Professional services

Hi All,

Just starting our in the investment property space and have just purchased my first IP.

Previously, I used to do my own tax returns (Basic PAYG employee). But now I will probably get an accountant to lodge my tax returns

It just had me thinking, do I need to engage any other professional services?

I will likely purchase another IP in 2-3 years and at this stage I think the below is the only professional help I need

• Morguage broker who can help Highly leveraged investors and also advise on how I can structure my self now to be in a position to buy another IP down the track
• Good conveyancer for the next purchase
• Accountant to ensure I am claiming everything I can and can advise me now on how I can structure things for maximum returns
• Possibly a buyers agent to help with the next IP, identifying a property with the best opportunity and at what price

As a beginner investor, Would I be missing any important services other than this list?

 

Good list. I'd probably choose lawyer over conveyancer but otherwise all good. Also BnP services when buying a home. BA isn't essential for everyone, for every purchase. But they definitely have their place to help. Best of luck with your journey mate.

 

BnP is definitely one to add to the list, thanks

I've only used conveyancors for my PPOR and 1st IP, do lawyers cost more but add an extra level of service?

When would you used a BA? haven't used a BA before but I think it might be good if you need help with investment grade property selection or you want to invest interstate and do no know the markets well enough

 

May I ask why you didn't use a mortgage broker upfront ?

Instead of waiting 2-3 years to get your next investment , you could be purchasing it alot earlier.

But Yes, those 3 are about right. Some may say throw in a financial planner as well.

 

No. Using a conveyancer may duplicate costs when a issue comes up. They will refer you to a solicitor if there are issues. Why not start with a solicitor who does frequent property conveyancing ? They are usually cost competitive anyway.

I also consider a broker is a critical resource. They wont cost extra but their valuable insights and knowledge will benefit for no cost. A bit of a no brainer. The other no brainer is people who think they can obtain a good loan themselves. These fall into two camps.

1. They chase a no broker cheap lender. Sure broker cant compete but is rate the only issue. It may hamper later strategies.
2. They then ask many q's on this forum as they lack and guidance and realise they missed a benefit etc. No offset, break costs, crossed loans even etc. They often want the knowledge and info from brokers but want it free.

 

Post purchase you’ll also need contact of a reliable and thorough Quantity Surveyor (for depreciation schedule) & Property Manager (to manage your asset and find a suitable tenant if property is vacant).

it is a good practice to have a PM shortlisted as soon as you know the suburb you’ll be buying in. As you become experienced in buying yourself, as @Sackie mentioned you may not need a BA each time you buy

Depending on your relationship with your PM, at times you could even leverage off their local knowledge to be your Hands & feet.

All the best!