Property Mentoring for a Noob

Hi,

I am 28 and interested in buying investment properties with the goal of retiring early. I almost joined up with Positive Real Estate but read the reviews on here so decided against it.

I have absolutely no knowledge or experience in this area. I am keen to learn but lack the confidence to actually buy. I love the idea of a mentor which I am happy to pay for, but want one that isn't biased by making profit off selling properties.

I am a doctor so have a good income and savings. I have no debts.

I would love to hear any mentoring recommendations and any books/websites/resources for an absolute noob.

Thanks

 

Hey Stef,

We offer this for new investors and have no vested interest in selling or buying you a property.

Jump inside Empire Builders ( link below) to get a feel for who we are - there's also lots of free training in there too.

 

If you think of investment as a lifelong thing, it’s worth it to learn it properly.

read a lot and at least learn the basics, then you can evaluate your advisors.

 

Thanks! Have joined the fb group.

 

Thanks. Can you recommend a good source for basics?

 

Try this:

My List of Property Books - Great For Those Starting Out!

For specific buying strategies stick to the Australian books.

 

Thanks. Will check out.

 

A good start will be to listen to episodes 1-20 of the property couch podcast to learn the basics, they have plenty more podcasts after that to listen to as well (the podcast name gives a gist of the topics discussed). They also have free books/resources on their website.

You’ll learn a lot from reading through threads on this forum.

Be wary of courses/professionals who claim there’s ways to “get rich fast” (eg stay away from the DG Institute). If you’re interest in renovating to add equity, check out a free webinar by Cherie Barber to see if she’s someone you may want to learn from (I’m about half way through her ‘renovating for profit’ online course and based on what I’ve learned so far I would recommend it).

Once you feel you’re ready to start looking for a property, spend at least 3 months keeping an eye on the market for a few selected suburbs, go to open house inspections, attend auctions, keep track of property’s listed and sale prices. You’ll learn a lot by just observing. The key is to keep patient, do your research and due diligence, and if you feel out of your depth consider a buyers agent (seek a referral for someone who comes highly regarded).

 

Thanks so much for the advice. This is exactly the stuff I am after - the 'getting started' stuff I've been googling is no where near this specific.

 

The Property Planner, Buyer and Professor Podcast is very good as well.

I’m in a similar position and signed up for Metropole property strategy - it costs like $2.7k after BA fee rebate but for me I’m happy to pay as my scenarios unique and I’m an expat, so happy to pay for current Independent advice on the ground to complement my reading. I’ll let you know how it goes!

 

How does Metropole make their money? Is it similar to Positive Real Estate where they are in with the developers and sell off the plan? Just wondering because if they are independent I would maybe be interested!

 

They are independent and don’t sell anything. You’re just paying for their advice. They are PIPA accredited advisor which is a minimum. I wouldn’t pay for a non PIPA accredited person.

Aus Property are also good. You pay them for BA and get strategy inclusive.

Both would never recommend off the plan.

http://auspropertyprofessionals.com.au/

 

If considering Metropole then also look at Empower Wealth team for a comparison.
They’re the guys behind the property couch Podcast but they just don’t self promote themselves as much as MY & Metropole.
Good luck with whatever you do.

 

I really like EW but for me I didn’t like the idea of fly in fly out buyers agents, especially in the world of Covid where travel will be impacted. Metropole has local agents. Also I found there property plan too restrictive/inflexible (e.g. I earn USD so they said they couldn’t do a plan because it was different tax). If your situation is more vanilla (stable income/life) EW seems to be a great choice.
Generally if you pick either EW, Metropole, Right Property Group, Aus Property Professionals or Pure Property Investment I think you will be in a great position! They are all PIPA. I had a chat with all of them and it’s probably also who you feel comfortable with.

 

Hi Joeisagun, funnily enough I have also chatted with this exact list in the past couple of weeks.
Would love to hear and exchange thoughts