Eric Brown spent years building a diversified 11-property portfolio, and while he has learned a lot of valuable lessons along the way, he continues to cite a basic strategy for his success—building an efficient financial team, starting from a good buyer's agent and a good accountant.
Like most budding property investors, he initially struggled with the idea of spending thousands of dollars for advice and assistance but all of his doubts were cast aside when he saw how much value a good financial team can add to his portfolio. According to him, having confidence in the field and ultimately succeeding in achieving one's goals in the business of creating wealth through property only takes surrounding one's self with the right people.
"The thing that changed my life was actually engaging a buyer's agent who did it for a living, [one who] went out and sourced property, [and] negotiated property... I've learned over the last 10 years that they well and truly make up the money you spend at the time of purchase by negotiating. It does add so much value to your portfolio," Eric explained.
"Go and speak to a couple of them. Work out one that suits you and engage them, particularly if you're buying out of an area... I rely completely on my buyer's agent because that's what he does for a living. He goes up there personally, looks around, and can advise me with confidence in where he thinks I should buy next."
Aside from a good buyer's agent, a good accountant also helps Eric manage his portfolio by keeping him updated on relevant figures.
"The strategy meetings we have with my accountant twice a year are brilliant," he said.
"The value it adds is that you know where your portfolio is in any point in time. It's not a wait and see and guess how you're going. You've got the figures, they're down in front of you, they're in a spreadsheet and you know where you're at with each of those properties."
For Eric, at the end of the day, it is important to feel confident and comfortable in the field of property investment no matter how vast and complicated it may seem.
His dedication and passion had helped him become more creative and open-minded in terms of finding different ways to navigate his way through his property investment journey and ultimately lead him to success.
"I love it. I get excited about it. I get passionate about it. When you're doing something you love and you love talking about doing things you love, it's easy to be enthusiastic and easy to explain to people why you do it and the how's," Eric concluded.
Tune in to Eric Brown's episode on The Smart Property Investment Show to know more about his property investment journey and the lessons he's picked up along the way.