Success in the property investment world, like many things, can be achieved alone but if you commit time and effort towards building a close network of true value it can save you both time and money.
If that sounds interesting, or your unsure of where to start, read on below as we list the key members of your new property power team.
Property Investing in Northern Ireland
Joint Venture Partners
Joint Venture partners are a great way to process and achieve greater success in property. Property can be very lonely if you are doing it by yourself. We feel from personal experiences that yes you will achieve what you set out to do but as a partnership there is so much more you can achieve.
Each partner has something different to offer to the partnership, it may be money, time, property deals and process, invaluable contacts, experience, knowledge and skills.
Letting agents can also help determine the letting potential of a particular property potentially saving you time or money on a deal.
It is worth spending a little time finding an agent that is also an investor. They may have a better understanding of your investment strategies and what you are trying to achieve. For example, are you investing for cash flow or investing for capital growth? We would advise invest for both cash flow and capital growth.
A fresh pair of eyes, paid for by you and thus looking out for your best interests, could find vaults or potential problems you would never consider.
Unless you’re an accountant by trade, or seriously experienced and up-to-date with everything HMRC demands, this person will become an essential element within your power team. I would also recommend you find an accountant that specializes or has an interest in property tax.
Up to date industry knowledge and a duty of care to you, their client, will ensure you get current information tailored to you.
How can you correctly value the costs of refurbishments and redevelopments without a proper knowledge of materials, labour costs, projected time factor and unexpected developments that happen during every project? That’s where your tradesmen come in.
You never know who you might meet…