Download The Right Advice From The Right People

The Right Advice From The Right People
In our last article, we explored some myths that are still prevalent regarding property investment.
Today, we're going to explore in more detail where you can get the best information, and more
importantly what sort of information you should be looking for.
As we mentioned last time – gaining an understanding of property investment is challenging, not
because of the lack of information, but because there is too much misinformation.
Let's talk about what you need to know, and the first thing is getting clear on your plan. You see,
there is no such thing as a "good" property or a "bad" property, all have their advantages and
disadvantages, and while some may be good for nothing other than storing equipment, that makes
them useful to someone. So, the first step is to determine exactly what you want to achieve, before
you even begin to consider how you are going to achieve it. You wouldn't be happy if your doctor
prescribed you medication without first evaluating your symptoms, and property is the same –
there is no magic pill, and each diagnosis should be based on individual requirements.
Once you have a strategy in place, it's time to research. You'll need to know the right areas, types
of houses, costs and so on and this can seem incredibly daunting. The trick is, to take each
opportunity based on its merits, and have good advisers around you – but where do you go for that
advice?
"Tell me what you've done."
Always ask a potential advisor what they have done the past and why you should listen to them. If
you are looking online for input, be sure to Google the person and ensure they are a good fit.
Impartial third parties
Impartial third parties, such as government entities and online statistics bureaus, are a great
source of relevant information. However, hard figures should not be used in isolation, and there is
often hidden opportunity behind the numbers. Importantly, if someone is offering their advice for
free as an impartial third party, be sure to ask what they have done, and evaluate their suitability.
"What happens if?"
The last thing you want, is to end up in a situation where you are forced to liquidate your property
because you didn't have contingencies or a strategy for dealing with unfavorable circumstances.
Good accountants and financial advisers with relevant property experience will offer you advice
based on the numbers as week as the potential downsides. When going into any investment, you
should be aware of both the potential opportunities and have structures in place to deal with the
unexpected.
Without a strategy, the investment journey is encumbered from the start. But with a robust plan in
place, and contingencies should something go wrong, you are setting yourself up for success.
Likewise, having a strategy for the type of advice you will take on board and from whom is crucial
to avoid misinformation or well-intentioned but incorrect intelligence.
Jeff Grotowski is the CEO of Accrue Real Estate, which offers buyers a simple and effective
pathway to purchasing investment property in Melbourne, including intelligence mechanisms and
market-led advice, predicated on years of experience.
They also offer the opportunity to tap into the ‘underground property market – those properties that
aren’t passed to agents and don’t appear on mainstream websites.
www.accruerealestate.com.au