Whether you’re just starting out or have decades of experience in the property world, a property power team, a group of like-minded individuals and experienced operators, should be seriously considered.
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
Depending on your goals, experience and financial standing in life a joint venture partner could be crucial in helping you make the leap or take the next step within property investing.
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.
If you want to operate within the buy to let world but lack experience, aren’t local to a specific area and thus don’t have the local knowledge sometimes needed, or simply want someone to manage your properties, then a letting agent is your new best friend.
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 creative and experienced property solicitor can be a massive asset throughout your property journey. If you’re inexperienced or lack the time to properly consider the legalities of your next move then a property solicitor can step in and save you countless headaches.
An experienced property investor, one with a specific history in redevelopments and refurbishments, might be able to survive without a property surveyor but for the rest of us it can be hard to judge the countless aspects of a property to the level required.
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.
Working hard to create a property investment portfolio takes time, commitment and a lot of effort. An experienced account, ideally with a history dealing with similar property focused clients, will help to ensure that your property business is as tax efficient as possible.
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.
The mortgage landscape is ever changing. Add to that the fact that your personal profile will change with each new property deal and it starts to become clear that mortgage brokers can be very important.
Up to date industry knowledge and a duty of care to you, their client, will ensure you get current information tailored to you.
Tradesmen and contractors, similar to property surveyors, become more and more valuable the less experienced you are.
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.
All of the above should provide a good overview of who you need and where to start. Beyond that, and especially if you’re inexperienced or just getting started, come along to the next Belfast Property Meet.
You never know who you might meet…