- ChoubiParticipant@choubiJoin Date: 2011Post Count: 13
First I'd like to apologize if I have posted in the wrong section or asked a question which has already been asked. I've tried to answer most of my questions myself by reading through the forums. I'd also like to add that this is the first time I have posted something on a forum
I am a 23 year old student looking to property investing his profession. I have a degree in Finance and Law and have an interest in real estate. I have read quite a few real estate books and have spend hours reading on the Internet. I can confidently say that I have a basic idea of property investing. However my problem is experience, which I have none of and which I believe is the most important to have. No book can ever teach you as much as the real thing can.
I want to further expand my knowledge and most importantly get experience. I have come to a point that when I read property investing books I find myself already knowing 80% of the books content. I really want to find a mentor. Someone who already invests in property and someone who can answer those little questions that I have.
Like for example:
At the moment I have found 2 +CF properties that I can't wait to purchase. My problem is that I need to find an accountant to set up a trust structure. Where can I find a good accountant in Brisbane?? Of course I have done my research and have found all accounting companies in Brisbane that specialize in property investing. However a mentor would be able to recommend an accountant based on his/her past experience. blah blah I'm writing way to much.
So my questions are:
1. How do I find a mentor? Someone that can provide me with experience and knowledge (and in turn I can provide with potential properties that I come across that I don't have the funds to purchase for example ). Where do they hang out hahaha?
2. How can I learn more???
Any help is much appreciatedXeniaMember@xeniaJoin Date: 2002Post Count: 1,231
Read widely and beyond positive cash flow properties.cturner22Participant@cturner22Join Date: 2011Post Count: 8
Their are a number of mentors in the marketplace, what strategy are you interested in? mentoring costs generally run at 5000 – 10000+, some specialise in development, renovation etc.
These forums are a good place to ask questions like recommendations for accountants etc
Mentors range from buyers agents, financial planners, and mentoring programs such as the RESULTS program. If you search the net and these forums you will come across a range of mentoring programs and feedback on them
Cheers & Good LuckCatalystParticipant@catalystJoin Date: 2008Post Count: 1,404
Welcome. Reading lots is a great start.
Have you been to any seminars? You often meet people there. Find out if there are any meetups in your area. Networking is a great way to see what others are doing and get ideas to cement your own strategy or to find out what strategy you don't want. There are many different vehicles in property.
What is your strategy when looking for suitable properties?
Just curious- how do you know the properties you have found are- (for want of a better word) good? How can you source properties that a mentor cannot?ChoubiParticipant@choubiJoin Date: 2011Post Count: 13
Thank you for your advice guys. It's much appreciated.
I use different strategies when looking for properties. I would like to try them all out if one day I have enough funds to do so. At the moment I am focusing on positive cash flow properties since I am just starting out and don't have a lot of savings. I am a student and know Brisbane and its suburbs very well and kind of know where the renting hot spots are.
How do I know that the properties are good and how can I source properties that a mentor cannot?
1. How do I know that the properties are good? The reason that I love property investing is that it is simple math. If the numbers add up then you have found a good deal. Sure you have to do your research on the property and try to figure out if there are any likely hidden future costs etc. There are a LOT of profitable deals out there if you know what you are looking for.
2. How can I source properties that a mentor cannot? I didn't mean to say that I can source properties that a mentor cannot. I was rather suggesting that if I found properties I knew the mentor was looking for and I couldn’t obtain finance then I could pass them on to him/her. From my experience I have learned that two brains are always better than one.