Want to become my mentor?

Hi Nathalie

Welcome to the forum.

Places like this are a good start. It's a great free resource.

As mentioned above, there's a couple of IP related magazines you can pick up (Australian Property Investor and Your Investment Property) as well as a number of books (some of which can be picked up in your local library) – https://www.propertyinvesting.com/forums/community/heads-up/6845

Stick around – ask questions and continue to learn.

Cheers

Jamie

Hi Nathalie,

Welcome and congratulations on starting your property investing journey.

Some good advise given above and I'd reiterate that you will need to educate yourself as much as possible without complicating things. Probably the easiest way to begin is to keep things small. Start with a small project in an area you know well. This way you do not have to relearn a lot of aspects. You will have a good knowledge of the area, the types of properties, the people who live there and buy there etc. Also you can manage your investment easier.

The key is figuring out what you want from property investing, how long you will give yourself to get there, what are your financial and risk levels and what strategy or strategies fit into each or all of these aspects. Am I an active or passive investor? Is capital gain or positive cashflow more important to me? Do I want to manage my investments? Do I want to project manage and add value by renovating or developing?

To start off, some of the simplest, easy to read books on a number of property investing strategies are by Margaret Lomas and of course there is plenty or reading on every subject here on the forums.

Ian
http://theblockblog.com
Free Property Investment Information, Tools & Resources for Investors with a Sense of Humour.

it's that run by Sam Sagger  and James Whilton ?

they are very good. just keep educating yourself don't commit anything till you really comfortable with it.

Taylor Chang

Hi Natalie,

Welcome to the forum and great to see you are going to give it a go. My experience share with you a couple of interesting points you might want to consider:

1. Asking for a Mentor… Excellent first step in getting started in property. Just make sure the mentor has the credentials and CURRENT experience and property investing. If you find a great mentor, it’s advisable that you pay well for the information and help that they give you. The best mentors are people who are actually what I term as “Currently Active Doers” … They are the ones that are out there right now doing property transactions that are making them $20,000 – $100,000 at a time. Like all good professionals you need to pay for their time, please keep that in mind. Depending on the type of property strategy that you can choose and whether you want to be a passive or active investor will determine the type, level and duration of mentoring that will be appropriate for you.

2. A Starting Point… A best place to start to get a long-term strategy or prospective we want to go is to read Steve McKnight’s book called “From 0 to 130 Properties in 3.5 Years (Revised Edition)” as it releases down the options of what you can consider in the property game both considering the pros and cons of each body strategy and also giving you the game plan of where you should be heading to in the future and for $32.95 it will be the most cost-effective, educational tool you can have to start with.

3. Be Careful Who You Listen To … As there are a lot of “Just Talkers” who do not mind sharing their opinions/theories and on the other hand there are a number of “Doers” who share their valuable experiences.

4. Information Overload … The way to kill action is to drown in too much information. I come across a lot of people who after two years are still researching the best way to property and they will never get out of cycle of looking for more information to try and find the best way of doing property. As you have requested, if you have a mentor … Then they [1] guide you in selecting a property strategy that suit your lifestyle and time commitments. [2] They will then help you source the type of information that will be most relevant to the property strategy that you prefer, [3] you can then take action and [4] finally if you run the hurdles they will either be the best person to help you resolve the issue or [5] they will know somebody is better qualified to help you out. This approach is the best way of getting started in a cost-effective manner without spending too much money on researching a whole number of strategies or by drowning in too much information that will hinder you from making a decision on which way to go in a timely manner.

5. Action Will Always Beat No Action … Thing is to get started with the right level of knowledge and a sounding board (mentor) to help guide you along the way. You’ll learn so much more as you get out there and do it than reading the theory about how to do it.

6. Risk And Reward … “Like a lot of people, I am very scared of making the wrong decisions.” By having a mentor they should be other guide you from their experience the best way of doing things and also be able to help you overcome the hurdles as you go along. From my experience you need to understand that you always make mistakes and that is how you learn effectively however it is nice to have a mentor there as a sounding board and is a person who can get you out of a sticky situation at one arises.

I hope this helps you out if you have any more questions please feel free to ask us. Check out our Facebook page etc. (website will be coming soon). As we often give helpful hints on deals that were currently doing.

Kind regards,

Jason Moore and Sherry Ortiz

lets say i inherited $250,000 i could bye one property worth $250,000 and enjoy the rental return of lets say about $280 per week and wait for capital growth of say 4% per year =$10,000 per year, or i could bye four properties of total p/p of aprox $1,000,000 and use my $250,000 as the deposit to borrow the rest. i would not have a rental return every week as rents would go toward the repayments of loans and they would found themselves and if i got 4% per year capital growth on $1,000,000 = $40,000 per year

I could give you a few legal tips on how to structure things, particularly asset protection if your money is still overseas.

Hello Nathalie,

I am assuming that seminar was an evening one and not a weekend one. Even for an evening seminar that seems extremely low turnout For the Positive Real Estate Group. My experience of we are looking for a mentor is in the next week or so reading Steve McKnights book 0 to 130 properties and 3.5 years just so you can get a grasp on property in general and shortlist the property strategies that are most appealing to you. Once you’ve done that you can then find a mentor who specialises in those particular strategies. When talking to potential mentors treat it like you are giving a job interview and asked them for [1] where they have come from [2] what they currently doing in relation to property investing [3] what they can offer you [4] and what you can offer them.

Hope this helps.

Jason Moore and Sherry Ortiz