You may not think you need them for residential property investment, but after 30 years in the business I beg to differ. Whenever I work with clients, I'm insistent that they engage the right people to become part of their team as they invest in property.
These professionals will guide you through each piece of the puzzle, ensuring you don't make costly mistakes.
A solicitor will guide you through each step of the process, from contract advice to estate planning and conveyancing. Don't skimp on this advice because it could cost you a fortune in fees.
An accountant has the right expertise to make sure you receive the correct tax deductions. On the sale of a property, your accountant will advise you regarding capital gains implications and make sure payments are made as necessary. In particular, I would recommend an experienced Property Accountant. If you'd like to download our eBook How to reduce your accounting fees, click here.
A financial planner will evaluate your personal situation and help plan your future. They will also be able to advise you regarding the set up of a self managed superannuation fund and how to use it as a vehicle to grow wealth.
A mortgage broker will find the best loan option for you and your needs. They can also advise you in the case of having to finance and the implication of property sale on your debt obligations.
Each of these professionals will become your team - a team to keep you on track with your wealth creation goal.
If you want to be one of their favourite clients, make sure you keep accurate records of all your dealings. I would recommend a filing system that is simple and easy to use and easy for each of your team to access and read.
As always, if you have any questions, leave a comment below.
Until next time,
From the desk of Christine.