Looking for mentor

[rubachicken]

Read books!

Hi Possibilities,

I'd have to agree with Miss V, the best way to get started is to read - a lot.

My wife and I started property investing about 15 years ago. We got started by reading a good property investing book, which piqued our interest. Then I read a few more books. Next we went to a few property investment seminars (there were a lot of those in Melbourne at that time). We always avoided the salesmanship, as a lot of these seminars were selling something; an expensive investment retreat, an expensive 'mentoring' course, etc. You don't need to part with your hard earned cash to get started. We just absorbed as much information as we could from these seminars and used this to get started. They were a great way to keep motivated as well. Later on we joined a couple of local investment groups, met and talked with like minded people. Exchanged a lot of ideas and information. It's also a great way of bouncing ideas and strategies around. I kept reading as well. The Jan Somers books were a great inspiration, although they are getting old now, I'd still recommend them as a starting point. Just make sure you read some recent stuff as well. A lot of books contain tax information etc, which is time sensitive and may have changed since the book was published. *This forum is fantastic too. The people who post here are very knowledgeable and always helpful.*

I guess my point is the most important thing here is to educate yourself first and foremost. That will guide you when dealing with professionals in the Real Estate game who may take advantage of someone who seems green. It's certainly happened to us when we started out. With a bit of sound knowledge under your belt it will help steer you in the right direction. I hope this helps!
Good luck!

Paul

 

[msk14]

Avoid the false economy of DIY education. It will cost you more to learn the slow, hard way. Ride the coat tails of the greats until you are one of them. It is by far the most efficient and exciting way.

Make it worth their while to have you around. You're the one taking advantage gaining access to their knowledge at a fraction of what it cost them to obtain it.

Ultimately, attitude and action is everything.
Knowing and not doing is not knowing.

Don't listen to anyone who isn't already who you want to be, where you want to be and more.

 

[china]

Avoid the false economy of DIY education. It will cost you more to learn the slow, hard way. Ride the coat tails of the greats until you are one of them. It is by far the most efficient and exciting way.

Make it worth their while to have you around. You're the one taking advantage gaining access to their knowledge at a fraction of what it cost them to obtain it.

Ultimately, attitude and action is everything.
Knowing and not doing is not knowing.

Don't listen to anyone who isn't already who you want to be, where you want to be and more.

Well said. If you want to have net worth of 3 mil, you need to analyse people who have net worth of 3mil or more. Find out how they got there and how they stay there. The rest are just blowing hot wind.

 

[Possibilities]

Hi Possibilities,

I'd have to agree with Miss V, the best way to get started is to read - a lot.

My wife and I started property investing about 15 years ago. We got started by reading a good property investing book, which piqued our interest. Then I read a few more books. Next we went to a few property investment seminars (there were a lot of those in Melbourne at that time). We always avoided the salesmanship, as a lot of these seminars were selling something; an expensive investment retreat, an expensive 'mentoring' course, etc. You don't need to part with your hard earned cash to get started. We just absorbed as much information as we could from these seminars and used this to get started. They were a great way to keep motivated as well. Later on we joined a couple of local investment groups, met and talked with like minded people. Exchanged a lot of ideas and information. It's also a great way of bouncing ideas and strategies around. I kept reading as well. The Jan Somers books were a great inspiration, although they are getting old now, I'd still recommend them as a starting point. Just make sure you read some recent stuff as well. A lot of books contain tax information etc, which is time sensitive and may have changed since the book was published. *This forum is fantastic too. The people who post here are very knowledgeable and always helpful.*

I guess my point is the most important thing here is to educate yourself first and foremost. That will guide you when dealing with professionals in the Real Estate game who may take advantage of someone who seems green. It's certainly happened to us when we started out. With a bit of sound knowledge under your belt it will help steer you in the right direction. I hope this helps!
Good luck!

Paul

Hi Rubachicken, Thank you for your input. I find every one's input here to be of value to me.

One of my favourite pastimes is reading books! I have read so many books on the subject and still keep reading them. I have also been to several seminars which to be honest with you I found to be money making avenues for those people who organised them. Most seminars are free but when you arrive they try to talk you into buying other things there like books, dvd's, money making folders etc! The only good seminar I've been to would have been Sean Rasmussen or Jamie McIntyre (from memory I think these two are mates). I almost got roped into another seminar where they wanted $5000....I wasn't prepared to depart with my hard earned cash for that one and after reading some of the things mentioned in here for the same seminar I think I'm one who got off lightly! Also, I have a very bad hearing problem that hinders me when I go to these seminars because I miss out on so much that is being said. And yes before you ask...I have tried hearing aides but found them worse because of the constant hissing noise they made every time I turned my head. The reason I love this forum so much is because I don't have to use my hearing and consequently miss out on valuable information.

 

[Possibilities]

Well said. If you want to have net worth of 3 mil, you need to analyse people who have net worth of 3mil or more. Find out how they got there and how they stay there. The rest are just blowing hot wind.

I have friends who have done this and I have asked questions and the response has been negative! Maybe because they weren't willing to pass off their information. Yet people here don't mind sharing.

 

[Rixter]

Yes, people here are looking to learn & share information.

Are you sure the people you know are wealthy from property investment?

 

[tvadera]

Try below members on this forum, who can def be prop mentors:
- Nathan
- Sash
- Pete
- Aaron
- Mike C

There are definetly more but above have loads of prop exp, I am not sure of how well they have done with their investments, but by reading their posts, I can assure you they are right at the top.

I am also looking for a mentor, but not in the property investment space, more on the business side (like mortage broker, prop development, real esate agent)

Regards,
TV

 

[Dazz]

Is there anyone here from Perth willing to mentor me?

I could have a chat - do you have a crash helmet and a good seatbelt ??

 

[Kristine..]

Now, Dazz

Play nicely, that's a good boy!

 

[Kristine..]

Yes, people here are looking to learn & share information.

Are you sure the people you know are wealthy from property investment?

... and are you sure they have a net worth of $3 million?

Their equity situation may be far from this glistening situation, and their reticence stem from their relative impoverishment, not from their unwillingness to share!

 

[Possibilities]

... and are you sure they have a net worth of $3 million?

Their equity situation may be far from this glistening situation, and their reticence stem from their relative impoverishment, not from their unwillingness to share!

Unfortunately ...... yes I am 100% sure.

 

[Possibilities]

Yes, people here are looking to learn & share information.

Are you sure the people you know are wealthy from property investment?

100% sure...............

 

[china]

I have friends who have done this and I have asked questions and the response has been negative! Maybe because they weren't willing to pass off their information. Yet people here don't mind sharing.

There will be many people who will be unwilling to share with you the time of the day if you look at their watch but if you ask around enough, there will be many people who are more than happy to offload their wisdom from the path that they have trod. I am sure many posters here will have networth of 3 mil or close by.

 

[Rolf Latham]

I asked the broker to organise an equity loan for my daughters home using the equity in my home.

Devils advocate : )

So you were going to draw the 20 % from your house, with the loan only in your name, and gift/lend that 20 % to your daughter ?

ta

rolf

 

[Possibilities]

Devils advocate : )

So you were going to draw the 20 % from your house, with the loan only in your name, and gift/lend that 20 % to your daughter ?

ta

rolf

No the total loan was to be in my daughters name with her husband as they didn't have enough to purchase their own home. My portion was a loan to them using my equity which had to be replaced when the equity in their home increased. Instead the bank used me as guarantor which made that portion of the loan in my name. My equity I was lending them was approximately $90,000. We found their house at a bargain price in Kelmscott (very good area) with the owners living interstate and as it was on the market for quite awhile we managed to put in a low offer and surprisingly was accepted. Within 2 years that money I had lent them had increased in that property. Excellent results but the bank wouldn't take that into consideration. They just wanted more money.

 

[weg]

Could it be your friends felt that you wanted them to do most of the groundwork for you - that takes up a lot of time and would scare anyone off.

Asking for or giving the impression you need a mentor could give that impression depending on what and how you ask.

Most people will recommend brokers, accountants, RE's, solicitors, etc. as well as give you tips on how to go about learning to do things yourself, but they don't really want the responsibility of telling you where to buy, at what price/yield or finding the investment for you either.

I know I'd be much more likely to help if the person had already started the process of education themselves - shows you are serious and willing to take knowledge on board.

Only once have I been in the situation where someone wanted help, but because they also wanted me to make their decisions for them i backed off, as i realised they weren't exactly trying to learn anything for themselves (thought if things went wrong I'd be blamed).

Anyway, you're at a good learning place now.

 

[Rolf Latham]

No the total loan was to be in my daughters name with her husband as they didn't have enough to purchase their own home.

k

so the only way to do that, without you taking the money in your own name and lending the CASH, is to be a guarantor ......specifically a security guarantor.

ra
rolf

 

[Possibilities]

Could it be your friends felt that you wanted them to do most of the groundwork for you - that takes up a lot of time and would scare anyone off.

Asking for or giving the impression you need a mentor could give that impression depending on what and how you ask.

Most people will recommend brokers, accountants, RE's, solicitors, etc. as well as give you tips on how to go about learning to do things yourself, but they don't really want the responsibility of telling you where to buy, at what price/yield or finding the investment for you either.

I know I'd be much more likely to help if the person had already started the process of education themselves - shows you are serious and willing to take knowledge on board.

Only once have I been in the situation where someone wanted help, but because they also wanted me to make their decisions for them i backed off, as i realised they weren't exactly trying to learn anything for themselves (thought if things went wrong I'd be blamed).

Anyway, you're at a good learning place now.

oh my gosh no! I just wanted advice on how they actually started out. I much prefer to do these things myself that way I only have myself to blame. The response I got was...don't do it....there's so much involved with tax etc...don't do it!

Agree! This place is a good learning place!

 

[Possibilities]

What I did learn from reading and going to seminars is.....surround yourself with like minded people, find a mentorwho has done it and willing to share experiences and gather as much information as you can.

 

[Dazz]

.....so what's the scoop ?? Don't you have a helmet ??