Best Investing mentoring program

Hi Edmund

I don't know much about mentors or mentoring programs but if I was going to opt for one, I'd look into what Nathan Birch has on offer. He posts on this forum and walks the talk.

Cheers

Jamie

Hi Edmund,

I saw my name was in this thread so I thought I would give you 3 key things if you follow wisely you will be armoured to build your portfolio.

1) Buy below market value, this way you will build a buffer of equity into the deal, minimise risk, and help you move onto the next deal easily.
2) Ensure stung cash-flow so your properties don’t erode your lifestyle choices, because at the end of the day its a business and needs to be treated as such. Successful businesses don’t lose money, why should property.
3) Don’t bring emotion into the deal, buy on numbers and your comfort zone.

As stated above ensure you look at cash-flow before tax, including all expenses such as rates, strata, management, insurance etc.. and don’t incorporate tax deductions and even include your deposit in your mortgage calculation costs.

Here is this weeks BRW segment I did on it – http://tv.brw.com.au/video/167974

All the best,
Nath.

Further to that Jac, if ones goal is to create income not to work then you are defeating the purpose as you won’t pay tax if your not working and you would become negative and property wouldn’t be able to support your lifestyle. Tax is ok, but as a bonus not as a driver.

Hi Edmund

We too were looking about 18 months ago about how we broaden our understanding of property investment after only having purchased a negatively geared property.

We signed up to the RESULTS program starting July 2010. Since then we have purchased multiple positive cashflow properties in NZ, Australia and the US. But more importantly we have walked away from many deals because from the program we know what will be a lemon. We know how to complete due diligence – which comes back to the numbers but involves much more than this.  We can contact our coach if needed to walk through our analysis and thinking.

The RESULTS program is one year’s duration and we’ve also signed up to the graduate program for this year based on what we have got out of it.  The program involves access to a coach as well as self-paced learning supported by webinars and quarterly get togethers. The coaches are active property investors with a range of skills between them. You get a designated coach with access also to an expert in property development if this is the strategy that you are using.

A few things that we thought we'd mention specifically from our experience:

– The goals and the mindset that you have play a large part to your success and we have found that our confidence and focus continue to increase with the program

–  You get the skills to do to the work yourself. The coaches will not do the work for you however will support, question, guide and challenge you so that you make the calls that work based on your goals.

–  The program focuses on education rather than the coaches securing commissions or kick backs for referrals or things that they on-sell to you. This gives us a real level of confidence about the integrity of the program.

– The Get Togethers are great – both from a content perspective but as importantly in getting connected with like-minded people. The group inspires us enormously (you get to hear about the deals that some of them are doing) and helps to push your thinking or action further along.

– The program is big on accountability – we have formed an accountability group with a few participants from the program so that we can provide each other support as well as track our progress against our goals and actions. This has helped to further boost the success we have had.

Their website is http://www.resultsmentoring.com – there are several testimonials on the site which will give you different impressions beyond ours. From our experience, we feel that we have got a return on the investment that we made through the program many times over.

Good luck in your investigations and property investing.

Hi Rach
The Nov session with the RESULTS team is a great idea – I'm sure that you'll get tons of info from it to further cement your thinking. You'll also be able to get a feel of the coaches themselves and make a call from this as to whether they are a team who you can have confidence in to mentor you. Good on you for thinking of starting investing young and before you get in debt to your PPOR.

We did sign up to Early Bird last year – but we didn't pull our finger out anywhere near early enough to make the most of this. We wish that we had this time again as it would have allowed us to have fast tracked our involvement in the program proper. It meant that when we could access our coach from July, we were still reading – not ideal! The guys focus a lot on goal setting at the start and breaking down your longer term goal into your 7,30,60,90 days as well as the strategy that will get you moving toward these. Another learning from our end – we didn't apply these disciplines systematically for quite some time – and have noticed how our investing has really started to take off with the focus that we now have really through goal setting and an accountability team that we are part of.  We're very much on the property investing journey still rather than being established already – and we are still making some mistakes  and learning from these.  We're having lots of fun doing it all – which is great!

With living in Coff's it will mean travelling to Syd or Mel for the Get Togethers (4 in total a year alternated between cities). It means that there is additional cost but the benefit of being able to catch up with the coaches for the session and the broader RESULTS community outweighs this in our view. For access to your coach, you can do this all by phone (which is what we have done). People involved in the program are scattered everywhere across Aus (and a few fom NZ)  so I wouldn't let the regional area put you off.

Have a great time in the November session
Carolyn

Great advice Mat – books are great and im voracious for info! but its so hard condensing it all and getting one solid idea…
I spose its good combining them all to have an edge -but just to start – i'd love some guidance

Wow carolyn thanks so much for your reply!!!
this may sound awful – but my family are not very supportive on this diea. While they want to get out of the rat race they are very against the idea of paying someone to help. personally i think i'd prefer to pay $6K and get help rather than trek through blind. My partner is slightly dubious on it -but yes we can see when we get there in NOV

Thats awesome about goal setting -we're very committed to that and try to write down our goals every day – but its so hard sometimes! because theres so many options i get swayed on goals – but having help would be ideal

I dont mind travelling if its only 4 times a year…i have family in both cities.
Would you say your much closer to your goal after the program? or only slightly?
I am 22 and we want to retire through property by 25….A positive cashflow of $100K at least. DO you think this is too ambitious?

We both work full time but my partner has agreed that once we get property rolling and do our first deal…i'll immediately cut back work…to focus more on investing while he continues to work and pay rent 

Were you working full time while you did those deals and got mentoring? if os how did u balance all yor commitments such as work, family, exercise etc.
IM sorry to ask so many q's but i've love to learn from people who have gone before me. I think its awesome what you guys have done!
rach

So what are your goals? Other than the one below?

So how are you going to make $100K a year in only 3 years? It's fine to have goals but you have top have an idea of how you will go about it. Not just pick an age and a figure and say "that's what I want". Sorry if that sounds harsh. If you do have a plan on how to achieve that I take my hat off to you and concede that you do NOT need a mentor.

How are you going to fund these investments if you are not working full time? or are you on amazing money?

BTW I'd speak to Nathan. He made his first million at 21. He's 26 now.He really knows his stuff.

I am not sure why you are posting here asking about a “Mentoring Program” when isn’t this what Steve McKnight offers? He seems like a great bloke to me. Why not sign up to his program? There are many students who have succeeded in this program.

I think the investment program that he endorses is reults….which is what i want to get into