When it comes to investing, it can seem like a lonely journey, but it actually takes a village to make happen so who exactly do you need in your corner?
Here are the top 5 professionals every investor needs.
No 2 brokers are alike, in fact, don’t settle on the first one. Shop around, do your research, gather recommendations and find the best broker to suite your situation because not all brokers know how to navigate or even negotiate with financial institutions when it comes to borrowing for an investment. Yes, it is an expertise. So before you head into that bank to apply for a mortgage, find a Broker with experience in Investing
So, you’re an investor and your money is king, so you need a good accountant who will help you maximize your tax returns and manage your money in regard to legal obligations as well. Your Accountant will hold you accountable for your money decisions and will also be your best friend during tax time.
And to pair with your Accountant, you need a good financial advisor to advise you on how to use your money and when. Say you have $50,000 in savings, your instinct may be to put it towards your mortgage, but in regard to your specific financial plan, it may be better to be reinvested elsewhere. It depends on your financial plan and your financial advisor will be able to guide you best.
When buying an investment, you need to do your due diligence when reading your contracts and understanding what each part means. Every contract is different so it’s hard to share examples of what to look out for but a good Solicitor will ensure the contract is in your best interest and a great solicitor will explain all areas of the contract and will discuss it with you in detail to ensure you understand your legal obligations and that of who you’re going into a contract with. My best advice is to do your research, ask other investors for their recommendations, and find a solicitor who you can trust.
It goes without saying but having an investment Strategist is essential. Sure, you can buy an investment or multiple on your own but it’s more than buying one property after another. You have to have a plan specific to your goals and that means diversification of your investments, eventual consolidation, and of course market forecasting. Your investment strategist is that architect of your future so find one who is committed to your success and not their own, because there are plenty of cowboys out there, ready to take your money to benefit them.
It goes without saying that there are plenty more professionals you need to assist and guide you but these 5 should be your top priority when you become a property investor because purchasing a $600,000 home shouldn’t be taken lightly so start off strong, on the right foot with the right people.
It’ll not only save you a lot of time but money as well.