If your answer to the above question is yes, then you could be in deep trouble.
In order to be successful with investing in property, we need to surround ourselves with a team of experienced people who can help us to navigate the tricky waters.
What people do we need to have in our team?
1. Accountant. One with a passion for property. This will ensure they are up to date with industry trends and issues which may arise, as well as knowing and understanding all relevant tax issues.
2. Solicitor. It’s important your solicitor can work alongside the Accountant to determine the best structure to hold the portfolio. There are many factors to consider, many of which don’t just revolve around tax.
3. Bank Representative. Once again, the crucial thing with this appointment is having a knowledge and passion for property. Most banks have similar products however not every bank employee is created equal.
4. Property Manager. An effective Property Manager takes all the stress away from a Landlord. They have the systems in place to monitor rent payments and they know the rules according to the Residential Tenancy Act.
Enlisting the services of a good property coach can also help to streamline the process, ensuring the right boxes are ticked and providing you with sound advice. If you wish to find out more about my property coaching service, get in touch.