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From: Mike .


IP mentor
From: Jacques
Date: 29 Jan 2001
Time: 10:14:38

Being a newbie to IP, I ask more questions than I answer :)

I was reading the posts started by Michael Croft's query on Analysis Paralysis. A very interesting series of contributions! And it got me thinking, as a newbie, on how people start in property. I have done and am still doing a lot of reading, trying to educate myself, I believe I am fairly well motivated, but I have found I am missing what I think may be an important (or at least not to be considered as trivial) element in my learning curve: a mentor.

Michael's family (when they get started) have him as a mentor, somebody they can trust, bounce ideas off, get advice from, receive encouragement from. Somebody who can look at their situation, pour over the numbers without necessarily asking for a fee (and I do not mean that one should do away with professional services from an accountant), suggest ideas without any other vested interest than helping, and help formulate plans to achieve financial goals.

I guess all the authors of books I have been reading (Kiyosaki, Somers, Fitzgerald, etc) have been helpful, but I cannot use them as mentors (not unless I put up a lot of money, in which case they are not necessarily mentors the way I see it!). You gurus on this forum certainly provide advice and act as a sounding board, and would be collectively mentors for all the readers of this forum.

I have two part-time businesses, one a travel franchise, and the other a marketing franchise. In both cases, I have a mentor I can speak to, call upon to help, and that has started me really well on a successful journey. So I thought that a mentor for my journey into IP may also help.

What is the opinion of the gurus here? Did you start off with a mentor? Would you have liked to have a mentor? Would you have done differently/better with a mentor?

Cheers Jacques

P.S.: replace the word "mentor" with "coach" if you prefer.
 
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Scott

Reply: 1
From: Mike .


Re: IP mentor
From: Scott
Date: 30 Jan 2001
Time: 02:01:51

Jacques

Join the Property Owners Association in your state. Go to their meetings and meet people who are doing what it is that you want to do. Learn from them.

http://www.poaa.asn.au

Scott
 
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Jeanette

Reply: 1.1
From: Mike .


Re: IP mentor
From: Jeanette
Date: 31 Jan 2001
Time: 19:17:15

This is a little off the track but I'll tell you what happened to me. I am a very lazy person and I hate being lazy so I decided to try a life coach. We worked out things that I had to do each week and I had to report to her at the end of each week.

Anyway I didn't always do everything and she started analyzing me. She suggested that maybe I was ill so I went to the doctor and had blood tests, iron levels etc. done but it turned out that I was very well.

Then she started telling me her problems and revealing her weaknesses to me and then I really did feel sick. I didn't continue with it. I still think it is a very good idea and I might try it again if I find someone who is more business minded and less orientated towards psychology.
 
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Andy

Reply: 1.1.1
From: Mike .


Re: IP mentor
From: Andy
Date: 02 Feb 2001
Time: 20:18:56

Hi I'm a revisitor to the IP scene. I had an investment property on the Gold Coast in the early 90's and well you can probably guess the rest. I am reading a Jan Somers book at the moment, hence I stumbled across this forum. The knowledge I have gained just reading through the questions and replies is fantastic.

I have been reading with interest the comments on the IP mentor/IP student. I am a coach and my specialty area is the 1 person business. The person who is in business for themselves often has no one to discuss their ideas and keep them on track and on profit. As a coach I listen to and support my clients. Coaching is about what is going on for the client not the Coach.

Many IP owners are out there doing it on their own as 1 person businesses.

If you are interested to learn more please email me andrew@directsuccess.com.au
 
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Mike

Reply: 2
From: Mike .


Re: IP mentor
From: Mike
Date: 30 Jan 2001
Time: 23:50:52

Hi Jacques,

Interesting suggestion. Having read Kiyosaki who writes quite extensively about the positive influence of his mentor, Rich Dad, I can see the benefits.

It's quite ironical that most of us are not in a position to know someone who is prepared to "take us under their wing". And, yet, we've seen the opposite, in the case of Michael Croft, who wants to be a mentor to a young couple who are passing up this golden opportunity.

One important issue that would need to resolved for it to work is what comfort zone the "trainee" is prepared to work in. For example, I might prefer to just accumulate negatively geared property ala Jan Somers. How would that go down with The Wife if she were my mentor? I don't think even James Bond would have enough balls for The Wife to bother with. See my point?

Regards, Mike
 
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Jacques

Reply: 2.1
From: Mike .


Re: IP mentor
From: Jacques
Date: 31 Jan 2001
Time: 14:51:34

Hi Mike,

You wrote: "One important issue that would need to resolved for it to work is what comfort zone the "trainee" is prepared to work in. For example, I might prefer to just accumulate negatively geared property ala Jan Somers. How would that go down with The Wife if she were my mentor? I don't think even James Bond would have enough balls for The Wife to bother with. See my point?"

I see your point. What this shows is that the mentor will have a determining factor in how the trainee will develop strategies. You have already developed a strategy. I haven't fully formulated mine yet, which is where a mentor comes in as a "sounding board". Obviously, if he or she has specialised in a specific strategy, then that will influence the trainee heavily. But I can live with that: after all, I am learning.

Cheers Jacques
 
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Owen

Reply: 2.1.1
From: Mike .


Re: IP mentor
From: Owen
Date: 31 Jan 2001
Time: 10:15:11

Good point Mike. The student and mentor would definitely have to have the same goals and perhaps even the same processes in order to work together. There are many different ways to invest in real estate or shares that it could take some time to find a mentor with your own ideals, especially as there doesn't seem to be many out there.

How does it work with your business mentors Jacques? I guess there are many ways to run your businesses too.
 
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Jacques

Reply: 2.1.1.1
From: Mike .


Re: IP mentor
From: Jacques
Date: 31 Jan 2001
Time: 15:12:00

Hi Owen,

You wrote: "The student and mentor would definitely have to have the same goals and perhaps even the same processes in order to work together. There are many different ways to invest in real estate or shares that it could take some time to find a mentor with your own ideals, especially as there doesn't seem to be many out there."

I don't think the student and the mentor need to have the same precise goals. Obviously the goal of achieving through wealthbuilding should be the same :) But as I replied to Mike< as a trainee/student/learner, I am quite open to various strategies. If my mentor has specialised in any particular strategy or process, then I will learn them. And if I become good at them the goal is attained.

You asked: "How does it work with your business mentors Jacques? I guess there are many ways to run your businesses too."

One of my businesses is a travel consultancy. My franchisor has expertise, and knows all the tricks of the trade, so to speak. So when I have any queries, or if I am developing any strategy, I get him to have a look and give me comments. The decision is always mine in the end. The same could apply in IP. If I have an idea, or a property in mind, or I need research, I could ask my mentor. Then what I do with his or her advice is up to me. I would certainly want a mentor with *lots* of experience, not just a little-less-newbie-than-me :)

Cheers Jacques
 
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Robert

Reply: 2.1.1.1.1
From: Mike .


Re: IP mentor
From: Robert
Date: 31 Jan 2001
Time: 16:46:30

A question for you all....

Why would a Mentor take on a student if they weren't going to receive something from it as well.

If you are wanting to be a student you have to come in with something to offer. Be it a new challenging idea, a different slant on viewing this, some very useful information (not meaning insider trading for stock market). There has to be a give and take.

Hey, your mentor may even just like the way that you tell them to "get over it".... That can certainly straighten a few people heads out when you tell them that.

You as a student need to be able to provide answers to solutions, things that will help with wealth building. Not saying that you and your mentor need to have the same thoughts on everything, exactly the opposite actually. 2 heads are better then one when it comes down to it.

But damn I keep rattling on don't I. So I'll leave it there for the time being.

Robert
 
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Jacques

Reply: 2.1.1.1.1.1
From: Mike .


Re: IP mentor
From: Jacques
Date: 01 Feb 2001
Time: 07:49:21

Hi Robert,

You wrote: "Why would a Mentor take on a student if they weren't going to receive something from it as well."

Well, I don't know. Reading Kiyosaki, I don't think Rich Dad wanted to receive something from young Robert for being his mentor. It may well be that Kiyosaki now shows his gratitude, but I am positive that during the learning period there wasn't any expectation of reward or return.

Cheers Jacques
 
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The Wife

Reply: 3
From: Mike .


Re: IP mentor
From: The Wife
Date: 31 Jan 2001
Time: 11:30:03

Hey you know, I was asked to be a mentor once.

It was so damn flattering, talk about go to my head!

Anyway, my 'student' and I went over goals, and during our conversation he mentioned that all my ideas were great, and that it better all work, or he and his family will be holding me responsible.

Excuse me, I said....You will hold me responsible?, yep he said....If your going to mentor me, then I expect you to take some responsibility for the information you give me.

So like.....I'm not the late great JC, I don't have a crystal ball, if what I 'reckon' works, great, my calculated risks paid off, If it doesn't work, that's the risk.

So like, after I spoke to my solicitor, he said the only way you can avoid being sued, is to not offer any advice to anyone...sheesh

So everything I say, is just what I 'reckon'

And the insurance for mentors is just to damn high, I would have to pass the cost onto the 'student', do you think the student wants to pay?

I can see now how people like Somers, Kiyosaki, Burley, and all the rest of them, do seminars and such. You have to pay for their advice, and they always have some kind of disclaimer in there somewhere, that its just their 'opinion' and they are not giving out any advice.

I don't think there are any REAL mentors left, because of this fear of being sued.

I also think there are no REAL students left, because it's to easy to sue someone when it doesn't work out right.
 
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Jacques

Reply: 3.1
From: Mike .


Re: IP mentor
From: Jacques
Remote Name: 202.12.233.19
Date: 31 Jan 2001
Time: 15:24:24

Hi The Wife,

You wrote: "I don't think there are any REAL mentors left, because of this fear of being sued. I also think there are no REAL students left, because it's to easy to sue someone when it doesn't work out right."

I understand your point of view. There is a saying: when the student is ready, the teacher will appear. So I would say that there are real mentors and real students (hey, I am one!) out there, because they develop a trust relationship that has nothing to do with suing one another if things don't work out.

When Kiyosaki lost his first few businesses, he didn't sue Rich Dad. The only responsibility a mentor has is a moral one: he or she must have the student's success at heart. Any student who asks for more is not genuine, and wants something for nothing: give them a financial adviser with the fine print. A true student will listen (which is why I don't contribute much! :), and when the time comes make a decision based on his or her learning. A mentor wouldn't push, but would give lessons, just like Rich Dad.

So I am sure there are real mentors out there! I just have to find them (and be ready as a student :)

Cheers Jacques
 
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The Wife

Reply: 3.1.1
From: Mike .


Re: IP mentor
From: TW-Jacques
Date: 31 Jan 2001
Time: 16:23:30

Your right,

The same person also said, Every blade of Grass has it's Angel that bends over it and whispers "grow, grow".

Ignore this cynical old wife, you're mentor will come to you :eek:)
 
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Mike

Reply: 3.1.1.1
From: Mike .


Re: IP mentor
From: Mike
Date: 31 Jan 2001
Time: 22:56:59

Hi Jacques,

It's a pity you don't contribute more on the forum because you express yourself very well but I understand where you are coming from.

I'm about to purchase my 3rd property but still consider myself a newbie. That hasn't stopped me putting my 2 cents worth in as I'm doing now because I always learn something about myself when my posts are replied to.

I'm taking a further step on Feb 25 by attending the next Sydney Cashflow and meeting some likeminded spirits. I'm not looking for a mentor but maybe a sounding-board will be there.

Regards, Mike
 
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Jacques

Reply: 3.1.1.1.1
From: Mike .


Re: IP mentor
From: Jacques
Date: 01 Feb 2001
Time: 09:44:35

Hi Mike,

Thanks for the kind words. I guess in due time I will be contributing. I certainly am in the listening phase right now!

I will try to attend the cashflow evening in Melbourne (clashes with another event right now, bummer!), where I expect to be able to find sounding boards, if not mentors :)

Cheers Jacques
 
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