{"id":7175,"date":"2016-02-28T01:00:53","date_gmt":"2016-02-27T14:00:53","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=7175"},"modified":"2016-02-28T01:00:53","modified_gmt":"2016-02-27T14:00:53","slug":"the-biggest-mistakes-investors-make","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/the-biggest-mistakes-investors-make\/","title":{"rendered":"The biggest mistakes investors make – George Raptis"},"content":{"rendered":"

 
\nGeorge Raptis<\/strong>, from Metropole Properties in Sydney,\u00a0talks to us about one of the biggest mistakes he sees investors make. At the same time, we discuss the difference between buyers agents and strategists.
\n <\/p>\n

Transcript:<\/h3>\n

Kevin:<\/b>\u00a0 This is a fascinating subject. I love talking about it because it\u2019s something that a lot of property investors totally miss out on, and that is the importance and the value of bringing people who have already experienced a lot of the things you\u2019re going to experience along the way, and that\u2019s building a team, because so many people think that you can learn a lot more by doing everything yourself. That\u2019s a great way to lose some money.
\nGeorge Raptis joins me from Metropole Properties in Sydney.
\nGood day, George.
\nGeorge:<\/b>\u00a0 Hi, Kevin. How are you going?
\nKevin:<\/b>\u00a0 Good, mate. How often do you see that, George, where someone thinks, \u201cI\u2019ll do it myself; I\u2019m going to learn a lot as I get along the way\u201d?
\nGeorge:<\/b>\u00a0 I see it a lot, unfortunately. Sometimes people think they can do it all themselves, but I\u2019m always a big advocate of surrounding yourself with a team. For example, if you look at myself personally, albeit I\u2019ve been in properties for many, many years \u2013 I don\u2019t manage my own properties, I don\u2019t do the maintenance on them, I don\u2019t do my own tax, that sort of thing.
\nI guess, for me, I learned a very valuable lesson, and that was somebody said to me, \u201cGeorge, if you think it\u2019s expensive hiring a professional, wait until you hire an amateur.\u201d
\nKevin:<\/b>\u00a0 There is another saying, too, that a good friend of both of ours uses all the time, and that is that you should surround yourself with people who are better at doing things than you are, and if, in fact, you\u2019re the smartest person on your team, then you have a real big problem.
\nGeorge:\u00a0 <\/b>Exactly right. You need to surround yourself with a team of professionals, Kevin, definitely.
\nKevin:<\/b>\u00a0 Let\u2019s look at property, then. On your team, who would you have? There are the no-brainers, like you need an accountant who is familiar with property.
\nGeorge:<\/b>\u00a0 Yes, you definitely need a good tax-savvy accountant. You need a smart lawyer, someone who can help you with asset protection, a proficient mortgage broker, someone who can sit down with you and go through finance strategies, not just get you pre-approved for pre-approval\u2019s sake, and obviously, an independent property investment strategist, not someone who sells property or who has a vested interest in helping the project marketers and the developers of the world, but someone who is independent and truly on your side.
\nKevin:<\/b>\u00a0 Yes. Let\u2019s have a look at a few of the issues that you raise there because they\u2019re quite real. That one that you talked about getting someone who is a property strategist as opposed to just a buyer\u2019s agent who may, in fact, even be representing the properties that they\u2019re suggesting you should buy.
\nGeorge:<\/b>\u00a0 Correct. What\u2019s happening is, unfortunately, if someone is representing somebody else and trying to push somebody\u2019s else\u2019s agenda with regard to offloading off-the-plan type properties or house and land packages \u2013 that sort of thing \u2013 I always say to potential clients, \u201cHow can somebody like that give you untarnished or independent advice when they have a big carrot dangling at the end of the day?\u201d
\nYou really need someone who doesn\u2019t have a vested interest, somebody who is going to give you truly independent and unbiased advice. Like we say, maybe sometimes you also need an unreasonable friend, someone who is going to tell not what you want to hear, but something that is actual matter of fact.
\nKevin:<\/b>\u00a0 Yes, to tell you the truth, as it is. Also, when you\u2019re looking at a solicitor, I\u2019ve always found it\u2019s good to make sure you have a solicitor who understands or at least has some affiliation with solicitors in other states because property laws do vary state to state.
\nGeorge:\u00a0 <\/b>Yes, they do. Unfortunately, we can\u2019t use a Sydney lawyer to do conveyancing, for example, for purchasing a property in Brisbane, and that sort of thing. But they need to be au fait<\/i> with what\u2019s happening up there. Also, a lot of these solicitors, like you said, have colleagues and affiliates in various other states.
\nKevin:<\/b>\u00a0 Yes. I know as an agent, I used to roll my eyes every time if we had someone from another state who said, \u201cI have my local solicitor who will handle it for me.\u201d I\u2019d know straightaway that we\u2019re in for trouble because contracts are so different state to state.
\nGeorge:<\/b>\u00a0 They are. A property-savvy conveyancer is also very important. I\u2019ve seen over the years where people have missed out on potentially really good deals as far as purchasing property is concerned because the solicitor they were using would be litigating in court all day, and their file would be underneath a pile of other files and they\u2019ll get around to it when they can. Conveyancing wasn\u2019t really top of mind as far as their priorities were concerned.
\nA good firm that\u2019s very property-conveyancing-savvy is really important to have on your team.
\nKevin:<\/b>\u00a0 George, just to wrap it up, I guess the big lesson here is certainly learn from having other people around you but don\u2019t think that you can learn on the job. That\u2019s the quickest way to fail and actually lose money.
\nGeorge:<\/b>\u00a0 That\u2019s right. Exactly right, Kevin.
\nKevin:<\/b>\u00a0 George Raptis from Metropole Properties in Sydney.
\nGeorge, thanks for your time. I\u2019ll let you get back to you and your team.
\nGeorge:\u00a0 <\/b>Thank you, Kevin. Have a good day.<\/p>\n","protected":false},"excerpt":{"rendered":"

  George Raptis, from Metropole Properties in Sydney,\u00a0talks to us about one of the biggest mistakes he sees investors make. At the same time, we discuss the difference between buyers agents and strategists.   Transcript: Kevin:\u00a0 This is a fascinating subject. I love talking about…<\/p>\n","protected":false},"author":176692471,"featured_media":7177,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,11,13,36,17,25],"tags":[101],"class_list":["post-7175","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-property-investment","category-sponsored-channels","tag-podcast"],"yoast_head":"\nThe biggest mistakes investors make - George Raptis - 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\/the-biggest-mistakes-investors-make\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The biggest mistakes investors make - George Raptis - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  George Raptis, from Metropole Properties in Sydney,\u00a0talks to us about one of the biggest mistakes he sees investors make. 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