Mentor wanted

[colleen_04]

Hi Guys,

I'm a 'newbie' to posting, but been scouting around this forum for a while.

After having just completed a 'granny-flat' project on our PPOR, my husband and I are so excited by the outcome - we just can't wait to replicate the process!!

We are highly motivated, and looking to build a cash-flow positive portfolio, with the goal to replace our income.

Now all I need is a GREAT property mentor!!!

Someone with genuine experience and expertise. I want someone honest and ethical. I am strong believer that to get ahead in this business you need to surround yourself with experts.

I'm looking for someone/a company that has a proven track record in positively geared cash-flow properties.

I live in Sydney, but am open minded in regards to were to invest.

I'd be interested in any mentors with experience in:
- renovation to add value
- addition of secondary dwellings, or
- small developments.

I would LOVE LOVE LOVE any advice/guidance/experience other investors have had working with Property Mentors.

Look forward to hearing your advice.

Thanks in advance!

Colleen.

 

[Propertunity]

Now all I need is a GREAT property mentor!!!

I'm not sure that you need "a" (singular) mentor. You will find many 'mentors' on this forum here that can give you input on all the areas that you'e listed:
small developers
granny flat builders
renos etc

Someone with genuine experience and expertise. I want someone honest and ethical. I am strong believer that to get ahead in this business you need to surround yourself with experts.

Again, there are many 'professionals' here that can help you.
Mortgage Brokers
Financial Strategists
Buyers Agents
and wealthy Investors who have 'been there, done that' and are still doing it.

For myself I like a smorgasbord more than a set menu.
So I take a little here and a little there from each and come up with my own mentoring mindet that suits my own profile and risk appetite.

 

[Rolf Latham]

Hi Coleen

Welcome

To be able to help u a little more, what does mentor mean to you ?

Someone that u can have a chat with, someone that you pay, someone whose specific experience you can install in your own life ?

Ta

Rolf

 

[vaughan]

You need exactly 523 mentors.

http://www.youtube.com/watch?v=hKoB0MHVBvM

(Feeling a bit dyslexic tonight.)

 

[knightm]

that is so cool

 

[Fudge]

For myself I like a smorgasbord more than a set menu.
So I take a little here and a little there from each and come up with my own mentoring mindet that suits my own profile and risk appetite.

You can always go back with a smorgasboard too. Or sneak back.

Maybe you can relate your investment psychology to the 'sizzler buffet' of knowledge gathering.

F

 

[Peter_Tersteeg]

If I were looking for a mentor, I'd be going to property investor meetings, taking to people and maybe making a few friends. This can be a great way to find an unoffical mentor.

Other than that, there's always the lolly stand at 7-Eleven.

 

[evand]

Colleen, looking for a mentor is ok, but what do you bring to the table? In other words, what's in it for them?

 

[colleen_04]

Thanks for the comments and input everyone...

Basically - I am willing to pay for the right advice.

(Come to think of it, I'm also willing to work for someone - if maybe this is a possible trade-off.. ie. property investigator etc?? ... just a thought.)

But ANYWAY - basically, I'm looking into property investment companies (there are MANY)... and let's face it, they're not cheap.. but all tell you that they'll help you to become a millionaire. There's seminars/books/course/clubs etc etc etc etc

There's alot of 'big talk', and I'm really looking for people's personal 'experience' as to what courses they've attended, what club's they're a part of and so on. Who's reputable, who's not.. ??

I'd rather pay for the right advice than pay for mistakes.. but it's a mind-field out there.

Hope this makes more sense..

Thanks again - appreciating all the feedback.

Colleen.

 

[colleen_04]

Ok, so 3 people I'm currently quite interested in at the moment:

1) Nathan Birch - binvested (Hi Nathan - if you're reading this..)
2) Margaret Lomas - Destiny
3) Steven McKnight - Property Investing

Would love to hear any thoughts or comments on these guys.

.. or any others you may recommend??

Cheers!!

 

[The Y-man]

. Who's reputable, who's not.. ??

....

Colleen.

The nature of this forum makes it unlikely that a post bagging someone will survive too long due to legal issue etc (unless there has been a conviction etc) and converseley, how will you believe if someone saying "xyz is fantastic" isn't stretching the truth.

To further add to the conundrum, one thing we all sem to agree on is that there is NO SINGLE way of making money in the areas you have mentioned.

The Y-man

 

[The Y-man]

Ok, so 3 people I'm currently quite interested in at the moment:

1) Nathan Birch - binvested (Hi Nathan - if you're reading this..)
2) Margaret Lomas - Destiny
3) Steven McKnight - Property Investing

Would love to hear any thoughts or comments on these guys.

.. or any others you may recommend??

Cheers!!

With all due respect to these 3 (and I could be wrong here - happy to be correctd) - I don't think any of these three are reknowned for their advice on the 3 areas you wanted

1. renovation to add value
2. addition of secondary dwellings, or
3. small developments.

The Y-man

 

[The Y-man]

Colleen,


One other thing - are you committed enough to travel for the right advice and finding out more?


The Y-man

 

[Aaron_C]

The question is a little bit too open ended. I am sure the experience members of this forum would be more than happy to help you out a little. But it does take commitment on your part.

 

[colleen_04]

so far .. agreeing with everything everyone is saying...

sorry if question was too open ended, was really just looking for some general experiences people have had.. but maybe an open forum is not the best place to have this discussion!?!

In regards to commitment, willingness to travel etc..

Yes, I am extremely committed, but also realistic.

I'm still working part-time and have a 2 year old.

I am committed, but am aware of the risk of 'over-committing'.

Not sure if that helps.....

 

[The Y-man]

so far .. agreeing with everything everyone is saying...

sorry if question was too open ended, was really just looking for some general experiences people have had.. but maybe an open forum is not the best place to have this discussion!?!

In regards to commitment, willingness to travel etc..

Yes, I am extremely committed, but also realistic.

I'm still working part-time and have a 2 year old.

I am committed, but am aware of the risk of 'over-committing'.

Not sure if that helps.....

Th only reason I asked is because if someone said "hey, there is a great mentor..... but you have to fly to Perth (or wherever) every month for a face to face meeting etc" - would you still be in, or is this "over-committed"? Just trying to figure out what your definition of commitment is....

The Y-man

 

[Player]

.........Yes, I am extremely committed, but also realistic.

These two words cannot be used in the same sentence. Perhaps you mean that you are committed within a realistic framework as you indicate further on with your part time work and having a toddler. I doubt though that you can be EXTREMELY COMMITTED and REALISTIC at the same time. Reminds me of the words of the actor Will Smith who said "being realistic is the quickest way to mediocrity"

Nothing wrong with that by the way, just be clear in your own mind how much time, money, and family currency you are willing to spend to pay the price for this mentoring that you seek

I'm still working part-time and have a 2 year old.

I am committed, but am aware of the risk of 'over-committing'.

Not sure if that helps.....

Why not continue to replicate what you did initially. Buy an IP with granny flat potential and repeat what you did with your PPOR.

You may need to take a step back and also ask yourself if this is the best time to be investing? I'm not saying it isn't; there will be a bull market somewhere.

What books have you read as an initial part of your education?
What ideas have you gleaned from these to give you a more definite path? The folks you mention above have all achieved in their own way.

I don't think, to the best of my knowledge, that Margaret Lomas has done too much in the value add arena. Her road is passive growth with cashflow. Nathan does well with his cheapeis that require structural and cosmetic work. He is very keen with numbers and has economy of scale with his trades. He is also considerably regional now. Can you afford time away to travel to coordinate reno's. Not everything can be done from an armchair or a desk.

Steve McKnight is currently doing the US thing however has had a variety of experience in cashflow cheapies and even some commercial developing.

How much of this forum have you scoured? There is a veritable wealth of achievment and information here. Perhaps exposing yourself to more of the content here may assist you to refine the strategy or path you wish to take. It seems to me you aren't that clear on this yet. A mentor (paid or otherwise) will need you know what you want, otherwise you may be best to attend some property meeting groups and network with like-minded's and see where that leads you.

Get clear on what you want. General experiences as you mention in one of your posts can be retrieved from the myriad of books out there.

Good luck and don't rush

 

[molly1a]

I understand how you feel it is extremely hard to move forward I have heard recently that it is harder buying the second investment more so than the first ????
Here are some ideas go to Everydaypropertyinvesting.com or go to Itunes and download there podcasts all free up to podcast 38 now
also there are a couple of online course I am considering and they are not expensive try to google Jane Slack-Smith and the other was Justine Pollard

Or maybe we could do a little online research here on the forum to start the newbies off ????

Good Luck

 

[MIW]

Cash Flow vs Capital Growth - What's the stategy for you?

Hi Guys,

I'm a 'newbie' to posting, but been scouting around this forum for a while.

After having just completed a 'granny-flat' project on our PPOR, my husband and I are so excited by the outcome - we just can't wait to replicate the process!!

We are highly motivated, and looking to build a cash-flow positive portfolio, with the goal to replace our income.

Now all I need is a GREAT property mentor!!!

Someone with genuine experience and expertise. I want someone honest and ethical. I am strong believer that to get ahead in this business you need to surround yourself with experts.

I'm looking for someone/a company that has a proven track record in positively geared cash-flow properties.

I live in Sydney, but am open minded in regards to were to invest.

I'd be interested in any mentors with experience in:
- renovation to add value
- addition of secondary dwellings, or
- small developments.

I would LOVE LOVE LOVE any advice/guidance/experience other investors have had working with Property Mentors.

Look forward to hearing your advice.

Thanks in advance!

Colleen.

Very hard to answer but knowing what you wish to achive is the start. What do you expect from property investment? I myself did not know what I wanted and now after 12 years of investing and constantly learning I set goals and try to achieve them. So my goal was to have a $2mill portfolio in retirement generating $50K in income (12 years ago) and now that goal is $10mill in property etc...
So what is your expectation? I am so amazed at how many people invest, into any class, but not many can really say why, or what they wish to achieve, when, etc... So start with a goal, then educate yourself on the startegy and/or strategies you wish to adopt and act.
Please read current Issue 133 of the 'Australian Property Investor' magazine on page 23 (a case study of positive cash flow startegy vs capital growth strategy so you are positively sure what the strategy is for you).
So please learn, learn, learn and then act, act and act. The long term effects of property investing are tremendous, so keep it up and no one strategy is followed. Opportunities are everywhere but once you adopt a strategy, learn, be discipline to follow through, and repeat the process then you will succeed. It's like most really successful people do, they concentrate on one thing that they are good at and they do it very well, over and over and over again. Perhaps, the only drawback from all this information now is that people become jaded and complacent and spend all the time chasing the lastest investment.
Please read that page and let me know what you think and then I will advice further, if you wish of course.

 

[Piston Broke]

Just say:
I want money!
Where is the money!
Please show me the money!

I doubt you will find much value in a "course", a few books may be worth buying though, of which there are plenty lists posted around here.