Dealt with Peter Mastroianni's company Rentvesting?

Received a mentor call booked next week..no charge for mentorship

Before the call I had a chat to Peter on LinkedIn (or whomever is messaging on his LinkedIn) a book was mailed out for free called The property investor's buyers guide.. As a newbie I'm finding it quite helpful

 

There are some great free resources out there.

For me I listened to the audiobook version of The Effortless Empire by Chris Gray. (Available as a PDF or Audiobook for free from here: Download Our Free Property Investment Book - Your Empire).

It was great stuff to listen to in the car on my trip to and from work and it made a lot of sense to me.

It talks a lot about surrounding yourself with people who know more than you and spending the money on a GOOD team, it made a lot of sense to me. Everyone I used in my purchase process was on recommendation, I didn't once consider the fees when deciding who I wanted to work with.

 

I cannot speak for this company, personally I never went to any mentoring seminars, don't think I ever will (although I'd like to go to Tony Robbins one day), I find them to be scammy and upsell.

I just consumed book after book and read these forums ad nauseam. Also the propertycouch podcast is super legit.

 

+1 for this, I love this podcast

 

Second this it is a great podcast.

Plenty of free information out there. I would head to a library and grab as many investing books/magazines as possible.

 

what is your thoughts on investing in some older properties around 300k in Logan Tony? I'm yet to acquire my first IP but want to build a solid foundation with good yields so i'm not paying out of my pocket to service them

 

Mate you started one thread about BInvested.
Then Stuart zadel

Then this
First Investment: Off the plan apartment in Edmondson Park, Sydney VS older house in Logan, Brisbane

now this on some other salesman who calls himself a mentor.

Now looking at logan.

Stop actually thinking about property for a second.

Sorry for being blunt or sounding frustrated but you need to rein things in a bit

What do you have, how much will you have in say 6 months or a year.
What price bracket does that put you in.
What state is in what cycle stage
What suburbs fulfill your strategy - short or long term.
Shortlist 4-5 suburbs.
Learn all about them.
Learn about sociopath economic trends.
Use ABS data to identify shifts in stats (income per household), younger average age, professions etc etc
Follow stock coming on market and sold section.
Get understanding of how the market is in each suburb.
Understand the better parts of each suburb
Then start looking at properties..

Just saying "what do you think of this sales mentor" is doing what? All that is going to happen is that you will be convinced of his methods as you don't know otherwise..

You need to educate yourself. That doesn't mean paying for a course to be spoonfed the agenda of that salesmen.

Maybe property is not for you bud? Why do I say this? Coz there is a massive thread on Logan here, it's talked about a lot, sommersoft has an equally large thread in its archive. Yet you haven't taken the time to look.
Others have given you advice already, yet you are asking us for quick answers.. it raises red flags for me..

You say "don't want to pay out of pocket to service" but answer this: is it better to recover $20 a week on a $300k property growing at 2-4% per annum, or spend $100 a week on a property growing at 5-7%pa +??
Since your on the topic of foundations, you need to think about that, especially if you wish to buy again in the next 5 years..

But to answer your question on logan, sure 300-300k you can buy something. But as for it being a foundation property, I would say they are far from that. Far from. Logan is an area that requires (most of the time) a pretty involved strategy, in that you need to know very very well the area and house types, look to tidy up to manufacture some equity to extract again.
I wouldn't be buying in logan region on a pure buy and hold, revalue and try to pull equity in 3 years type strategy. You need to be clear on what you are trying to achieve.

I've missed a heap of steps I'm sure but I'm trying to outline the type of concepts that need to go into investing.
It is easy to jump around with ideas from one area to another, houses vs land, growth vs yield. That is a sign of a lack of clarity..
I am guilty of it in various aspects of my own investing and life.

Anyway bud, take a breath and have a think.
You should be able to find a heap of info on developing a strategy.

But as others said.. and this may appeal to you:
Fast track some knowledge gain by listening to the "property couch" podcasts from the start.. they have very solid and ethical concepts and will help you build a decent analytical mindset for moving forward.

 

I agree that more research is required. All over the shop without the basic foundation in place

 

tha

thanks for the uppercut mate.. i needed it haha..

I have now learnt you can search keywords to find existing discussions (no more blasts . i promise haha..

I will continue reading, listening etc whilst i am saving my deposit (will aim for 30-40k) with LMI

Excited about the journey.. which has brought me here to this forum!

 

Good stuff mate!

Don't confuse action with success. Buying a property doesn't make you an investor (well it does, but not in the context of being successful in wealth creation).

Buying a property is the easy part, it's the other 80% that takes time and skill.

I know I came across hard on you, sorry.

If you need help or need clarification on anything PM me..

 

Hey Justin I'm not familiar with QLD that well but as others have suggested maybe go through the Logan specific threads. @Simon L might be able to help as I believe that is his hunting ground. Regarding the other post about OTP I would read up on that as that is another issue altogether.

In the meantime you are in the right place to learn. I'd keep researching and fine tuning your strategy. Keep us updated on your journey

 

Yes mate.. taken onboard.

haha.. a bit like my boss at times.. sometimes I guess I need it.. many do.

Ok, will do and thank you for reaching out!

 

Thanks Tony and will do!

Things can only get brighter! I've had the mindshift of erasing bad debt (Nice cars), blowing my salary on weekend binges and eating out to now saving majority of my salary for a deposit of 30-40k which I'm confident I will achieving fairly quickly.. i'll add LMI

 

Hahaha
Take it how you wish!! Lol

 

This might help Prices for TrumpThe Art of the Deal by Donald Trump

 

The beauty of PC forums. When a thread unintentionally evolves into a totally unrelated topic haha

 

'Free mentorship' from someone you don't know who runs a property business doesn't sound like 'mentorship' to me, it sounds like a 'sales strategy'. That doesn't mean don't go, it just means be wary.

 

That's a bit harsh, TPU.

These mentors are working their fingers to the bone every day, including Sundays (and their penalty rates have just been cut), to achieve their dreams of Ferrari ownership, and the prestigeship of an upgrade in societal status, with the added bonus of a probable bestseller cookbook, by educating the great unwashed for a "minimal" (and I use the term loosely) fee.

And once they reach their destination of social media domination, only then can they celebrate the journey, from their own starting hardship of crawling barefoot, with uniforms that only the stubborn understains were holding together, over broken glass to get to the bus stop, just so they could get to school, and eventually arrive at the richness and prestige they deserve.

 

Good points - The mentor wont be doing any personal favours when their share their invaluable knowledge and secrets of how to be successful. They do these things to make money.

A minimal fee.....Are you kidding ? Finance - Fee in that. Strategy to rentvest maxes out loans so there is a higher fee income trail in that. and so on.....Always ask yourself what they can make from each deal and it may astound some. I have been offered $15K per client to hold seminars and the like. I wont do it. If they can pay me $15K then you know its overpriced....And typically the strategy revolves around you having equity in other property ...Do you know why ??

Answer : That way there is no valuation issue with the new property. If you needed to access 80%+ LVR on the new property you may find it doesnt fly. Its why ASIC and APRA are attacking lending to take the punt out of the auction market.