie

 

Agreed. How do you define best. What's good for you may not be for someone else, and vice versa.

 

I would like a broker that understands and is experienced in how to structure finance so that multiple properties can be purchased, a solicitor that can set it all up with the best structure to protect myself, an accountant that will be able to set up a plan on how I can reach my goals and a buyers agent as I don't have the time to investigate individual areas and to get the best price possible. I don't have the know how and don't want to make a costly mistake.

 

Hi @Mark McAuley.
Welcome to the forum here.
You need to provide more information so that ppl can help you.
Good starting point would be in relation to income - how much post-tax?
Also how much savings available to use for investing, please?
Risk appetite?
Age now - and plans to some degree.
Cheers,

 

Thanks for that Alan. Income is around $180K gross, equity in PPOR is around $140K. I would like to pay off my PPOR in 10yrs or less ($460k) and retire in 15 years with income from property of $100K/yr. I'm 44 yrs old.

 

Thanks @Mark McAuley that will give the brokers something to work with. It is interesting (for me at least) to see you falling into the same category as many of our first time investor clients - mid 40's, a PPOR partially paid for and a 15 year plan to exit the workforce and no investments to date. It can be done, but it's hard work if you're up for it.

 

Good idea and intentions in theory.

However how do you know if the broker actually understands how to structure the finance correctly if you don't know better?

Think of the industry you work in yourself. How many people can talk and sound like they know what to do, but in reality they can't deliver squat? Now at the same time, how many clients have those people stuffed over, but because those clients don't know better, they are happy with the outcome, whereas you looking at their situation from the outside, your basic reaction is "wtf, why did they do that"

@Terry_w has some great tax tips. I suggest you spend some time reading up on that as a first point, only then will you know if the broker and accountant you've selected is good or full of it.

For a BA, I've spoken to a few over the years and I chose to go with @Propertunity - simply because i didn't want someone who was going to be nice to me, i needed someone who had the guts to tell me when I was making a foolish decision and also able to complete the deal.

 

Thanks for that neK. That's why I'm asking for people's recommendations that have gone through it all and know the best people to use.

 

Hi Mark - welcome to the forums!

There's lots of excellent professionals who contribute here - I suggest you have a read and touch base with who ever seems to align with what you're trying to achieve. 'Best' is very subjective and will depend on your personality (and theirs)to a large extent, particularly when faced with a large group of very competent people who will all be able to do what you require.

As Alan says, 100k income from property in 15 years is tough - you'll likely need to do some developing/value-adding rather than buy and hold, but that's fine - just a bit of a learning curve.

 

I’m with @neK here.

The most important factor is that you get the knowledge or contacts that allow you to purchase the right properties. All the other stuff is meaningless if you don’t get that part right.

So work out how you are going to that before you complicate it with a “team” advising on the ancillary matters.