Content submitted by Josh Atherton of Portfolio Property Investments.
Undoubtedly there are many reasons why the majority of investors don’t make it past one investment property, one of these reasons is they have failed to identify and implement a strategic property investing team who understand and support your investment goals.
Many investors are unconsciously unskilled, that is, they don’t even know what they don’t know. This is the worst position for anyone to be in. the greatest thing that has grown me and my investment strategies has been knowing what I don’t know and leveraging off the knowledge of other people that know what I need to know.
Identifying your team and their skillset is the first step for any property investor. Understand what you know, what you need to know and employ people who know what you don’t. Far too often investors research an area and then purchase, not having any team around them. The greatest business people leverage off other peoples knowledge and skills, why property investing models seem to be so far from a business model is baffling.
Having a finance expert to structure your future portfolio is paramount. Understanding your current positioning and your goals, your finance structure can be set up from the start saving you time, hassle and tens of thousands of dollars.
Ensuring you have the right purchasing structure/entity could save you hundreds of thousands of dollars and provide the protection that you don’t even know you need. Finding an accountant that isn’t just about selling you a trust set up is hard, but once you are there you’re set.
The under recognised buyer’s agent services could be key to finding your next investment property. In some countries, more than 80% of buyers use one, in Australia, less than 2% of purchases use a buyer’s agent.
This is to list just a few essential services that are vital to the success of growing a property portfolio. So why do we refuse to engage with these services and set up an investment team at the start, instead waiting until something isn’t right that we actually find these services useful. Being unconsciously unskilled is the number one reason. Until we know that we need to know what these people know, we will not find value in their upfront fees. Instead, we get duped into trusting those that will “do it for free”. Didn’t your mum ever tell you nothing is for free? I guess that’s why some companies start charging people just to sell them a house. Then it’s not free right? Wrong, if you’re paying a company to show you properties for sale, you’re paying more than you think!
There’s a myriad of products and services for the investors to navigate their way around, in no way do I envy them. All I can say is thank goodness my team is built as it is the hardest part of property investing.
In 2013 Portfolio Property Investments will be branching from its current service of property brokerage to establish a coaching service for its clients and help them navigate their way through their investment strategy. With so many potential property investment strategies and opportunities, we look forward to working with our clients and creating diverse, nationwide property portfolios and helping you know what you don’t know whilst connecting you to those that do know.
The above information is supplied by Portfolio Property Investments.
Disclaimer: while due care is taken, the viewpoints expressed by sponsors
do not necessarily reflect the opinions of Your Investment Property.
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