Hi All,
You are probably familiar with the saying " If you are the smartest person in the room, you're in the wrong room". Well, I'm in the wrong room.
What I'm trying to say is that I need a mentor.
I have no one within my limited circle of friends and family that is on the same wavelength when it comes to wealth creation and property investing. Even my younger sister believes the only way to earn more money is to worker harder and longer.
I live in a country town still ruled by old-school thought and am finding it difficult to meet others locally with a similar mindset to myself. Our financial position is not allowing us to make headway with my dream of financial freedom and with a 50 year old husband and no PPOR we are running out of time.
So, if anyone out there is willing to put themselves forward as the smarter person I would be most grateful.
Cheers, Lyn
Hi Lyn,
What has stopped you from purchasing a PPOR thus far?
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Hi Lyn,
You don't say where you live and that may help you in your quest.
Some options you have;
1. Phone and email with your confidante.
2. Attending proven workshops in your nearest city/large centre – your locality may preclude this and beware of those with something to sell.
3. Reading books – boring I know, but works for many people.
4. Continuing to ask questions (use search facility first) of this forum – many people will gladly give up their time to provide some feedback & comment.
5. Just getting down and doing it – some people procrastinate forever and then wonder where their life went.
My 2 cents worth…. Read and read what people post on this forum. I’ve learnt all that I know from here. Best of all you can take it at your own pace. If I’m confused or not sure about something I just ask the question and within a few hours i have sound advice. PI.com is your mentor.
( steve you can forward the cheque to my address
)Excellent post – I would strongly concur with points 4 and 5.
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Hi Lyn, I agree that it would be really helpful for us to know where you live, and whether you are currently residing in a place that you are renting, or paying off a mortgage, or own outright. If you can give us some hints we'd have a base from which to start…
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Hi Lyn, I understand completely where you are at. I am in a similar position. I have a real passion for investing and believe I can make it work. I have bought into education systems as well as read through this forum (which I find very useful), but there still seems that something is missing. The basic question of "how do I get started" seems to go unanswered in realistic terms. All the hype and chatter about what can be done is all well and good if you have a financial base from which to start, but like us if that is not the case, then what. It seems to me that plenty of people are happy to tell you what they have achieved and what is achievable, however there doesn't seem to be many who share the tools to getting started. I thought true wealth was the ability to share with others. I have some ideas that I have been struggling with but don't have anybody to ask if they are viable. I am not asking for anyone to do the work for me, but it seems that if you are involved in a network of like minded people, there has to be some benefit on passing on research tips because the more investors in a township should have a positive impact on the growth of that town. I am a big one for "why keep re-inventing the wheel". When I am successful, I will happily mentor like minded persons to get them started. What a reward that would be to pass on your knowledge at no cost. That's investment in Karma if not CF+ strategy.
Hi All,
So many people ask how do I get started?
So I'll ask it, How do I get started?
Well, why wont you tell me?
How long is a piece of string, what's it made of? What colour is it? Where is the string located? Does the string have other strings intertwined with it? How much is the string?
This forum is great, you can share heaps of info, and yes plenty of people have started here without much cash and a good savings ethic.
People have sacrificed to get where they want to be, they help people with whatever info they can.
No one can tell you how to do it yourself. They really can't because you are an individual.
People always want the quick answer, they want to be told how, but no one can. Your story is different from mine, we may live in different states or countries, have different amounts of money, or family commitments.
Fadetofacerentals, when you are successful (if you are not already) then you will find very quickly that there are no easy answers or solutions, and that if everyone could do it the same way as you we'd all be rich and really quickly.
What if one person 'made it' by moving to WA and working 6 days a week until they saved the money and bought their first house? Would that be the best way for everyone? What if someone else inherited money and used that to create wealth, would that be the way forward for everyone? One size doesn't fit all which is why people can find a lot of – hey maybe you could try – but no exact answers. Coz it doesn't work that way. This isn't meant to be rude, but to point out the lack of easy answers.
With regards to finding a mentor, you could try Steve's apprenticeship or Results mentoring or for property development Rookie Developer.
Good luck with getting started Lyn, many people have started here with very few ideas and come away much more knowledgeable.
Cheers
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeFace-to-face, what’s your situation and what is holding you back?
I know whats holding you back.
The chance that you just might fail.
I mean .. you've heard of all the stories about how some people have bad experiences with property and lose heaps of money. You've also heard the ones about the person who is now driving a hot sportscar and owns several properties and did really well.
And the friends you have may say its a risk. But lets be realistic .. turning 55-60 with no assets and a piddling puddle of superannuation to live till your 90s .. thats also a hell of a risk.
If you dont feel your direct family will support you or assist you in your efforts .. grab some like minded folk. Go to a property meeting (there are a couple held around the country). Meet other people who may either be starting out .. like yourself, or have already made that step. The additional confidence in what you know and your root level experience .. may just help you with making that final step.
The other thing is to streamline your goals. As talked about in other threads .. the sheer idea of being successful to a certain amount may be attractive .. but it also might be more than you can psychologically fathom. Which makes you hold back on doing what it would take. Procrastination based on the sheer SIZE of the goal. Create 10 steps to getting your goal. Dont create more than that otherwise you'll hold back and not follow through. Mark what you need to do at each level. Then write at each step what you have PLANNED to get to that next level.
Focus, discipline, and research.
They are your first friends.
Stamina, persistance and positivity.
They will carry you through to a final outcome.
Hi Derek,
Thanks for the great reply.
I live in a Toowoomba, about 2 hours west of Brisbane. Sorry for not including that earlier.
Apart from the last I am pretty much doing all the others.
My introduction to realestate investing was through books so I have no problem reading to learn – it's how I found this forum, through Steve's book.
I will endeavour to work on the last point.
I was really looking for someone who shares my passion for property investing and my desire to be financially free but who has already started their journey and knows the pitfalls and tricks of the trade so to speak.
Hi Shahin,
To be brutally honest – poor life choices and debt.
By nature I am a saver and I put money aside for future expenses and pay debts off faster than required. When I set my mind to something I usually get it. I managed to marry someone who is the complete opposite.
2 hours in the rest of your life is not a big drive – I would look at attending some proven property seminars in Brissy. You will need to discern between those who want to educate and those who want to flog a product.
But before you do that – do you have a broker? If not grab one and speak to them and find out if you have the financial capacity to do something. No point dreaming of a champagne budget if you can only afford beer.
When choosing your broker make sure they are independent and not one of those 'franchised' operations and they are also property investors themselves. While your focus, up until now, has been getting the property – I my opinion getting finance is more important. This is where a good broker will be invaluable to you.
After chatting to your broker go and get yourself a single property and work from there.
I can assure you there are a lot of good people on this forum who are willing to give their time – keep asking questions and get yourself into a position where you are comfortable with your knowledge level. This will also help you refine what it is you want with a mentor.
Some people disguise themselves as mentors only to flog you something. You need a level of knowledge to detect this.
TonyLyn wrote:I was really looking for someone who shares my passion for property investing and my desire to be financially free but who has already started their journey and knows the pitfalls and tricks of the trade so to speak.
That would be everyone here.
Post what you are thinking, where you want to be in 5/10 years time. How do you see yourself getting there? Is there a strategy that appeals to you?
Answers (criticisms) will come thick and fast.
If you are worried about posting too many details PM those that seem to be doing what you want to do. People here are mostly generous of their time.
If you want to PM me I am happy to chat about what we did/ are doing. I'm not retired on real estate yet but getting close.
Thanks Derek. I just so happen to be going to Steve's market update in Bris tomorrow night and have been to numerous other events as well. I know what you are saying about people trying to flog something. I have been to a couple that were all day events and about an hour of that was feeding teaser information and the rest was telling me how good their "product/course" would be for me.
I'll certainly look into the an independent broker in the area and see what they have to say.
I did speak to an independent financial advisor about 12 months ago and was told that for $450 he could work with us with budgets and savings plans and super etc – we didn't have the $450 spare at the time.
I know I have to do something – I seriously want to do something. But, I'm one half of a double act and the other half hasn't been on the same wavelength.
Hi TonyLyn,
Everyones journey is different, there is no right or wrong answer. We all make mistakes and hopefully learn from same. You have the enthusiasm and the wish to commit change which is a great start. No-one can tell you whats right for you and your circumstance. I know it sounds boring but research is a great start. Reading and posting on forums such as this contributes to your knowledge level and finally once youve made the decision you need to be able to act. I like Toowoomba so you are definately in the right place to start.
TonyLyn wrote:But, I'm one half of a double act and the other half hasn't been on the same wavelength.That will make it hard – working with your own hand brake is a tough gig.
To be perfectly frank most financial planners would not be suitable for any wealth plans you have. In most cases they do not know property and simply are not qualified to advise in property.
Reading the remainder of your comments it would appear as if you do need some serious financial management strategies. If paying $450 was a bit steep what strategies do you have in place to get the deposit required.
Sorry to be so blunt – but giving false hope doesn't help anyone.
Hopefully you can use my 'bluntness' as motivation.
,Thank you everyone for your valuable comments and advice.
I am currently undertaking the Property Apprenticeship, attend seminars and conferences and read Australian Property Investor magazine.
We have also established a SMSF to take part in Steve's America offer. There is some super remaining and suddenly we are in the position to invest in property. With no other savings this is the only way we can invest.
What I need now are names of trusted and knowledgeable professionals to assist in making this a reality.
Also:
xdrew wrote:If you dont feel your direct family will support you or assist you in your efforts .. grab some like minded folk. Go to a property meeting (there are a couple held around the country). Meet other people who may either be starting out .. like yourself, or have already made that step. The additional confidence in what you know and your root level experience .. may just help you with making that final step.
I feel now that maybe I have some of the support I was seeking. I have never done this before and have enough passion and drive to get me into trouble and not enough knowledge and experience to get me out (or to recognise the danger before I get to that point).
So, thanks again for the support and I'm certain you will be hearing from me again in the near future.
P.S. If anyone does know an accountant and solicitor fluent in SMSF's in the Toowoomba area please let me know.
Cheers,
Lyn
Contact mortgage broker Richard Taylor http://www.tayloreredfinancialsolutions.com.au . Send him an email. He'll do your SMSF mortgage, and will suggest suitable accountant and solicitor. You do not need people in Toowoomba. You just need good people. Everything is done via phone and email now.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
+1 for Richard.
He'll do a great job.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
)
You must be logged in to reply to this topic. If you don't have an account, you can register here.
