Who do I need to hire?

Discussion in 'The Buying & Selling Process' started by kirsty2711, 18th Oct, 2017.

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  1. kirsty2711

    kirsty2711 Member

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    Hi, I'm new to property investing and feel ready to purchase my first property. I was wondering what professionals I need to hire and how I know whether or not they're reputable. There seems to be a lot of overlapping between lots of professionals. I'd appreciate some advice. Thanks.
     
  2. Trainee

    Trainee Well-Known Member

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    Your not ready to buy a property. Its a process. Learn first.
     
  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Broker/banker is a good start so u can get an idea of what resources you have

    Accountant and solicitor to advise on structure and tax

    BA maybe to source the property


    ta
    rolf
     
  4. Big Will

    Big Will Well-Known Member

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    *Independent BA - read another thread by OP @Rolf Latham :)
     
  5. Big Will

    Big Will Well-Known Member

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    @kirsty2711 Another thing to do is attend one of the meet ups so you can listen and asked questions on a more intimate environment.

    There is a lot of reading and understanding I would be looking at doing before proceeding to make an investment as you sound real novice and this can be bad for you.

    Read forums along with books and even watch videos about investing. Get some basic level of knowledge and then talk with other people about their journey and things they wish they knew when they first started.
     
  6. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    Hi Kirsty,

    You need a good independent team around you who can guide you through the process. It's best if they aren't affiliated with each other so you know that they'll give honest evaluations based on your best interests, rather than the fact their hand is in the pocket of one of the others.

    At a minimum, get an independent solicitor and broker.
     
  7. kirsty2711

    kirsty2711 Member

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    Thanks for the help. I have read 9 books so far, and attended a couple seminars but it seems I have a lot to learn.
     
  8. kirsty2711

    kirsty2711 Member

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    Thanks for the good advice.
     
    Jess Peletier likes this.
  9. hobo

    hobo Well-Known Member

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    What books have you read so far? Where did you come across them / receive recommendations from?
     
  10. Sackie

    Sackie Well-Known Member

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    Indeed there is a lot of overlapping and also some writers have different approaches, at times they seem to contradict each other too so it can be confusing for newbies.

    After reading 9 books I'd think you have some kind of direction by now. If it were me, to keep it simple this is where I would like to start.

    1. Determine your financial goals. Short, medium and long. They don't have to be set in stone but I believe its much easier to achieve a goal if you have one stated and some direction.

    2. Engage a savvy broker to find out your borrowing capacity and how to structure your loans according to your plans/goals.

    3. Determine what strategy you would like to employ which suits your financial situation as well as your risk tolerance. You might want to start with Buy and Hold, or take on a small cosmetic reno etc. Read through the various strategies and choose one you think suits your situation and goals.

    4. Choose an area/type of stock to buy and do your DD on it. Some people prefer to use buyers agents and others prefer to do their own research. This is kind of a messy process, the DD process. You need to choose an area and type of stock you think matches your goal and chosen strategy.

    5. Start negotiating on the deals you want which fit your buying criteria and goals.

    That's a very rough outline and you can ask for lots of advice from the forum as you make your way though those steps. Its a learning process and it will take time. But it really does get a lot easier with some experience and purchases under your belt.

    Personally, I am also a huge believer in developing your mindset so you can build a strong foundation which will help you keep on track, stay focused and get through the many challenges that you will inevitably face. Youtube Les brown and Jim Rohn for mindset/philosophical development if you like. Ultimately, the rewards in this game can be breathtaking though. Stay faaar away from the negative, naysayers. They will try to destroy your dreams at every turn.

    Good luck
     
  11. RPI

    RPI SDA Provider, Town Planner, Former Property Lawyer

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    I would start with the brokers on here. Read the forums and you will see there are a handful on here with excellent reputations that will help you out. You need to work out your borrowing before anything else.
     
  12. RIBA

    RIBA Member

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    1. Speak to a mortgage broker first, this will give you a great idea on your buying limitations.
    2. Once finance is approved a buyers agents can do almost all the work for you.
    3. Once you win the property you will need a conveyancer or solicitor to help you process a contract of sale. Handy to have before any offers are submitted to review contracts.
     
    Last edited by a moderator: 20th Oct, 2017

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