{"id":6052,"date":"2015-10-14T01:00:02","date_gmt":"2015-10-13T14:00:02","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=6052"},"modified":"2015-10-14T01:00:02","modified_gmt":"2015-10-13T14:00:02","slug":"developing-your-team","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/developing-your-team\/","title":{"rendered":"Developing your team – Nhan Nguyen"},"content":{"rendered":"

 
\nIn today’s show property investor and developer,\u00a0Nhan Nguyen<\/strong>, from Advanced Property Strategies,\u00a0shares some wisdom about developing your team.
\n <\/p>\n

Transcript:<\/h4>\n

Kevin<\/b>:\u00a0 A great topic I\u2019m going to talk to Nhan Nguyen about now. Nhan, of course, is from Advanced Property Strategies, and he\u2019s no stranger to any of us.
\nGood morning, Nhan, and thank you for your time.
\nNhan<\/b>:\u00a0 Excellent, Kevin. Thanks for having me, mate.
\nKevin<\/b>:\u00a0 I want to talk to you about picking your property team. We quite often talk about this, Nhan. Sometimes when people get into property, they tend to think they can do it all on their own or they don\u2019t develop a team around them. Tell me who you would suggest we should develop into our team.
\nNhan<\/b>:\u00a0 That\u2019s a really good point that most people do it by themselves. They haven\u2019t really been trained to work in a team. The first couple of people you need are definitely a solicitor and an accountant. Those people are important to know because you might have to structure it in a company and\/or a trust or in your personal name and put certain clauses in contracts. So definitely start with them.
\nKevin<\/b>:\u00a0 As you\u2019re talking about that, too, I can hear people saying, \u201cYes, well, I\u2019ve got an accountant and I\u2019ve got a solicitor.\u201d But my question would be are they on your team? In other words, tell me how you involve these people in a team atmosphere.
\nNhan<\/b>:\u00a0 Look. The thing about accountants is there\u2019s accountants and there\u2019s accountants. There\u2019s a person down at the shopping center doing your tax returns or the person who\u2019s going to help you grow and put the right structures in place for your family and distributions down the track and potential tax problems. With your solicitor, they\u2019re going to be talking about how to structure yourself with asset protection and minimizing your tax together with the accountant.
\nWith property, if you\u2019re going to do development, if you\u2019re going to subdivide, if you\u2019re going to strata title, there\u2019s a handful of things \u2013 like whether it\u2019s GST, margin scheme, which I\u2019m not going to cover \u2013 there are problems that you\u2019re going to have to encounter and extra expenses \u2013 like land tax \u2013 that you need to really discuss with them. Tell them what you\u2019re doing. Tell them that you\u2019re about to expand and do property deals, so that they know to allow for that.
\nKevin<\/b>:\u00a0 By bringing them onto your team, too, you\u2019re actually bringing someone else in who can be your ears and eyes on the ground and be listening out for things that you might be interested in. It\u2019s just having more people on the ground.
\nNhan<\/b>:\u00a0 Absolutely, and it may come to you having to sack your accountant and\/or your solicitor. I know I\u2019ve gone through a lot of accountants and solicitors over the years because I\u2019ve grown, my opinions have changed, and I\u2019ve been a bit more aggressive in my property activities.
\nIf they\u2019re going to be talking about certain things like negative gearing or buying in your personal name all the time because they don\u2019t want to spend money on companies and trust, you really need to challenge those beliefs.
\nKevin<\/b>:\u00a0 Yes. There are a couple of other obvious ones to have on your team, too \u2013 your real estate agent and a finance broker. They\u2019re pretty well no-brainers, but particularly, a real estate agent is someone who can keep you in touch with those early deals or even help you sell one if you need to turn it over, Nhan?
\nNhan<\/b>:\u00a0 Absolutely. There are different types of real estate agents. There are some agents who are just happy to sell property at any price. Sometimes you can find those by talking to them and putting in low offers. At other times, there are other agents who you don\u2019t want to buy through them; you just want to sell through them because they\u2019re there to get top dollar all the time. You need to find out which agent is actually working for you as the buyer or the seller, whichever instance that you\u2019re in.
\nKevin<\/b>:\u00a0 Yes. We\u2019ve mentioned some pretty obvious ones there \u2013 solicitor, accountant, real estate agent, and finance broker \u2013 but there is one big one that I want to talk to you about and how you use them, and that is a town planner.
\nNhan<\/b>:\u00a0 Yes. A town planner is very important, especially if you\u2019re looking at doing more than one dwelling. What I mean by that is if you\u2019re just going to do a buy-and-hold, that\u2019s fine, but if you\u2019re going to do townhouses, if you\u2019re going to do units, developments, or land subdivision, then you need to talk to someone who knows the rules, because once you add additional dwellings, there\u2019s lots of approvals, there are surveys that need to be done, there are engineering plans, and you can\u2019t just do whatever you want to do. You need someone who knows the process and how to get the approvals for you.
\nKevin<\/b>:\u00a0 Nhan, speaking about town planners, are there different types of town planners \u2013 small development, medium development, large development?
\nNhan<\/b>:\u00a0 Absolutely. I find that they fall into a couple of arenas. Firstly, there\u2019s a handful of town planners just focused on one council, whichever council they\u2019re in. Whether it\u2019s Brisbane, Ipswich, Logan, or Moreton Shire, they have specialties, and they know the people in council. They know what they like. They know what they don\u2019t like. So the first thing you want to look at is find a town planner who specializes in your particular council.
\nThe second thing is there are town planners who are really good at what we call cookie-cutter approvals, which are risk-smart. For example, it means that it ticks all the boxes. It can go through quickly. There are some town planners that are really good at that, and anything that\u2019s outside of that, they don\u2019t really like or they take a long time to process. Those are the more difficult projects, and you will need a different town planner for that.
\nKevin<\/b>:\u00a0 It\u2019s always good talking to you, my friend. Nhan Nguyen from AdvancedPropertyStrategies.com.
\nNhan, thank you so much for your time.
\nNhan<\/b>:\u00a0 Thanks, Kevin. Thanks for having me.<\/p>\n","protected":false},"excerpt":{"rendered":"

  In today’s show property investor and developer,\u00a0Nhan Nguyen, from Advanced Property Strategies,\u00a0shares some wisdom about developing your team.   Transcript: Kevin:\u00a0 A great topic I\u2019m going to talk to Nhan Nguyen about now. Nhan, of course, is from Advanced Property Strategies, and he\u2019s no…<\/p>\n","protected":false},"author":176692471,"featured_media":6053,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,13,25],"tags":[101],"class_list":["post-6052","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-latest-story","category-sponsored-channels","tag-podcast"],"yoast_head":"\nDeveloping your team - Nhan Nguyen - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/developing-your-team\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Developing your team - Nhan Nguyen - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  In today’s show property investor and developer,\u00a0Nhan Nguyen, from Advanced Property Strategies,\u00a0shares some wisdom about developing your team.   Transcript: Kevin:\u00a0 A great topic I\u2019m going to talk to Nhan Nguyen about now. 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