Property Investing Mentors to help get a strong start

Discussion in 'Information Resources' started by Nathan22, 5th May, 2015.

  1. Nathan22

    Nathan22 Member

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    Hi guys

    I am new to Somersoft and relatively new to investing. My wife and I live in remote far north QLD and as a builder I was able to start our portfolio with a duplex development in our local town, completed in March 2014. This property is now strata titled and sits at around 10.3% net yield.
    We are now looking at using the equity in these properties to expand our portfolio in safer suburbs throughout Australia.
    We really want to have a good go at this and be living comfortably off passive income within 6 years or so.
    We have a reasonably good idea of what we need to do and how to invest to get to this point mostly through creating CF+ and equity through renovations and developments and then sit on these properties whilst they grow in capital and bring in an income. BUT I am sure through more education and mentoring we could reach our first goal alot faster and without as many mistakes.

    We are currently looking into Destiny Financial as they provide a 12 month course with endless advise including setting up our financial plan and recommending the appropriate structure to be buying each property through.They then have you bounce properties off them before you purchase and can help with negotiating etc.
    This course is alot of money though(not really in the big scheme of things if it helps), but alot up front. I have read alot of books on investing and follow all the property magazines and at the end of the day I feel a good education is priceless.

    What are everyones thoughts on having a mentor and has anyone used Destiny in the past?

    I really appreciate any feedback.

    Nath
     
  2. skater

    skater Capitalist

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    Don't spend a cent! All the information and more can be learnt here, so long as you are honest and teachable, and willing to give back.

    Search the database, and there is a wealth of information from those that have gone before. It won't take you long to work out those people you want to listen to. Ask questions, but be prepared for people to expect you to do some work yourself. When you get comfortable, start answering the questions of others, and you will be surprised how much more you learn by doing that, as well.
     
  3. see_change

    see_change Apprentice Timing Lord

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    Nathan

    The standard response to this question is this forum is the best mentor you can get . Unbiased . And you will get multiple view points , because that's the reality .

    First question . Where in q'land are you ? If the fundamentals are sound and you've done something that's worked , why not do it again .....

    You will hear the diversify arguement , but the alternative is put all your eggs in one basket and watch it closely . Q'land is starting to move and it's probably the place more forumites are buying now than anywhere else .

    I wouldn't look at sydney unless it's a PPOR

    But don't sign anything at this stage .

    Spend some time reading here

    Cliff
     
  4. Nathan22

    Nathan22 Member

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    Thanks

    Thanks Skater.

    Im amazed you were the first to respond as I was hoping to PM you at some stage for some advice. I was reading through some older threads today and found that your comments, strategies and I suppose your end goal really stood out as something I want to achieve.

    I feel that times have changed a bit in that median house prices have rocketed whilst rent returns havent. I am sure there are still properties out there though that will fit my strategy.

    Im so excited to learn and get right into this journey and would appreciate lots of advice from yourself along the way!

    Nathan
     
  5. Nathan22

    Nathan22 Member

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    Thanks Cliff


    Hi Cliff

    Thanks for your response. As I said to Skater I really appreciate as much feedback and advice as I can get!

    We are currently based in Weipa but started out in Noosa. Weipa is a Bauxite mining town which has been ticking away for 60 odd years and they are planning for another 40. It is risky though being a mining town. I suppose I would like to spread out my investments throughout Australia to capture different markets but I would like to invest back up here again once I have a few under my belt.

    I suppose there is always the worry that the big wigs in London might say "righto, Weipa is no longer profitable, shut it down..." If I have all my eggs in the Weipa basket Id be in trouble!

    Thanks again for your advice Cliff.

    Nath
     
  6. MIW

    MIW Member

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    Haven't used Destiny as my strategy is different. However, I bought some of her early books and I watch some pay TV segments she runs. DO you agree with her strategy, do you know what it is, some of her concepts differ to mine, that's all?
    Read and learn from this forum, and if you did a successful project perhaps do it again, just research the area will meet your expectations for the next 5, 10, or more years. As Margaret Lomas says, does the area have the growth drivers there?
    Also, build a team of professionals to help you on your journey (broker, solicitor/lawyer, accountant, etc..), work out the figure you have in mind you want to achieve, that will dictate how many IPs you need to acquire.
    Basically, plan the next 6 years ahead and then start. Just remember there's never a perfect time, a perfect place or a perfect investment...
    You will learn as you do, so best of luck!
     
  7. Nathan22

    Nathan22 Member

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    Thanks for the tips! didnt get your name?

    I do agree with Margaret Lomas and would like to follow her strategy with a few minor changes. I read as much as I can and try to take points from everyones strategy.

    Nath
     
  8. bumblegoodie

    bumblegoodie Call me BG

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    Hi Skater,

    you are completely right. I was in the same track as Nath. Looking for property mentors and realized later that many information i seek is all here and by talking and meeting up with SS forumites.

    and guess what i found out --- the most experienced ppl here are and of course not the complete list ---
    Skater, See Change, Rixter .... iam sure there are many more as time passes.....

    love to meet you in person.... i called Rixter recently to thank thank for the free resources.... it was very useful.
     
  9. skater

    skater Capitalist

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    Thankyou, are you coming to the meetup on the 20th of this Month. There's bound to be heaps of experienced people there, going on the replies. :D
     
  10. Michael_X

    Michael_X Member

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    As others have mentioned already, keep your wallet in your pants :)

    Everything can be learnt for free here.

    Good luck!
     
  11. Rixter

    Rixter $uper Investor (Retired)

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    BG, thanks once again for the call. It was great chatting with you and I am so glad you are gaining some benefit from my free IP calculators & checklist tools.

    They have certainly been good servants of mine over the past 15 years and have all played their roles in allowing me to exit the race early, last year.

    Keep an eye on your inbox because I have plenty more IP DD tools to come that I'm uploading along the way.

    There is plenty of wealth out there to be made and knowledge to gaining it to share round.

    Feel free to skype me if you ever want to bounce ideas.
     
    Last edited: 6th May, 2015
  12. MIW

    MIW Member

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    Hi Rixter,

    I have signed up and downloaded the 1st tool. Thanks so much for sharing, I can see it is your passion now!:)
     
  13. hugh72

    hugh72 Member

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    Hi Nathan
    Good call looking to diversify outside of Weipa, great for casflow but dependent on any decisions by Rio. I like Margaret Lomas's general approach. Margaret has a strong preference for cash flow positive properties in locations with potential for growth. I can't comment on whether going to Destiny is a good idea but I think that the information is available here and from reading different books about people's approaches in general. These courses I feel are for those who are not confident in their approach and want more support and guidance. I am cautious about buying in the next hotspot as by the time this is common knowledge it may be too late as market sentiment has already turned and the easy gains have been made. I am usually cautious if yields have fallen greatly in a location compared to historical yield as this means the growth has already occurred. Falling rates change this theory slightly and it's only a generalization to some degree but it can be a useful measure.
    In terms of finance sometimes you don't know what you don't know and seeing a good broker is a good starting point. You might be able to bounce some ideas off them as well.
     
  14. Nathan22

    Nathan22 Member

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    Thanks Hugh

    Thanks Hugh

    The comparison of a current yield to a historical yield is a great gauge to the market and something I hadn't considered yet.

    I have been doing a fair bit of research for our next few purchases. Looking around Logan, Slacks Creek, Woodridge, Kingston etc but as you said, it appears that I am getting in there too late as its started to move already and since poking around on this great forum I have noticed quite a few people looking there or have recently purchased. Im sure there would be some good deals in there though so ill keep looking.

    Iv also found a few country towns in NSW that have properties with reasonable yields, I first found them by the data in the back of API magazines (which also shows reasonable growth) and then researching online. BUT i just cant see how these country towns would grow in capital any higher than inflation when there is nothing new happening around them. No new infrastructure etc..

    Nath
     
  15. Rixter

    Rixter $uper Investor (Retired)

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    Glad to offer assistance and hope you gain great benefit from them along your property investment journey.

    I have been IP mentoring on & off for a number of years now, both online & offline.

    Now I'm in the position, having exited the rat race, it affords me more time to pursue my passion for mentoring - teaching others who want to learn my method on how I did it, so they too can exit the rat race.

    Enjoy the all tools that are heading your way!
     
    Last edited: 8th May, 2015
  16. Rixter

    Rixter $uper Investor (Retired)

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    I believe this was Steve Navra's philosophy behind identifying property that was under value .. he called it 'rental reality'.
     
  17. Big Will

    Big Will Member

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    Good luck on your journey Nath and this forum will be the best mentor you could ask for.
     
  18. Rixter

    Rixter $uper Investor (Retired)

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    The original and the best.
     
  19. Mtmellum

    Mtmellum Member

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    + 1 for checking out Rixters info. Has helped me to get focussed! That said, spend an hour or two just searching the forum.
     
  20. Rixter

    Rixter $uper Investor (Retired)

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    Thanks Mtmellum.......I'm uploading plenty more in my series of tools along the way.

    Enjoy!