Looking for mentor

Hi everyone..I am new to this site. I am from Perth WA. I am a single working mother with a 17 year old son in year 12 hoping to go to university. Is there anyone here from Perth willing to mentor me? I want to start building my portfolio but need a mentor to guide me in regards to tax implications to a property, tax deductions, what sort of loan to apply for, the best finacial institution to apply for a loan, which area is the best to start, etc. If you have a proven portfolio and willing to help me please please email me.

I have my own 4 x 2 home which is worth approximately $400,000 with $73,000 still owing on my mortgage. I have a good paying job which I have been doing for more than 10 years and I have an excellent credit rating. Any help would be very much appreciated. Thank you!
 
Hi everyone..I am new to this site. I am from Perth WA. I am a single working mother with a 17 year old son in year 12 hoping to go to university. Is there anyone here from Perth willing to mentor me? I want to start building my portfolio but need a mentor to guide me in regards to tax implications to a property, tax deductions, what sort of loan to apply for, the best finacial institution to apply for a loan, which area is the best to start, etc. If you have a proven portfolio and willing to help me please please email me...
Sounds like you would be starting with a good mortgage broker with these requirements. Otherwise seek to gain referrals and check the referrals when looking for advice I would say.
 
Hi there,

I would say that the best mentor is this site! ha ha. I agree, the best bet is to hire a mortgage broker or 2. Find out where you stand and then decide on which method you are comfortable with. There are way too many strategies to ask just one person advice on.

Do you want capital growth or income, or both; renovate, build, subdivide?; long term, short term; hold, sell; commercial, residential?

etc etc

Do lots of searches, read heaps of books!

ja
 
Hi JWR

I have all you mentioned except the mortgage broker. The last one I used almost lost me thousands $$$ and every time I tried to approach him about what he did, he was always unavailable, too busy or just didn't return my calls.

Right now I'm trying to work out what type of loan I want to apply for and which financial institution best to use. I know that's where the mortgage broker comes in :confused:
 
Any MB on this site will do.

Best to have a sit down and they can explain your fin situation with you and get a plan for you to build a portfolio over time.

James
 
Welcome aboard.

I think we need to take things back a step.

What are you planning on achieving from property investing? What's the end goal?

Cheers

Jamie
 
Good response.

You need to devise a strategy.

It sounds biased but a decent broker will be able to run some scenarios for you.

It looks like you have a bit of equity in your current property - now you just need to work out the best way of leveraging it - which comes down to a lot of variables, the biggest being your borrowing capacity and risk profile.

Speak with someone that understands what it is your aiming to achieve.

Cheers

Jamie
 
G'Day Possibilities

Welcome to the Forum

There is a Perth Somersoft group which meets up for dinner occasionally. Check out Meeting Point and go along to meet a few like minded property investors

Mentors do not charge for services. What services? To have a chat? To provide 'advice'? What advice? To 'encourage' you? To take responsibility for you? What license or insurance would a Mentor have to have to be able to charge you a fee?

There are many people who are only too happy to tell you their story - why not get a copy of Jan Somers books - particularly, Building Wealth Story by Story - 101 stories of people who have grown wealth through investing in residential property.

It is difficult when you don't know where or how to start, but I would suggest that a good place to start is to not post your personal and financial details on an internet forum!

If you don't respect your own privacy and confidentiality you cannot expect that anyone else will, either.

Many people have shared their experience on this forum, and if you take some time to prepare yourself, slowly and steadily, read and understand that how one person 'does it' is not how another person has 'done it'. We are all different in our approach, our risk tolerances, our sense of value, what we look for in an investment and why we are doing this at all.

Buy houses, make money is quite simple. However, buying houses usually involves borrowing money. Are you prepared for that? What is your sleep at night factor? Are you willing to take responsibility for your own actions, accept that you will make mistakes, and that if you buy well it will be as much good luck as good management?

Have you gone out and actually walked through at least five houses for sale in the last month? If not, why not? No body else is going to be your eyes and ears, and even if you engage a Buyer's Agent when was the last time you walked through a house you were not familiar with?

In the words of Florence Scovel Shinn, "No man is your enemy, no man is your friend, every man is your teacher."

But your primary teacher is yourself.

Nobody can experience this but you. The money you would spend on a 'mentor' could be the deposit on an investment flat. Buy $50 worth of books first and see where that takes you. With $50 worth of books, well read, you can make for yourself, a fortune.

Cheers!
Kristine
 
What happened exactly?


I asked the broker to organise an equity loan for my daughters home using the equity in my home. He assured me throughout the whole process that's what he had done. When I got the papers to sign I noticed it had "guarantor" at the top and when I asked him about it he said "don't worry about it, all the banks call it that but what I've organised for you is what you asked for" After I signed the papers it still didn't sit right with me so I went to a lawyer with my papers and he told me a different story! I know I should have seen a lawyer prior to signing those papers, but this guy was recommended by someone else who used him and they were very happy with him. After 12 months I approached the bank to see if the amount could be reduced and they wanted an extra $18,000 from either me or my daughter to reduce the amount. So I decided to get my daughters house valued after another 12 months and the equity in her house increased enough to cover more than that $18,000 but the bank (ANZ) still wouldn't budge so I shopped for another home loan (refinance) for myself and my daughter and they took the value of my daughters house into consideration and now she and her husband have their own mortgage without me as guarantor!
 
Thank you everyone for taking the time to answer some of my questions. I love this! :)

Yes I have been through a few properties recently and have my eye on one at the moment. Yes I'm prepared to take responsibility for any mistakes I may make along the way, yes I am aware of the amount I may need to borrow and the risks involved. I am prepared to work hard!
 
Mentors come in all shapes and sizes.

Some paid, some not.

Some will package education some will not.

Depends what you are after, but an amazing amount of knowledge and "mentorship" can be found on here.

As for your goal. To keep you going through the good times and bad, probably needs to be a bit more specific than a $ value and creating wealth. Something tangible, with a timeframe.
 
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