Property investment questions with an accountant near me.
Even though it is more important to work with an accountant you can trust, is proactive and works with you to have a great outcome, having your accountant close by can be of benefit. This is not about coffee meetings or lunches, but about personal contact. Understanding is the key to work towards the best long term plan ever. It is easier to catch up, schedule face to face meetings and have good discussions about your current situation, your plans and a financial road map to get there. If you know that 70% of communication is non verbal, a lot can get lost over a distance.
So that considered, let’s have a look at some of the questions that came up in a conversation as an accountant with one of my clients from my neighborhood.
Q: What’s The Deal with Property Investment? – An interview.
Six Rookie Mistakes Made By Beginner Property Investors
Our resident head accountant and CEO, Gerard Boerlage a specialist property accountant , sits down for an interview and answers your questions about how to make the most of your financial investments. This month, the discussion falls on making the most of your property investments, and approaching them wisely.
Are you a property investor needing advice: Call Gurpreet now for a private discussion: 09 299 1000
BORROWING MONEY WITHOUT A LONG TERM PLAN.
Many new property investors are so eager to get into the game that they forget to look ahead and take their time to think about the long term. Having a structured and clear plan as to how you plan to repay the debt and remembering to do it in a reasonable fashion will save you all the backlash in the long run.
NOT REMEMBERING THAT TENANTS NEED TO BE CAREFULLY SCREENED AND REFERENCE CHECKED.
Background checks, including credit checks, are crucial in making sure you have a good long term tenant who will look after your house. If you pick the good ones and look after them, they will look after you and your property. Win – Win or no deal!When selecting tenants for your shiny new and used properties, make sure you have a good basis and understanding of what they are like.
NOT HAVING A GREAT PROPERTY MANAGER IF YOU ARE NEW TO THE BUSINESS.
Having an excellent property manager is a real backbone to making your investment worthwhile. When choosing a property manager, make sure they are willing to engage in great communication with both parties, and do what is right for both the tenant and for you.
Believe it or not, a property manager is like an investment in itself! Having someone who will maintain and take care of your property for you is a security blanket definitely worth having. There are many things to learn about property, so getting help and learning from experts is always a smart move.
NOT READING ENOUGH SUCCESSFUL PROPERTY INVESTOR BOOKS.
Before you make any big financial leaps, make sure you learn from the people that already been in property for a good while. Reading successful property investors stories and journeys will help you realise what skills you need to strengthen and what traps you need to look out for. If you learn from the best and understand their methods, it will help you with your own investments and you can approach them more confidently, knowing what you are doing. Property Investment is a skill to tackle, and if you do it right, there are many rewards to reap. It is like being a pilot flying a plane, you must know what you are doing to ensure a safe trip. If not, there could be a big mess.
NOT HAVING COFFEE / LUNCH WITH SEVERAL EXPERIENCED INVESTORS.
Get together for lunch and discuss investment and ways to make that successful investment a successful one. Pay for your friend / mentor’s lunch. It shows you value them, their time, and their expertise.People fundamentally love to talk about what they are passionate about, and successful property investors are no different. Gaining first hand wisdom and insight from those who have been on the same road you are heading down will give you a personalised and professional helping hand. Contact other successful people who have invested in property. Maybe your specialist property accountant could be a good start?
NOT HAVING A PLAN
Remember that everyone will make a few mistakes along the way, and you will gain experience over time. It is important to leave yourself with enough cash reserves to “weather the storms”, either by savings or a revolving credit facility.Having a solid plan for the future of the property, and not just buying it on a whim is the difference between a successful and unsuccessful investor. Those that study up and take calculated risks, while having a backup plan are the ones that end up on top in the end. Make sure you are buying a good property and you have both a short term and long term plan for the debt and your new asset.
Special thanks to Gerard Boerlage from Citywide Accountants for answering this month’s question submitted through our website.
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The best time to plant a tree is twenty years ago. The second best time is now.
– Chinese Proverb
Thank you for your time, with hope our interview on Property investment questions with an accountant near me has been helpful.