To ensure you get the best possible results always to look to build a team around you who are proficient in the skillsets required to enable you to build a quality property investment portfolio that gets you to your investment goals.
Team members to consider are:
- A mortgage broker who specializes in property investment funding. Note most mortgage brokers specialize more in dealing with first home buyers. For most investors unless winning lotto is part of the strategy to ensure they have the cash to keep buying use a broker who invests themselves and knows how to finance you in the best possible way to achieve your goals.
- A solicitor who can act with speed as the best opportunities don’t tend to hang around, who understands investment themselves as often some of the best deals require some creativity and someone who can still be fairly priced.
- An accountant who specializes in the property investment field. Note that many are jack of all trades or may be more suited to business advice rather than providing the best possible property investment advice. Note also that many solicitors tend to more cover asset protection while many accountants tend to disregard this aspect and just look to cover tax. An expert who can look holistically over both while understanding your goals is worth their weight in gold.
- A property manager who knows your market and can accurately appraise potential properties and then provide the expertise required to maximize your investment returns over time once the properties are settled. Look to cross check rental appraisals as many can be over inflated resulting in properties that don’t return what you expect them to achieve. If you are looking to manage yourself look to compare to others on Trade Me. If you are purchasing in Auckland and want to discuss property management feel free to look at our sister businesses website www.pedersens.net.nz or email firstname.lastname@example.org to discuss further.
- A valuer who can appraise quickly what a potential property may be worth. Note some valuers are better than others in regards to this as some will state that they need to view before they can give any idea on price whereas others will be happy to give a range as long as you are using them when valuations are actualy required. Note a system worth looking into is www.iadvise.co.nz or www.qv.co.nz where you can obtain appraisals on line using comparable sales data.
- A building inspector. If you haven’t purchased property before, are uncertain when it comes to assessing if a property has issues or if purchasing a property which may have future issues such as being made from certain cladding materials it could be worth the cost to get a building inspection to ensure you don’t buy a dud.
- A property finder. Take some time to decide whether you have the time, expertise and desire to find your own purchases or whether you are better suited to have deals pass your desk and then look to ascertain these as possible investment opportunities. Note that most finders are effectively real estate agents who have databases of investors so they look to find the deal market it and they charge the buyer a fee.
- A property mentor. With property investment there are a lot of books and free resources available however note that with the rules consistently changing it can be worth considering employing the services of a property mentor. Be careful here to only use someone who is going to provide advice on property investment in general and then the positives and negatives of purchases rather than someone who will look to sell you properties that they may have a vested interest in.
- An Insurance Broker who specializes in fire & general cover. You want someone who can access cover quickly and efficiently while also can obtain cover slightly out of the norm as sometimes certain properties may require some specialist types of cover.
- An Insurance Broker who specializes in risk cover. Note that if you are growing an investment portfolio and taking on debt your risk is increasing and you need to make sure that cover is in place for unforeseen events that may cause problems such as an event which means you can’t work for a period of time. Note that if you are growing a portfolio quickly you should look to have reviews every 1-2 years. There can be large differences in the quality and types of cover that is provided between companies. In most cases you are better to deal with actual insurance companies rather than banks as the banks tend to strip a lot of the products back.
If you are after a referral for respected businesses for any of the above areas or anything else connected to property investment please ask and we can advise who we use ourselves.