There are soooooo many different Investment Property Mentor companies out there, how do I go about checking their credentials. I look at their testimonials but anyone can write them. I check their ABN but that does not give you any real info on the actual business and their dealings. How and where do i get enough info to feel positive I have picked a good company that can mentor and assist with all my Investment decisions.
you hear of so many horror stories about people losing all they own due to dodgy companies taking all their money, I have heard stories that people have signed over there house unknowingly to certain dodgy companies.
I have been talking to one in QLD as this is where I am keen to purchase my first IP but I live in WA and want to be sure they are doing what is best for me not them. Is there any government site that can give you information on these type of business's and if they have had any passed complaints about bad dealings etc. so I dont fall into the wrong hands..
Would appreciate any feedback thanks
Google, office of fair trading & websites.
In my view what is important with mentoring is that a mentor not only teaches you but also helps you do the deal. At cash flow capital I run our mentoring program. My personal view is that it is one thing to teach however people need to be taught how to do the research but still need someone to help them.
Now this is a personal opinion however consider this companies that sell courses on being a developer or options ect market a brief course. Now I am sure that information is ok however for the average person without any real estate experience these courses will not give the average person enough knowledge to go out and do these things on there own.
What I want to do is to provide a long term mentoring program that helps people achieve there objectives
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
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For me, my mentors have always been people who were referred to me from my close network. In addition to the networking, my mentors have always been transparent about their past transactions and portfolio. This helps understand whether their strategy aligns with yours and whether you want them to be your mentor.
I'm from Canada so my experience is slightly different. All of my mentors were investors themselves and had a long track record of greater than 5 years and were open to discuss the numbers and process of acquiring property and managing. All of them have been free. The question you may have is then what do they get out of it. I found that these mentors were passionate about real estate and did not worry about instant reward for their time. I was able to challenge their ideas and also present other opportuities to them and it became more of a team effort to help other grow instead of a short sighted view of immediate reward.
I know there are alot of paid services in Australia.. and maybe seem a bit sketchy and I would try the free route and be in control of your purchases and save some money. If it all fails then maybe pursue the mentor companies. It's been 7 years of investing and I have been tempted many times.. but glad I stuck with free route..
I have clients that are mentored by Nigel who posted above, Jennie Brown and RESULTS. I wouldn't hesitate to recommend any of them. All are different, but all are run by people with a lot of experience and good ethics.
Regards
AlistairThanks everyone, I appreciate your feedback. I am in the process of doing Jennie Brown's 9 day Mini course in Property Investment and I am finding this helpful, I still have a lot to learn though.
I understand what you are saying about mentors, but would still like a more proven track record on a business before I start to give them all my personal information as you hear way too many horror stories about people getting caught up with dodgy companies with property, especially in the QLD area.
The company I am looking at is called Investment Mentor in QLD and they seem to be quite good, they have had their ABN listed for around 8 years, they are also known as MRD Realty which is a part of the Investment Mentor business, they halp from start to finish with your investment needs. I would just like to make 100% certain they are legitimate and there does not seem to be anyway of doing this.
I am about to google office of fair trading to see if there is anything relating to them on that site, but otherwise apart from testimonials on their site how do you go about locating legitimate people that have dealt with them before so you can speak to them and feel certain they are genuine.
Any feedback welcome
Word of mouth is great which is why you often see questions and comments on forums. Also, ask to see some of their case studies of what they have done or what they have helped their clients do. Preferably some of those should already be on their website, but if not, ask to have a look at them, most importantly the numbers.
Best of luck with your investing, Ana StankovicWattoette wrote:Thanks everyone, I appreciate your feedback. I am in the process of doing Jennie Brown's 9 day Mini course in Property Investment and I am finding this helpful, I still have a lot to learn though.I understand what you are saying about mentors, but would still like a more proven track record on a business before I start to give them all my personal information as you hear way too many horror stories about people getting caught up with dodgy companies with property, especially in the QLD area.
The company I am looking at is called Investment Mentor in QLD and they seem to be quite good, they have had their ABN listed for around 8 years, they are also known as MRD Realty which is a part of the Investment Mentor business, they halp from start to finish with your investment needs. I would just like to make 100% certain they are legitimate and there does not seem to be anyway of doing this.
I am about to google office of fair trading to see if there is anything relating to them on that site, but otherwise apart from testimonials on their site how do you go about locating legitimate people that have dealt with them before so you can speak to them and feel certain they are genuine.
Any feedback welcome
I don't know anything about investment Mentor, so can't comment there. But i'm curious, if you are alrrady doing something with Jennie, and you've found it useful, why don't you join her mentoring service?
To APerry
I found Jennie Brown on the net like many others…..The mini course that she is sending me each day is a very short paragraph on a different subject each day, not a lot of info really…….Same problem though, how do I tell if she is really legit before I go passing over all my personal financial information….It is still only via websites, testimonials are written on their sites, but like I have said anyone can write those. I want to talk to real people who have dealt with her before or anyone of the internet companies that advertise. This is way too big of a financial cost to just pass on to anyone.
They can give me names of people, but whose to say it is just not peole on the scam with her, how do we know these are not scams……Do you see what I am saying, you hear way too many horror stories regarding house buying, sales etc.
Too many internet sites are dodgy and I am sceptical of developers as they go broke all the time…..I want definate reassurance they are legit. As I dont live in any major cities, and am fairly remote I dont have access to just drop into an office and have a chat. I have also been told that anyone that only has a PO Box and not a physical address maybe dodgy and most of these companies dont even have addresses.
So you see its not just as simple as using one or the other……….I want assurances they are legitimate before I hand over my personal info to anyone…
There are alot of investment clubs that are free where people get together and discuss strategy and share information. That way you are able to meet alot of people who are going through the same experience and you can potentially find a mentor or business partner at those gatherings.
I know Robert Kiyosaki -Cashflow clubs throughout Sydney. Not sure where you reside. They get together to play the cashflow game and discuss strategy. It is important to meet like minded people who are driven and have been through the process. It gives the experience more integrity.
Thanks globaltraveller
I would love to have that opportunity to go to the free clubs, but I live in a remote mining town in North WA and cannot jump on a plane every week to go to any of these….Most of my leg work has to be done on the computer or telephone which does make it quite difficult.
I am trying to read as much info as I can so that I can fully understand Property Investing, but really need that extra help from Property agents / mentors etc so I dont have to travel backwards and forwards all the time. The pay is great up here but the remoteness can make things a little difficult as we dont have regular seminars, clubs etc.
I have joined many different property mentor sites and I am getting regular emails with lots of info which is fantastic, but still want to be sure I am dealing with reputable companies and this is what I am finding difficult due to having to rely on the net mainly for contact.
I would really appreciate anyone else in a remote area to pass on any help they can as to how they deal with things, being so far away from the action.
Wattoette wrote:To APerryI found Jennie Brown on the net like many others…..The mini course that she is sending me each day is a very short paragraph on a different subject each day, not a lot of info really…….Same problem though, how do I tell if she is really legit before I go passing over all my personal financial information….It is still only via websites, testimonials are written on their sites, but like I have said anyone can write those. I want to talk to real people who have dealt with her before or anyone of the internet companies that advertise. This is way too big of a financial cost to just pass on to anyone.
They can give me names of people, but whose to say it is just not peole on the scam with her, how do we know these are not scams……Do you see what I am saying, you hear way too many horror stories regarding house buying, sales etc.
Too many internet sites are dodgy and I am sceptical of developers as they go broke all the time…..I want definate reassurance they are legit. As I dont live in any major cities, and am fairly remote I dont have access to just drop into an office and have a chat. I have also been told that anyone that only has a PO Box and not a physical address maybe dodgy and most of these companies dont even have addresses.
So you see its not just as simple as using one or the other……….I want assurances they are legitimate before I hand over my personal info to anyone…
That's fair enough. I know Jennie very well, she is my client actually and so to are a number of the people who do her courses. I also personally know Nigel Kibel, who has also posted on here and runs a mentoring program, and also the guys, Simon and Brenadan, who run RESULTS Mentoring which is marketed through this site. For what it is worth, as well as knowing all of these people personally, I have a large number of clients (I am a finance broker) in common with all three, and have done so over a number of years. All the people involved a very experienced, knowledgable and have strong ethical values. All services differ, but all have merit and I have seen students of all three do exceptionally well and other do nothing.
Probably if you post something on any of these three specifically you will have some of their students respond. I would assume there would be a lot of RESULTS students, past and present, in particular who post on here.
Regards
AlistairI'm in the same position trying to find a reputable and trusted source for property investment advice too! I've just started looking at Margaret Lomas', it appears ok, being a memeber of PIPA, however I don't know what value they add int he whole industry. I wasn't all that impressed with the 'The Investors Club', they appeared to be a low level in their approach and they were not convincing or transparent in their commission structure i.e. kickbacks…
Am I dreaming in my pursuit to find a truly independent property investment specialist who operates in a transparent, knowledgable, accredited manner???
Thanks
Stenno
I'm in the same position trying to find a reputable and trusted source for property investment advice too! I've just started looking at Margaret Lomas', it appears ok, being a memeber of PIPA, however I don't know what value they add int he whole industry. I wasn't all that impressed with the 'The Investors Club', they appeared to be a low level in their approach and they were not convincing or transparent in their commission structure i.e. kickbacks…
Am I dreaming in my pursuit to find a truly independent property investment specialist who operates in a transparent, knowledgable, accredited manner???
Thanks
Stenno
Hi Stenno,
Its good to know I am not alone in my search for a reputable mentor…..There is so many out there it is hard to know who to trust.
MRD (Investment Mentor) seem to be OK from the contact I have had with them so far, but it will take me travelling to QLD and meeting with them before I will gaurantee any kind of transparency. They only deal with capital growth (negatively geared) properties which may not be suitable to yourself.
I am in the process of trying to find some people who have dealt with them in the past to ask some questions on their business dealings. I have been right over their site and have checked out their ABN etc, but it would be nice to locate others that can answer some of my questions about them.
I have printed some of their property reports off their website and I am now looking for someone to look them over and tell me if they are ok. I am just not sure now who I can show them to and ask the question.
I will keep you posted on how this goes.
Good Luck with your search as well
Thanks Alistair
I am taking your input on board……I am having a very good luck at all their sites over the next few days.
Hi Wattoette,
Likewise, I will let you know how I go too!
Have a great weekend.
Stenno
Hi,
I think it's really important to first sit down and have a think about what your investment goals are and what you want to achieve and then see if and how a potential mentor can help you with those. At the end of the day it will be up to you to get the legwork done but having the right people behind you can make a huge amount of difference and speed up your journey with access to valuable information, templates their advice and support.
I run a renovation company and http://www.renovateandprofit.com and a number of my clients have also been coached with Simon and Breandan and I have personally met both of them and they have really looked after my clients in the same way I like to look after them in regard to renos.
Have a chat to any potential mentor and their clients and see if their area of expertise meets what you want to achieve.
Best of luck with your investing journey, Ana
Thanks for your input Ana,
I personally do not want to get involved with Reno's, I already have a unit that needs reno's and I find I do not have the time or the motivation to do it, this is my PPOR so we are in no rush but I look at it and it all seems like too hard of work for the benefit you get.
Thankfully it is only cosmetic reno's inside, nothing structural so will not cost a lot if we do decide to hire tradies to do the work instead. I am lucky in the fact that even if I dont do the reno's my unit has still already gained in value around $50 – 80K in the last 6 – 12 months due to the area that I live.
My goal is to be comfortable in retirement sometime in the next 10 – 15 years, I do not have the greedy gene that wants to be stinking rich, I just want to know I can survive comfortably in my retirement and enjoy the simple things that life has to offer. Possibly buy a bus and travel around Australia for the rest of my days. Maybe have a little something to pass onto my kids.
I dont like to see what money does to people when they end up with too much as it changes them and most become arrogant and self serving, and I find money breeds greed….I just want comfort
That sounds like a lovely plan, to travel around Australia. We just got back from our honeymoon travelling in Mexico and Cuba and it was wonderful. We've been talking about taking a campervan around NZ at some stage too because that is where my husband is from.
Maybe have a think how to monoterise your goal… work out how much you want to make per annum from your investments in order to be able to finance that dream and go from there.
p.s. I know what you mean about renos. I absolutely love it, this is my passion and dream and I get to live it every day, but its not everyone's cup of tea. I have clients who want to be involved in the whole process and I also have clients who call me up and say 'we've got another one' and then leave us to renovate it for them and just give them a call when it's nearly over for handover. There's a strategy out there for everyone
All the best!
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