All Topics / Help Needed! / A free property mentor
From the sounds of Belinda I'd say she's given up. If you have attended workshops and paid for mentoring and still haven't done anything there's not a lot of hope. And when she asked for help on here she made no attempt at attending meetups or seeking any specific advice.
Welcome Steve. Keep reading to familiarise yourself with how property basics work in NSW. Also attend some of the meetups. Great way to network .
What type of property investing are you interested in?
Hi Catalyst,
To start with, I want to get a property that can look after itself after all costs have been taken into consideration. CF+ and cap growth would be a positive too. Then leverage that property to get the next one and so on. Once I have sufficient cashflow to free up my time, I will start focusing on reno's and then developments.
All my life as far as I can remember, I have had a passion for wanting to deign and build my own properties. I tried getting mortgages when I was and prices were low, but banks wouldn't give me loans because I didn't have a job. Then 6 years ago, I tried getting planning permission to build a 280sqm 5 bed, 5 ensuite on 2000sqm site and got shot down by council. So 13 years down the road, one negative equity property in the bag, plenty of hurdles in Ireland and I haven't given up. I'm hoping that Australia presents more opportunities going forward. 5-10 year plan to replace the current income with passive income.
What ever it takes, who ever I have to help, who ever I need to talk to and learn more from. I know what I want but have been finding it difficult to get to where I'm going.
Where do I get to meet PI peers to start?
Steve
Hi Richard,
Thanks for the welcome. It would be great to catch up with you for a coffee next time you're in Sydney. I've picked up a few basic things on property investing through free seminars and online research. Pitfalls, risks, insurance issues, asset protection structures, liability issues, depreciation and more. My next step is to determine my financial strengths from a banks point of view. I think once I know my borrowing capacity, I can then focus of what I can purchase for my dollars. I need to also obtain deposit to get this show on the road.
I know there is much more to learn and I think my next step is to determine which structure I am going to set up to hold these future properties. I need to reduce my liability from potential lawsuits should anything go wrong with the business in the future. I will need to protect myself, my family and my assets, so I think it is a good starting point.
I open to critiquing, and questioning of my actions and planning too, so don't hold back.
Steve
http://www.meetup.com/sydney-investor/ has regular meetings in Sydney if anyone is interested. Just casual chat, drinks and dinner. No selling etc.
I've sent you an Email.
i think it is a shame that there are so many people offering Mentoring services that only really set out to sell you a property. I also run a mentoring program and yes I do charge for it. However I would be happy to talk to you without any charge and see if I can at least help you with what direction you are going in. I am in the United States but will be back on Friday.
A mentor should be someone that is looking after your interest not just there own. I work with people on a one on one basis and try and develop a plan that will best suit your set of circumstances. I think if all they do is work out a financial assessment and then recommend a property they are not mentors but just salesman.
I believe you always should do your due diligence, ask the person do they work for themselves or do they work for a company. If they work for a company its a bit like getting financial planning advice from a bank.
Also ask to speak to students that are in there program I always offer at least three, if they wont then they are covering up something.
Always check carefully into what is being said, then you are in a stronger position to make an informed decision not just listen to a line
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
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