Hi All,
I would like to purchase my first IP within the next few months. I have attended a few seminars, read many books/articles on PI and am considering a mentoring program as a way to get started and for further education. What is the general feeling towards mentoring programs on offer in Sydney at the moment? Is there a better way to get started?
Sorry for the broad questions.
Thanks.Be wary of people who are pushing their own barrow encouraging you to pay big money for their 'guidance' and /or encouraging you to buy their properties.
This forum can probably offer you way more information, perspectives and combined experience than any 'mentor' and best of all its free!!
cheersSonya
I coudnt agree more.
Save your pennies and read as much as you can.
Maybe attend the odd investor get together in your area which are usually free and attended by like minded individuals.
Deal with people who have been there and done and give up there time for nothing rather than people who have something to sell you most of which you could research yourself.
Spend a dollar or two on Steve Mcknights book or grab similar from your local library and start to understand what sort of investor you want to be whether it for cash flow or capital growth or a combination of both.
See what you think your budget will stretch to as there is no point in spending $5000 on a seminar when you look at your income and equity position and realise you are only to be able to afford one property at this stage of the game.
Not everything you read on the internet is free or genuine but you will be suprised how much useful and valuable information that is out there. Join in the forum and read others comments here.
You would suprised i have so many clients from the forum that have never been to a seminar and done thing else but get involved in conversation with other investors. Most of them seemed to have done alright and certainly have goals to aim at and achieve.
Richard Taylor | Australia's leading private lender
I coudnt agree more.
Save your pennies and read as much as you can.
Maybe attend the odd investor get together in your area which are usually free and attended by like minded individuals.
Deal with people who have been there and done and give up there time for nothing rather than people who have something to sell you most of which you could research yourself.
Spend a dollar or two on Steve Mcknights book or grab similar from your local library and start to understand what sort of investor you want to be whether it for cash flow or capital growth or a combination of both.
See what you think your budget will stretch to as there is no point in spending $5000 on a seminar when you look at your income andf equity position and realise you are only to be able to afford one property at this stage of the game.
Not everything you read on the internet is free or genuine but you will be suprised how much useful and valuable information that is out there. Join in the forum and read others comments here.
You would suprised i have so many clients from the forum that have never been to a seminar and done thing else but get involved in conversation with other investors. Most of them seemed to have done alright and certainly have goals to aim at and achieve.
Richard Taylor | Australia's leading private lender
When it comes to mentors I would say only sign up if the person who will be mentoring you is doing exactly what you want to be doing.
If their property investment strategy is different from yours (and it might be because there are hundreds of strategies for investing) then you might want to steer clear.
I am all about investing into your education. The more you know about investing the less money you need. I would spend $5,000 on education over saving $5,000 for a property purchase…but that is me. I would spend the $5k to learn how to invest using no money (and it can be done). I am currently looking at some Joint Ventures and Vendor Finance deals, all which cost me nothing to buy because of my education. Best thing is that they are positive cash flowed from day 1!!!!
If you don’t want mentoring and just want to get on with it then a property finding service (like the one in my signature) may be better for you. But you have to look at your own situation and decide for yourself. Good luck
Ryan McLean
http://CashFlowInvestor.com.au
Positive Cash Flow Properties Are Just A Click AwayRyan McLean | On Property
http://onproperty.com.au
Email MeMany thanks for your responses. I look forward to reading more within this forum. Obviously some 'old hands' out there.
What they all said.
Nothing like a free internet forum. If someone is pushing an agenda, the others will see through it pretty quick and give 'em a smashing.
I have done what Richard suggested and read many books, including Steve's. I am in a strong financial position, have a preference for a couple of strategies and itching to get going, but have failed to read (or possibly overlooked) a step by step guide which a lot of programs supposedly offer. I guess a lot of it comes down to confidence, which I am sadly lacking at this point. Hence the need for hand holding (mentoring).
Well, hand holding is my job. I'm the guy that knows a guy. I find people that want to buy property, and then get them connected with the right people to help them step by step. Want financial advice? I find you an advisor. Need an accountant? I get one for you. Want to buy a property? I get you in front of a buyers agent. Need a property manager? I get you in front of them.
In my job I don't actually DO anything, I just get everyone else to do it for you, so you don't have to.
Usually it's for people that want to do it through their super, if you just want to buy property that cuts out a lot of steps.
Heh deb who are you calling "old" lol.
Richard Taylor | Australia's leading private lender
Tempted as I am to answer that with a facetious reply, I shall keep to the intended purpose of the forum.
In your professioanl capacity, when would be the time to contact a Broker? I have a P&I loan over my PPOR with one of the 4 big banks and assumed that I would approach them first for an invesment loan. (Pre approval had been given 18mths ago). I understand the need to shop around, but apart from securing a 'better' loan package, is there any advantage in contacting a broker at this early stage of investing?
deb2010 wrote:Tempted as I am to answer that with a facetious reply, I shall keep to the intended purpose of the forum.In your professioanl capacity, when would be the time to contact a Broker? I have a P&I loan over my PPOR with one of the 4 big banks and assumed that I would approach them first for an invesment loan. (Pre approval had been given 18mths ago). I understand the need to shop around, but apart from securing a 'better' loan package, is there any advantage in contacting a broker at this early stage of investing?
Deb once you have gained sufficient knowledge from these forums and readings ie steve , margaret lomas, michael yardney to name afew . you develop an investment strategy and the type of purchasing structure ie Family trust, Unit trust etc
you then need to get hold of a good invest ment savvy broker (preferably one who has IPs as well)who has an intimate knowledge how to finance not only your first IP but your 2nd, 3rd etc – he/she will make sure you spread the "love" around and not get too much exposure to one lender. it will sure help in growing your portfolio.
If your in QLD can't go past Richard, NSW – Terryw
All the best on your journey.
has aplan for you to
Thanks I Z
Hi Deb,
Come on the PI train! Plenty of money about this year! I would say to read Michael Yarndey's books too (ignore his spruiking he has got some good info), Lomas is good (be choosy some of the books are basically the same) If you have a cash to flash get the Elite investor pack (inc dvds and written info) I did and so far it is very good plus you can rewind when you have a HUH? moment.
Get a broker and a good accountant first. It may be that what you want to buy, the way you want to buy it may not appeal to the main 4 and this is when a Broker can get a loan through someone else. The day CBA lends to me hell will have frozen over! A good accountant will help you understand asset protection and the why and how of it. Plenty of people on this forum can give you honest opinions on properties that your are looking at and why they might not be the best thing (studios, serviced apts, etc)
Good luck
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email Meanother thing to consider is your appetite for risk. If you can't sleep at nite worrying about the debt you have on your IP(s)
then forget it.
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