Mentor

Looking for some assistance and maybe dangerous as may be bombarded from people that aren't genuine
Had the light bulb moment about property and looking for recommendations on mentors on the site who have been in many cycles of a property
Have considered firms who assist you through the process such as Metropole as I am at the age profile where I am concerned about errors and not able to recover but tried to self educate so I am not totally green either
Seems to be a lot of knowledge on thes site

 

@Tobytom - this forum and Somersoft Property Investment Forums - Powered by vBulletin (now archived) have everything you need to learn about IP.

Start with asking questions. You've come to a great resource!

 

Why cant you do it yourself?
Im not having a go at you by no means but sometimes you need to do things by yourself.
I live by myself, i cook by myself, i clean by myself and even i had to go into hospital to have a kidney stone removed the hospital asked me who is here to pick you up ?
No one i said... I look after myself.
I guess im more a loner than a extrovert person.

I wont rely on my siblings nor friends , i dont want to ask for favours .
I dont need people, i try to do everything myself the way my parents taught me .

Even now im still learning about the ASX and i try by asking questiins in here and making my own mind up.

Learn to learn, the mentor helping you would be looking after themselves not you .

A lot of kids nowadays cant look after themselves because of the way they been brought up
My mother taught me to not to rely on other people.
Never rely on others.
Think for yourself.
Teach yourself... Read this forum... Read weblinks... Study different scenarios.


Anyone really can be your mentor... I can tell you the next boom is at Lake Haven NSW .. But will i be right? ... Most probaly

 

Why limit yourself to one mentor? Read the journeys of the numerous successful people here and work out which path will work for you. Once you know what you want to achieve this will be much easier, ie how much cash flow do you need? How long do you have to get there?

Answer those questions and you'll soon see people that have been on the path you want to follow and can ask questions along those lines.

Asking for a mentor with no idea of what you want to achieve isn't good for you or the mentor as your ideas and comfort levels might be a world apart.

 

Some good advice by posters.

You have time on your side, markets are now changing so just keep learning, and don't sign with anyone.

BTW
Metropole advocate blue chip properties for CG, this is their manta, unless its changed recently. The idea is blue chip properties achieve greatest CG, its a myth, don't buy into this.

That's why its important to educate yourself first.

All the best

MTR

 

Great comments above. Read lots, contribute and ask lots of questions and you'll learn who's lead you want to follow. You could then try PMing them to ask further (specific) questions. The meetup groups are also great as a way to talk further with people.

 

Welcome to the site,just by reading in between the posts you can become your own mentor,everything you need is in front of you,just read and ask the "Question"..

 

Thanks MsAli

 

Thank you to all.
Clearly it's a case of building my knowledge further through this site
Build a team to support me from people on this site- Finance Broker, Solictor etc
And buying at the right part of the cycle-which will mean investing out of Melbourne- as every state is in different parts of the cycle
And PM people if I have further questions

 

Didn't take it as having a go and have to have my own confidence and do it

 

Got the feeling hearing Michael Yardney that is there strategy. I must admit I have previously thought you can't have Capital Growth and Strong yield- it's one or the other and I am more in the CG camp

 

Hi Toby
You can get a lot from attending seminars and watching YouTube videos too.

 

“Who is wise? He that learns from every one.” – Benjamin Franklin

Sometimes that includes learning what not to do.

At the moment you may not know, what you don't know. Read as much as you can here and on Somersoft and then your questions will be more refined and opinion will be tailored to your specific portfolio needs and your pockets. Don't PM people straight off the bat either. Put your questions out there in the public domain as you may be helping someone else with your queries who have similar questions of their own.

PM is for when you have established some rapport with posters on the forum and can ask very specific or more sensitive information or contacting a service provider (although most have their contact details somewhere in their footer or signature block)

Oh, and festina lente (hasten slowly) as Mr Rob Williams would say.

 

Networking is extremely important in helping you reach your goal. However, that's very different to employing a mentor. As above, if you're new to this I wouldn't recommend going for a mentor. You need enough independent knowledge to be able to work out whether or not what you're hearing is bull, half truth or if it makes sense and can help you reach your goals. Getting to that point that takes quite some time and determination in itself. I contacted metropole a few years ago, or similar large company looking to source an ip, the guy asked me where I was investing already and proceeded to tell me how I'd need to be careful in that market, would need a good pm etc etc. Turns out he held no IP's there, had no experience or knowledge of the market. The guy was based in Perth (not sure if it was metropole). It didn't cross his mind that there could be markets within markets in areas that he's not familiar with. He couldn't see beyond his own city and strategy. I didn't go with them in the end because he was blinkered to his own corner of the world. Glad I didn't given my investments haven't suffered as Perth has recently.

I've heard mentors can do amazing things, but get your own ideas mapped out first so that you can find a mentor that has experience in your preferred strategy, who you can have faith in.

 

Hi Toby - I assume that you used to think that not anymore?

Our strategy has always been cashflow first and capital growth has happened as a by product. Western Sydney offered 7-9% returns which are now 4-4.5% based on the current value. So a mix of yield & capital growth.

No crystal ball though. Not sure where else this would happen. Though do see yields have been diminishing in Brisbane.

 

@Tobytom, I think I know where you are coming from. I have used mentors before, both on my property journey (read item 8 on my Intro thread, https://propertychat.com.au/community/threads/my-first-post-here-hello.7652/) and in business. Some I have paid for and some have helped me without remuneration. Some were really valuable while others weren’t as good. In some cases, I knew what to do and all I needed was a ‘gentle’ push to get started. In other cases, I couldn’t work out where to go, so I needed someone to show me the way and help me along that path (as they had been there before). In all cases, they did NOT do the work for me; that was up to ME.

So, my perspective is probably different to that of the previous posters. I take nothing away from what they have said. It is all good and there is a lot of information on PC and Somersoft but sometimes, some people need more. Also, continue as you have outlined in your post above.

I note you live in Victoria. I live in Brisbane but will be in Melbourne on the first weekend in February. I am happy to catch up over a coffee or two to work our whether you need a ‘gentle’ push or if you need someone to show you the way and help you along that path. PM if you would like to explore further or if you have any questions.

I am happy to do this on a voluntarily basis (which I do a lot of – refer my Intro post), with no strings attached and will not be seeking any remuneration. I am a big believer in what Winston Churchill once said :- 'We make a living by what we get, but we make a life by what we give'.

 

You can achieve both dependent on strategy, it wont generally be a buy and hold, keep reading threads on this forum and also review another forum already mentioned somersoft forum.

MTR

 

[QUOTE.I am a big believer in what Winston Churchill once said :- 'We make a living by what we get, but we make a life by what we give'.[/QUOTE]

This was one of my favourites - No one has ever become poor by giving

but now its what you posted...wonderful

 

That's correct Ms Ali-was my belief before I started to self educate

 

One of the absolute best things you can do is to educate yourself on the topic matter (property investment). Then ask questions on the forum to clarify things. Make contacts from the forum, brokers, lawyers, accountants etc. Then put your plan into action. Thats it. Its really not that hard.

1. Educate yourself via books, forum, magazines.
2. Build a team . (contacts via forum or anyone else recommended to you)
3. Put your plan into action via your chosen strategy for ip1.
4. do same as step 3 over and over.

Good luck.