This week we have a guest post on property investing from Debra Long.
Property investing: Who do I need in my team?
As a Property Coach and Mentor I always talk to my clients about building relationships with a good team of people who you can call on for advice and assistance to help make your business more successful.
The first is an accountant – this may seem a strange one to put first, however a good accountant will enable you to decide whether you are going to invest in your own name or through a limited company. There have been a number of changes to tax allowances over the last few years and by setting up the company correctly you can avoid problems later in your property investing career.
Next comes a mortgage advisor or commercial lender who you can talk to, one who knows you and can provide confidence to the estate agents that you are able to proceed with any purchase. For a standard Buy to Let Mortgage (BTL) you need 25% deposit however the property needs to be nearly ready to rent out. If it needs work then you may need to look to a commercial lender, it all depends on the numbers.
The next one is a solicitor who can work speedily and accurately to get the conveyancing through. I have heard of this taking anything from 2 weeks to 4 months. Find a good solicitor who can get to know you and will do their best to work to your timescales.
Consider other professionals too…
A possible surprise for number four – an architect. A good architect can make suggestions to get the most value from your property, either adding bedrooms to form a House of Multiple Occupation (HMO) or opening up the interior area to provide “aspirational living” if you are going to be selling it on.
The building trades come next for any renovation work. I always have an electrician check the installation for safety and any necessary remedial work which can be planned in with any other work. Possibly a handyman for those little jobs that will need doing and a painter and decorator to put the finishing touches to it. At this point it’s always as well to have a skip company in your phone contacts as a number of the trades, especially carpet fitters, do not take their waste due to the large charges of getting a van to any refuse centre.
An electrician and gas safe engineer need to formally check the property and provide you with the necessary certification. Maybe at this final stage a good cleaner will make the property sparkle and allow you to show it to its full potential.
And finally, but possibly more importantly, a property coach or mentor will help you get the education, knowledge, support and accountability to make a success of your property investing journey as well as being able to put you in touch with experts in the field.
I hope you have found this useful and can start to build your team to support you in becoming a successful property investor. Whether you are a new investor or an experienced one, contact me for a free 30 minute coaching call to discuss your property journey and lets see if I can help move your forward.
Debra Long, Property Coach and Mentor
Tel: 01942 729103; 07977 096065
Email: [email protected]