I don’t do a lot of work now in my Deal Packaging business. The reason is that over the years I have put together a team of professionals who are skilled in all the areas that I need to provide for my Investor clients.
What’s stopping you from investing in property, or more property? Is it a lack of finance? If so, you’re probably looking at things the wrong way.
It’s no secret that joint ventures (JVs) are the key ingredient for building a healthy property portfolio. What is more of a mystery, however, is how you actually secure JV partners.
While the property experts are all shouting about the importance of JV deals, you’re left wondering how to make yours a reality. These 5 tips will make your JV investor pitch irresistible
So who do you need to provide a great service? You need a great accountant, preferably an accountant who is already a property investor. Why? Because they will understand exactly what is required for you and your investors to run your businesses. You also need access to solicitors who understand property investment. You will need trade property lawyers who can act for your investors and also for your vendors if and when you market direct to vendors. So you will need at least two property lawyers because in any transaction your investor needs a lawyer, and your vendors may need a lawyer.
Your finance team – it’s absolutely crucial that you get in place finance brokers who specialise in both residential and commercial property. You may need to work with bridging specialists as your business develops you need access to bridgers who understand what you’re doing and can structure the best deals.
Where do you find all of these people? Your first port of call may well be to the Progressive Property list of approved professionals in all of the disciplines and skills above.
Very soon into your Deal Packaging career you are going to have to do build a list of trusted tradesmen and contractors. At one point, when I was working in Manchester, we have a list of over 40 contractors that we were dealing with. Finding a contractor that you can trust is an art in itself. And then when you find one who does a great job and is reliable you are always faced with the possibility that circumstances might change for them and then they are lost to your business. Finding the right builder to help you fulfil projects, small or large, for your investors is an art that you develop through experience. To short-circuit that process what you need to do is find another Deal Packager or investor locally who can steer you in the right direction. Talking to letting agents is a good place to start because they have to have access to all the trades in order to provide support for the landlord customers. So if you just starting out go and speak to letting agents and see if you can get some contacts from them.
I know it can be hard starting out- I’ve been there too.
There are some of my top tips for you to look at, to help you become a better networker this year. I hope you found that useful. Remember, The Progressive Property Podcast is out every Tuesday. It’s on iTunes and Stitcher. Make sure you subscribe. Make sure you’re also a member of The Progressive Property Facebook Community. There are about 26,000 people in there now, sharing their property stories, property journeys, the good, the bad. A really great learning environment.
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