Hey, I don't know about you, but the reason I invest in property is to make money. Period!
If you're like me, and you're in this for the money, then you're running a business. A business in investment property works exactly the same way as any other business.
Normal business principles apply.
So make sure you refresh yourself to the following business maxims!
Consulting With Most Professionals Is A Waste Of Time!
What do I mean? Well, think about it. If you want legal advice, you go to a solicitor. After all, isn't that what solicitors are for?
If you need advice about managing money, you go to a bank manager. After all, doesn't the bank manager manage money all day long? Look at all the money that's in the bank.
If you want to avoid paying horrendously high taxes, you go to an accountant. Isn't that what accountants are for?
If you need property investment advice, you go to your local real estate agent. After all, they should know where the best investments are located.
How many times have you gone to your solicitor for help and then learned that he or she has to get expert advice from a barrister. Who in their right mind goes to get advice, only to find out that the potential adviser has to go to someone else for more advice?
The solicitor then passes on the third-party information to you, charging you exorbitant fees for this "service".
Similarly, the bank manager is not a bank employee whose job is to manage money. Rather, the bank manager’s job is to manage the bank –not your money.
As for the accountant, he or she has learned how to complete tax returns and present accurate accounts. But the accountant is not skilled in using the rules to your best advantage.
Accountants won't tell you how avoid paying taxes, nor provide advice about the best way to run your business.You'll have to go elsewhere for that advice.
And your local real estate agent doesn’t know how to get the best return for your money. Real estate agents are in the business to sell property, specifically whatever properties they happen to be marketing at the time.
So, remember these four simple points:
If you're like me, and you're in this for the money, then you're running a business. A business in investment property works exactly the same way as any other business.
Normal business principles apply.
So make sure you refresh yourself to the following business maxims!
Consulting With Most Professionals Is A Waste Of Time!
What do I mean? Well, think about it. If you want legal advice, you go to a solicitor. After all, isn't that what solicitors are for?
If you need advice about managing money, you go to a bank manager. After all, doesn't the bank manager manage money all day long? Look at all the money that's in the bank.
If you want to avoid paying horrendously high taxes, you go to an accountant. Isn't that what accountants are for?
If you need property investment advice, you go to your local real estate agent. After all, they should know where the best investments are located.
Unfortunately, Things Aren't The Way they Initially Seem To Be
A good solicitor will know the law well, but by and large, a solicitor is generally completely useless in a professional capacity.How many times have you gone to your solicitor for help and then learned that he or she has to get expert advice from a barrister. Who in their right mind goes to get advice, only to find out that the potential adviser has to go to someone else for more advice?
The solicitor then passes on the third-party information to you, charging you exorbitant fees for this "service".
Similarly, the bank manager is not a bank employee whose job is to manage money. Rather, the bank manager’s job is to manage the bank –not your money.
As for the accountant, he or she has learned how to complete tax returns and present accurate accounts. But the accountant is not skilled in using the rules to your best advantage.
Accountants won't tell you how avoid paying taxes, nor provide advice about the best way to run your business.You'll have to go elsewhere for that advice.
And your local real estate agent doesn’t know how to get the best return for your money. Real estate agents are in the business to sell property, specifically whatever properties they happen to be marketing at the time.
So, remember these four simple points:
- The bank manager’s job is to manage the bank, not to manage your money.
- A litigation solicitor is merely a well educated secretary.
- An accountant is a designer who has good presentation skills.
- Your local real estate agent is a sales representative and doesn't give a DAMN about YOUR investment goals.
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