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Be Your Own Mentor

Discussion in 'Investor Psychology' started by MTR, 4th Oct, 2015.

  1. MTR

    MTR Well-Known Member Premium Member

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    So many newbies and not so newbies come on this forum seeking a mentor, someone to hold their hand. Nothing wrong with this, however, how do you know you have the right mentor??

    Just because someone is successful in property investing does not mean you should follow the same road/strategy.

    Solution??? Be your own mentor as you are the best motivator you have, because you know your goals, better than anyone else.

    There is so much information available and the best way I found to learn is from just getting out there and doing it, of course you will make some mistakes along the way but you learn from this.

    I never had a mentor hold my hand but I had many people I followed and watched closely, those just starting out and the experienced. You can learn from just about anyone as long as keep an open mind.


    MTR:)
     
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  2. Sonamic

    Sonamic Well-Known Member

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    I agree. Coming on this forum is a very good first step though. Then formulate your own ideas from the many you will receive. The many paths all lead to basically a similar destination at the end of the day.
     
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  3. Darlinghurst Boy

    Darlinghurst Boy Well-Known Member

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    Some people NEED people, more so nowadays than in the past because schools are encouraging kids to be team members etc rather than be independent and strong.

    The best job i done when going thru Uni in my younger days was a night time taxi driver where you had to do your own thinking, had to be resilient and strong to survive.

    Most times you get people who are husband and wife, one is stronger than the other, one can look after themselves( usually the woman) if the other was to die.

    I often have a lot of respect for people who live by themselves, look after themselves and dont need other people .
    Never forget what my late Mum said to me when I said to her a workmate had let me down on a fishing trip we were planning, she told me not to rely on other people and to go by myself if he cancelled at the last minute, dont rely on others , its good Dvice and as the OP said everyone has their own style to doing something.
     
  4. Be Developer

    Be Developer Property Developer Business Member

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    I never understood "Property Mentoring" business on forum!

    Learn things here
    Look at your own budget,circumstances, financial position.
    Make a move.
    If right move, you come out good...if wrong, you fall, get up and go..

    Ppl who mentor others on forum, will you please explain what is difference between mentoring and discussing ideas?
     
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  5. MTR

    MTR Well-Known Member Premium Member

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    Networking is the most powerful tool we have IMO:)

    Learn from those who are doing what you want to do.

    Many members giving out free advice. Thanks:)

    As I mentioned above the quickest way to learn is just do it.

    I nearly ended up in a psych ward with my first 2 development projects as I underestimated many things including how much stress I could manage.

    I now don't bite more than I can chew and don't let ego get in the way :p.

    MTR:)
     
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  6. TonyE

    TonyE Member

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    Im going to guess Mentors get Paid.
     
  7. Be Developer

    Be Developer Property Developer Business Member

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    What for though? That's the question.

    I personally get around 8-10 phone calls a day to get advise on various things... And ppl who have spoken to me at meet up knows that I am always fired up to chat about property investment and share knowledge that I have.:)

    I do the same thing as well, if I need answers on things, I just ring around experience property investors or related professional (actual professional with license)!


    Just to put above in real life example, we found out that some "so called mentors" are charging $5k for weekend property development course.

    @Shahin_Afarin and @Be Developer Teamed up to organise property development meetup, we actully sepend over $1k for each meet up to share knowledge that we have.

    Along the way, we invited guest speakers @Paul@PFI,@Esh, @AndrewTDP To give information related to their field. To date, they haven't charged us anymoney, nor we spruike oursleves at meet up.

    Idea behind meetup is to meet like minded ppl, extend network and save ourselves a time (by addressing room of 35 Ppl for one hour instead of spending hours to explain each individual )
     
    Last edited: 4th Oct, 2015
  8. legallyblonde

    legallyblonde Well-Known Member

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    I agree that many people do come here seeking a strategy to replicate instead of focusing on their individual position/goals.
     
  9. MTR

    MTR Well-Known Member Premium Member

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    I don't think there is anything wrong with trying to replicate a successful investor's strategy.

    This is what I did to a degree, however I modified it to suit my financial position and my risk profile.

    MTR:)
     
    Last edited: 4th Oct, 2015
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  10. WattleIdo

    WattleIdo renovating Premium Member

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    Hey when was this?
     
  11. TonyE

    TonyE Member

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    Well you guys would be 1 in a million :)
    Ive only met 1 property investment "Mentor" and he wouldn't go into exact details of what he did but he did mention he received a kickback from purchases made by his "mentees?" to the tune of 5-7k and that his own purchases had this removed plus a few more K
    Kinda figured he was just a salesmen..... with a title designed to remove fear from uneducated buyers.
    would def be interested in any more meetups you guys have planned :)
    Thanks
     
  12. MTR

    MTR Well-Known Member Premium Member

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    Yes, salesman disguised as a mentor, common, just pushing their own stock or developer's stock regardless of whether it is the best option.

    Bit like those Financial Planners who are giving advice but pushing a certain product for greater commissions.

    Just make sure you know the beast you are dealing with.

    I know of a particular mentoring program that pushes their own stock and charging $10K last time I looked, its a nice gig. Lots of people get suckered into this stuff

    MTR:)
     
  13. MsAli

    MsAli Well-Known Member Premium Member

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    Not sure how and why people trust them?

    It took a lot of convincing an old colleague (grad with me at work back when we started) to NOT trust this "mentor" selling brand new units in Brissy.

    Yet another bought a brand new property even though I kept saying, please don't. They didn't really trust till they realised I knew what I was talking about. It was too late by then!
     
  14. Be Developer

    Be Developer Property Developer Business Member

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    It was last Friday of the September. There is one more at the end of month. (Probably last one for the year). Details are on meetup section of forum.

    Feel free to attend, if you can!
     
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  15. Redwing

    Redwing Well-Known Member

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    If I am to Be My Own Mentor
    How much should I charge myself?
     
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  16. Travelbug

    Travelbug Well-Known Member

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    Great points. The problem is, you don't know what you don't know. Sometimes you don't know you need to ask certain questions.

    You may be moving ahead, making good progress but without someone to talk through your ideas and what you are doing you may not be reaching your potential. Having someone to bounce ideas off and someone to help steer you in the right direction can be very helpful I think. I'm not one to pay for big company mentors but I have met many amazing people through Somersoft and that has guided me on my property journey. But I know in hindsight that I could have pushed myself a lot further than I did.
     
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  17. MTR

    MTR Well-Known Member Premium Member

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    nothing if you make money, otherwise you are in the shut big time:p
     
  18. MTR

    MTR Well-Known Member Premium Member

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    agree, bounce off people don't pay $ cos you don't need to.

    what if you are bouncing off people that have it wrong, those who have business only interested in making money.

    I like to follow those with a track record who want to share coz they don't care about the money just giving back. My philosophy is to help people get ahead

    MTR
     
  19. AndrewTDP

    AndrewTDP Urban Planning Consultant Business Member

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    Well said.

    I probably spend an hour a day talking to people about various land and the options on it. If work comes out of it, great. If someone goes away with a better understanding of the system even better.

    We've done our website to actually explain the process to getting approval and do things themselves if they so desire. That's because people should have the information accessible to them so they can make an informed decision.

    It's about education and working with people. Not about getting a quick buck out of them.
     
  20. Jamie_

    Jamie_ Well-Known Member

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    I'm sorry but when everyones saying that they don't need a mentor and that you should be your own mentor, it doesn't really make sense when you a) employ someone else to find the deals/sites for you b) your occupation is to find sites for people which basically is mentoring someone/holding their hand whilst taking a nice fee.