Best Investing mentoring program

Steve started Results and did the first 4 or 5 years of it. Its now run by other mentors, currently 4 of them, but it still uses the same principles and teachings from steve’s days. Though each year they review the course notes and update as required to fit the current market. For example in the days of Steve’s 0 to 130 properties book, it was much easier to find cashflow positive deals. the market has shifted somewhat since then, and while great deals can still be found there’s often a trend to add value to turn a deal into a cashflow positive one.

I had read tonnes of books, gone to a few seminars and owned s couple IPs before joining RESULTS. I’m 3 months in and still deciding what I think of it. Be aware you get out of the program what you put into it, its not like signing up will turn you into a great investor overnight. What they do is provide you with the education and resources to learn more about investing, and provide you with plenty deals to crunch numbers on (past deals, completed stuff) and a coach you can access if you initiate it to discuss your situation. you have to keep the motivation going and be in control of how you make Results work for you.

I believe having lofty goals and being ambitious is fabulous, but I’m not sure how realistic $100k in PASSIVE income in 3 years. There’s active property income, through buy-renovate-sell or subidivision, developments etc, where you work hard and then receive a lump sum cash profit upon sale. A couple deals a year could well see you into this $100k target, but it wont be passive. Also be aware if you quit your job too soon, you may have trouble with obtaining finance as you have no income for servicing the loan. Might be a better idea to work on doing a few deals, build up some cash, then cut back on work partly or altogether when you have some decent cash behind you to rely on banks less.

Be aware there will always be friends and family who will give you negative feedback and doubt your decisions. Best thing I’ve found through Results is a new female friend like-minded as me with property investing, and we relish the conversations with each other as we both have found we can not talk to our friends about our investments. You will find some very interesting responses from your friends as you embark on this journey, especially at your age. I bought my PPOR at age 21, which later became IP#1 and then bought IP#2. I have just had an offer accepted on IP#3, but have now decided that I will not be talking about it with any of my friends… I get so frustrated when they talk about how “lucky” I am, or how its not fair they don’t own anything… its not luck, it takes hard work, determination, sacrifice and more. I can see from your determination you are going to be successful, just keep looking forward and don’t let the negativity cloud your judgement.

my only other comment on results is that the next intake wont be until the RP8 course starting july 2012. Don’t sit around waiting, see what else is out there and see what other education you can find. you may even get into a deal before then and find out that perhaps its not what you need after all. But if you decide by Feb/March you’d like to do it, then by all means sign up for early-bird, means you can get a lot of education done before getting your coach assigned, and be very clear on your goals, current position etc before the program kicks off.

I wish you all the best!
Emma

LUCK = Labouring Under Correct Knowledge.

I'm selective about who I talk to about my investments. Definitely not people at work (escept one friend). Wwe were talking (quietly) and one collegue pipped in and said "you're buying ANOTHER house. What if you lose your job". I quickly told her the tenants would pay my mortgage and asked who'd pay her mortgage if she lost HER job.

The first step is the hardest. Just don't fall in to the too much theory not enough action trap.
If you buy a reno house you don't need to sell it.

Last year I bought a house in western Sydney. $218K did a $14K reno (5 weeks) and it's valued at $285. So if need be I can pull my deposit back out to buy the next one. That's how you can build a portfolio. Buying and selling may give you some quick cash but it won't build a portfolio. Plus take into account the buy/sell costs and CGT. Worked well for me, I liked the reno bit so I just keep doing that. Works for me.

I prefer buy/hold, buy/hold, buy/hold.

You really need to decide where you will start, then you're off and running. Don't be too quick to jump into a mentoring program. Some people mistakenly think they will find good deals for you and tell you what to buy. Everyone is different. Notice I didn't say you need to have your strategy all worked out. That's because you will change as you grow. My first property was good (only because it was at the start of the boom). Next one OK. Then I started getting serious and attending seminars, meetups, devoured forums, networked and picked peoples brains. I felt a bit pathetic with my paultry 3 properties and got the boost I needed to get me moving.

You may not need a mentoring program, just some networking.

im just nervous with the first step as i dont want to put my first saved deposit into a lemon…and have to start again haha

Both hubby and I work full time. Reno's have been from 1-5 weeks (total redo inside 4-5 weeks) while working (well a couple of sickies).

I don't "aim" for CG. I make it on the way in. But obviously I buy in areas where I think the CG will be. There's no guarantee though. That's why I have my deposit back if it stays stagnant and it's close to CF neutral so no effect on my lifestyle.

I buy bread and butter properties as the yield is higher.

My criteria is- under market value
                  – ability to add more equity (usually through reno)
                  – 7%+ yield
                  – low vacancy rate

Why would you buy in an area you think will not have growth for 10 years?

That was before I got serious. Now I'm addicted!!! My hubby says I've gone crazy.I ran out of petrol a few months ago and rang him and said "you're going to kill me". He said "don't tell me you bought another house". haha. I felt better telling him I "just" ran out of petrol.

I don't know the area but I think the house looks tidy. Too tidy to make a huge difference in equity I think. I buy houses that look HEAPS worse than that inside. That's why you get them under market value. People think it's too much work but mostly it's just elbow grease. If you are not scared of a bit of hard work and some late nights and weekends it's doable. DO NOT buy Bunnings flat pack kitchens. You can do a lot better for the same price.

I'd say keep looking. The figures aren't stunning even if there was predicted CG.

P.S Just looked it up. 7 and 9 are the only private houses in the street. All the rest are Dept of Housing. I wouldn't buy it.

Buying the perfect property is difficult for people who have been in the game for a long time, so trying to buy the perfect property the first time may be difficult to acheive in your first go.

Best thing to do is to educate yourself first and then based on your own personal circumstances purchase a property which fit the criteria that you have set for youself (i.e must but neutrally geared or I can only afford to lose $100 per week but the property should have a growth >8% per year).

You will generally learn as you go becuase the books can't teach you everything and the book don't base the knowledge they give on your circumstances.

In saying that tho, puchases should be educated to certain degree and not a random selection.

If you still dont' feel confident after reading and educating yourself then mentoring programs may be the way to go. At the end of the day everyone needs different levels of motivation and support based on their circumstances.

Cheers,

Catalyst, I am with you TOTALLY. From running Women in Property meetings, I have learnt there are many strategies out there. No one is more right than another- its about what is right for you. There is plenty of money to be made- especially just now as the market is bit slow but still plenty to be made. You need to look at what you want to do- what you can do and plan a strategy. There is not the perfect property out there but I guess its a bit like being married – you will never find the perfect one until you practice a bit…..LOL.
Choose what is right for YOU. After all- YOU are who is most important to YOU.

You can but my subscription only covers NSW, ACT, SA and QLD.