Questions to ask mentor

[onion33]

Meeting with a friend who is a very experienced investor. Can you help me think of some useful questions to ask?

This is what I have so far:
1. What is your investment strategy?
a) Do you have a financial plan (e.g. retire in X number of years with $X)?
2. When should one use a trust structure?
3. Should one invest ALL the money the bank will lend them?
4. How many properties would you buy in the one town before thinking it's "too many eggs in one basket"?
5. What's your experience with developing?

Others??

 

[alexlee]

What skills / resources / income / contacts does your plan need?

You need to decide whether your mentor's plan fits your skill set, or what you need to learn.

If you have little experience, maybe let your mentor lead the conversation. You may find that a lot of your questions don't actually make sense and the mentor has to spend time correcting your 'assumptions'.

 

[Jamie M]

Hi onion

Personally I wouldn't over think it and prepare a list of questions. Assuming your friend is giving up some free time to assist on a pro bono basis - than grab a coffee and let the conversation flow. Rocking up with a list of questions could make it seem quite formal - sounds like more of a job interview than a chat.

That's just me though - others might feel the need to come more prepared.

Cheers

Jamie

 

[datto]

1 Which city is best -CG or yield?

2 Do you invest in rural areas?

3 Self manage or PM?

4 Do you sell any IPs or just hold and grow your portfolio?

5 Are you interested in my sister? (best to get that cleared in the beginning to negate any ulterior motive)

Yep, that's about it. Good luck.

 

[redwing]

This is my current situation, what are your thoughts as to how I should progress

 

[onion33]

Loving your answers!

 

[Charlotte30]

Questions to ask a mentor

"This is my current situation, what are your thoughts as to how I should progress."

The above quote from Redwing is brilliant. It keeps it simple and focussed. As your mind broadens you can take the next step.

Charlotte30

 

[D.T.]

Meeting with a friend who is a very experienced investor. Can you help me think of some useful questions to ask?

This is what I have so far:
1. What is your investment strategy?
a) Do you have a financial plan (e.g. retire in X number of years with $X)?
2. When should one use a trust structure?
3. Should one invest ALL the money the bank will lend them?
4. How many properties would you buy in the one town before thinking it's "too many eggs in one basket"?
5. What's your experience with developing?

Others??

How long have you known this person? Going with such specific questions would make me put my shield up. Just make conversation about investing, and if they're anything like me they can ramble all day about it. And if they're unlike me, there'll be something useful to take from it

 

[S.T]

Tell me about some of the mistakes you've made?

 

[mumbai]

What's up !

 

[willair]

Meeting with a friend who is a very experienced investor. Can you help me think of some useful questions to ask?

This is what I have so far:
1. What is your investment strategy?
a) Do you have a financial plan (e.g. retire in X number of years with $X)?
2. When should one use a trust structure?
3. Should one invest ALL the money the bank will lend them?
4. How many properties would you buy in the one town before thinking it's "too many eggs in one basket"?
5. What's your experience with developing?

Others??

If this person is going to help you just ask one simple question,what did they earn from investments last fin year without leaving their home after tax..

 

[Shahin_Afarin]

Tell me about some of the mistakes you've made?

Thats a good one. As the saying goes a smart person is one who learns from his/her mistakes and a genius is someone who learns from the mistakes of others!

 

[MickStephens]

I'd ask "Whats up?", then give him/her one of those secret hand shake moves

On a serious note, id suggest to not plan anything for the first few meetings. Let the conversation flow and let a friendship grow also.

 

[Terry_w]

Tell me about some of the mistakes you've made?

Good question and if they havenen't made any it means they haven't done anything.

 

[onion33]

Great. I'll just work the questions in subtly through the conversation. Main point being 'what would you do to progress in MY current situation'.

 

[imbi3]

Meeting with a friend who is a very experienced investor. Can you help me think of some useful questions to ask?

This is what I have so far:
1. What is your investment strategy?
a) Do you have a financial plan (e.g. retire in X number of years with $X)?
2. When should one use a trust structure?
3. Should one invest ALL the money the bank will lend them?
4. How many properties would you buy in the one town before thinking it's "too many eggs in one basket"?
5. What's your experience with developing?

Others??

How did you go with the meeting?

 

[Coota9]

Onion33,

How did it go?

 

[devank]

This is my current situation, what are your thoughts as to how I should progress

That is what I would do.

Every person's situation is different. Hence, the strategy should be different.
You want to know your options for your given situation.

 

[MTR]

Hi onion

Personally I wouldn't over think it and prepare a list of questions. Assuming your friend is giving up some free time to assist on a pro bono basis - than grab a coffee and let the conversation flow. Rocking up with a list of questions could make it seem quite formal - sounds like more of a job interview than a chat.

That's just me though - others might feel the need to come more prepared.

Cheers

Jamie

Hi Jamie
I totally agree with this, in particular first meeting.

Also, just because someone is a successful investor does not mean they will suit you, your personality, your style of investing etc.

Also don't assume that this person is an expert in every area, they may employ people to provide specific information on trusts etc this is a complicated area. They may even employ people to source development sites and arrange feasibility etc.

Oops, should have read all the posts, onion has already met with mentor, nice to get an update

Cheers
MTR

 

[C Stewart]

I'd just be keen to hear their investing stories. I've found borrowing bits and pieces from other people's success stories is a great way to frame your thinking and plot a way forward.

That and people love to talk about themselves! Easy way to make a friend