Property Mentoring Program

Hiya,

I'm considering signing up for a mentoring program. Has anyone in this forum tried it and has it paid dividends?

I feel somewhat stuck. I've reached that level when the banks are saying NO. :confused:

So I'm looking for other options to keep ploughing on.

Thanks,
dreamgirl
 
Hi dreamgirl,

What is it you want to get out of a mentoring program?

Is it for motivation, learning more about property, financing?

For me, I found reading up, being on the forum, researching real estate sites etc more beneficial than forking out my hard earned cash so someone can tell me what I can learn by myself.
 
I feel somewhat stuck. I've reached that level when the banks are saying NO. :confused:

First question - Why are the banks saying no?

The answer to this may determine the mentor you need.

For example, if it's "low income", you don't need a property mentor, you may need a skills mentor, or careers mentor.

The Y-man
 
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Thanks guys.

I've purchased 6 properties since late 2003, with the last 2 purchased in September & December 2009.

I haven't been able to buy anymore since then. I'm on a fairly good income. However, I'm highly geared, hence the banks are hesitant to 'donate' some more funds into my portfolio.

My strategy has been to buy and hold, but I currently have the Mildura property for sale, and I'm planning to sell Cairns & Beenleigh to free up some equity and release debts.

I have 2 properties in Granville area that I'll be building granny flats on. One's approved and the other is nearly done. I just need funds to build the GFs. I've approached CBA, but since I already owe >$1m to them, they think I'm too risky. I've approached a couple of brokers, but they couldn't help. One of them advised me to wait until I've sold the properties, then try the banks again.

I also want to get into property development, whether it be renovating or subdividing. I don't have much experience with adding value let alone doing developments. I think I could certainly get some help with this.

I'm also now considering doing joint ventures, something I've never contemplated in the past.

I've read a lot of books & magazines on property and continue to do so, but I feel that I could do with some mentoring or networking with like-minded people.

Would much appreciate your input...

Cheers,
dreamgirl
 
Depending on the location in both those areas it would be the time to hold not the time to sell because the numbers of listing in both those area are very high..imho..

Yes, I realise that. But I'm also thinking it would be worthwhile if I could use the funds to purchase in Sydney outskirts, which is also cheap atm.
 
So basically, you don't need a mentoring program, you just need a good broker that can get you across the line. There's a few here. Ask Dazz who he uses, that person seems to have gotten some rather sticky deals over the line for him.
 
We signed up for a property mentoring course and I would suggest thinking about your situation and what you want to achieve.

For example for us we've only been here in Australia for 3.5 years, we have several property investments (which seem to count against us) and we are both self employed. For us it means that getting a mortgage is difficult and we get hit with higher interest rates. So for us we decided to investigate lease options since we wouldn't need a mortgage and would still get cash flow.

Regards,
Karen
 
So basically, you don't need a mentoring program, you just need a good broker that can get you across the line. There's a few here. Ask Dazz who he uses, that person seems to have gotten some rather sticky deals over the line for him.

Thanks, Mark.

So let's put it to Dazz - who do you use?
 
We signed up for a property mentoring course and I would suggest thinking about your situation and what you want to achieve.

Thanks, Karen. I'm reviewing my situation and my plans for the future. My strategy was 'buy & hold'. But now I'm thinking maybe there's more money to be made with renovating/developing/selling.

So for us we decided to investigate lease options since we wouldn't need a mortgage and would still get cash flow.

How do lease options work?
 
Your original question was mentoring programs. I learned a hell of a lot and the support was awesome with Results Mentoring. Fantastic people.
I did 2 courses about Vendor Finance and found David and Julie Siacci's better / practicable than the other one I did.
Do your home work as it can cost you big time.

Danielle
 
Mentoring

Firstly well done so far, for someone without a mentor you are doing great! I did an area pick early last year on Granville with the granny flat twist. Nice work getting in early, I am keen to hear how they pan out. Anyhow to your question.

Here are my thoughts on mentors - I have many clients who have signed up for mentoring arrangements. Some are a once off for life fee, with them providing properties for you to buy - I wonder where they are making their money... Others get down the track and find that their mentor group would like them to use their mortgage brokers and wipe the annual fee. I am still waiting for one that has not got something to sell in addition to the mentoring. However I am sure they are out there so persist.

I have resisted providing mentor programs as I don't believe 90% of people in them need them, they just need confidence and maybe some strategy/decision verification once in a while. When I have queried my clients about what was done by their mentor ie "so as they have provided you this property to buy how did they explain to you how it fitted into your long term goals, property investing strategy and property buying criteria?' only to be told that the mentor did not cover that type of stuff... so what are they covering?

When looking at mentoring programs just check where they earn their money, what other business partners and affiliates they have and the basis of the recommendations, I know of some getting great extra revenue by introducing you to someone to project manage the granny flat - mmm two lots of extra fees..

I did the time and study to be a certified property investment adviser through Property Investors Association of Australia (PIAA, no I don't offer the service so this is not a plug) I did it only to find out what the advisers needed to know so I could make sure my clients were getting value for money.

Apply the strict criteria you apply when buying a property and you won't be throwing your money away. I strongly believe you should not have to be wealthy (or go into huge amounts of debt) to learn to become wealthy, however if a $3000 mentor program or course gets you the knowledge you need to make $3mill then that is not a waste - even if someone is taking a few extra slices of revenue along the way. However I think the $20k and $38k programs I know on the market at the moment have a bit more justification to do to get people into their programs.

Just educate yourself. I personally have not had a formal property investing mentor however I have read alot of books and Somersoft posts and I have attended courses and they gave me the ground rules to apply my own twist and make millions in property. Just do a sanity check on what you are getting for your money and what you are looking for. If the mentor is truly independant they should be making you do alot of the work yourself and they are just a sounding board and course corrector. That is my opinion.

In the spirit of Full Disclosure: I have a mortgage broking company I set up to share my property investing success and help others, after much research it was the only profession with professional indemnity insurance that allowed me to do that. I did not become a broker and then look at education as a lead generator. Getting education through mentoring and courses are 2 different things, as Danielle mentions above maybe you should do an advanced course, check out her recommendations.

Happy Hunting.


Jane

(for reports and info you might find my Face Book ( Jane Slack-Smith) or Twitter (renoqueen) posts of interest
 
Thanks everyone for all your input. Special mention to Jane for your long reply, much appreciated.

I haven't signed up yet. Finding it hard to justify the 10K fee...
 
Check out the Meeting Point forum. I think there should be one around your area. I missed last month's and hopefully be able to come this month or the next.
 
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