Is having a mentor important?

Hi there and a great topic
I think having a mentor is a component most of us need if you can find a mentor who has skills and experience and a wealth of knowledge in the area you plan to invest in do you think having someone to bounce ideas and numbers off is a bad thing and also more important if you are just starting out
I have been investing in property for 9 years now I bought my first property as I knew I needed to do something with my money so I did I made around 100 k over five years also I bought my 2nd property 5 years after my first and have not been able to buy no more since due to my second I used a buyers agent who only had their best interest in heart and there commission
So as you can see I never actually achieved much by going at it alone I always tended to drift of and not stay focused just this year I have decided I wasn't going to settle for the same results I have gotten in the past so I went searching for mentoring for myself

I have joined up with the results mentoring program I can say the accountability I receive from then is second to none they all have a wealth of knowledge and are genuinely got my/their interests at heart in the 2 months I have been in the program I have met so many people heading to get out of the rat race , before I get going with the investing side of things I want to skill up and not make the same mistake I did on my second property so I could see the immense value in having a mentor on my side in yet to give info on actual results but the ground work we have set in two months in amazing
I know a income goal Iam chasing I know a strategy that will get me closer to my goal I have now worked out holding my properties will get me no where in the short / med term

People pay $10,000 for buyers agents to find deals for one house a mentoring course will teach you strategies to find these deals and negotiate them and add value
I won't keep going on

But to conclude this I will warm you who you choose as a mentor or mentoring company some people promise the world and don't deliver you want to have a mentor you have access to not something you have to share with the likes of 30-50 people then it's not personal mentoring

Best of luck

 

Thanks @TWIYO (did you ever watch HIMYM? )

Do you have a link?

Our main issue is finding time for a course, we basically work opposite days/nights to make it work with the kids.

 

I wanted to add that my second deal the value had gone done in value buy 160+k so buyers agents can be super dodgy

 

Yes I have been following your thread in relation to Gladstone. We haven't used a BA yet and are playing it safe in Capital cities at this stage.

 

I can be a mentor. I charge in cases so I'm relatively cheap, and I'll share it with you while we chat actually make it two cases

 

They work with the criteria you give them.

 

I don't see the need for a mentor. As said above though, it is good to have people to bounce off and a place to turn with curly questions. But mostly I prefer to just educate myself through books, reading this forum, property mags, market data, going to opens and looking at listings, etc. And then once I have a plan I just go for it. I bounce ideas off my husband though he isn't as passionate about property he plays an excellent devil's advocate.
A good mentor could no doubt teach me a lot but I'm always a little skeptical about relying too heavily on only one other person's advice so I guess I ultimately would rather research from multiple sources and then formulate my own ideas.

 

I would not be where I am now without all the awesome people who have coached and mentored me and have helped to develop my staff. You don't know how far you can push it unless you have people who have already been there pushing from behind. I remain forever thankful to all the teachers in my life.

 

Sure, I'll be there in about 57 hours if I don't stop on the way

 

Ok make sure the beers are cold

 

I do a lot of research but I find there is a limit on how much I can take from theoretical info. Also it's hard to maintain the motivation at times, especially when things aren't working out. One of our biggest issues is that our family/peers aren't on the same page, none have a real interest in any sort of investing so PC is the only place to test ideas.

 

Have you been to the little creatures brewery at Freo?

Thinking about taking Chrissy to Freo this year, great place!

 

Great place. Awful football team.

 

Meeting people at the big meetups must be great! I'll have to board that gravy train too.

 

Yeah, good pizza but was having beers here today,it was alright...

 

I think this is where we would benefit from a good mentor. We at a stage where we can either push the boundaries and take in a lot of risk, pull back and pay down some debt or invest in something else like index funds which requires far less outlay and seems relatively safe.

 

If you are talking about investing ie what you are going to do with YOUR money then no mentor can help you, it's a personal decision. Pushing the boundaries does not mean throwing more money at another investment opportunity. It means growing as a person so that you can work out what to do for yourself.

 

It's more about bouncing ideas of someone more knowledgeable and not making irreversible mistakes. We research everything to the Nth degree but we've come close to making some very poor investment decisions in the past.

 

@Xenia Most likely me too. My net worth would probably be 50-60% less if not for the fantastic teachers/mentors i've had over the years.

 

Look at your kids for motivation. That works for me. When things aren't working out just remember EVERY little step you take is in the direction of MAKING it work out.
You are not alone in having family/peers who're not on the same page, they live normal lives. We all here on PC are striving to break free from that "normal". Sometimes it's a lonely journey. But worthwhile.