All Topics / General Property / Which Author, Mentor, Trainer – Strategy

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  • Profile photo of magic32magic32
    Participant
    @magic32
    Join Date: 2005
    Post Count: 49

    Which author/mentor/trainer/coach/speaker etc strategy did you follow for the main property investing strategy that you are currently using?

    Profile photo of itsandrewitsandrew
    Participant
    @itsandrew
    Join Date: 2007
    Post Count: 294

    I always had an interest in property but not a lot of confidence and I found that was the most important thing. Stories of the many people who had done it already both here on the forums and in property magazines was really important for that.

    I think Steve was influential in turning my mind out of a strong negative gearing approach. On reflection a lot of my fear was probably based on committing to being tied down to a high maintenance mortgage for a very long time. Knowing there were ways to avoid that made a huge difference – it opened my horizons.

    Understanding my goals in life (and subsequently understanding where property investing fitted in) helped develop a personal strategy. These weren’t necessarily ‘property people’, more personal development type mentors.

    Some personal friends/family were important too in bridging the gap between property strategy and matching to my goals. A highly experienced real estate agent principal/owner and a successful mortgage broker were two of these.

    I didn’t tend to focus on speakers/trainers too much except to learn the possibilities eg. renovation, develop, vendor finance etc

    I’m currently doing my second property investment.

    Andrew

    itsandrew

    Go as far as you can see and you will see further.

    Profile photo of Nigel KibelNigel Kibel
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    @nigel-kibel
    Join Date: 2005
    Post Count: 1,425

    I have been to a lot of seminars but most of what I do I have worked out for myself. But that’s what I do is study markets.

    I read a lot and have met with a number of experts over the years. The best knowledge is what you learn as you do the deals.

    Nigel Kibel | Property Know How
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    Profile photo of RedwoodRedwood
    Participant
    @redwood
    Join Date: 2013
    Post Count: 340

    This may sound a little strange however, my mentor was and is my father. Those who know me may be aware that I have a european heritage, which means I like bricks and mortar (literally! I love building too and my old man was a bricklayer by trade).

    I started my investment journey at 18 – almost forced but saved an amount by working my butt off from the age of 14 and hiding that cash away. Saved up for a deposit and with a sibling bought a 800 sqm property in Melbournes east. Purchase price was $160k and some years later its now worth $1 million in land however we subdivided and I still own a town house as an IP.

    Although I was young, we would buy, hold and develop, with a building background in the family, there was no failure just success. We would turn a property in 18 months and make a signifcant profit. I can’t say at 18 or even 22 that I knew what +ve cash flow meant but I definately knew that borrowing to invest has its benefits and it worked for me. Continually I pushed myself in terms of IP and even a beach house know that in each scenario I would achieve capital growth and if rented a significant yield. Obviously with increased value the yield is lower.

    During this time, I never once went to a website or a seminar, I had successful investors around me, they are my mentors and now I have the pleasure of sharing those experiences with my clients many of which are starting their journey. No No, I am just an SMSF guy, but I can share the fundamental principles to assist my clients in wealth creation whether they are 25, 35 or 65 it does not matter, they just need someone to assist them on their property journey. See thats the best part of my job is working with people and partnering with clients to achieve success. I chose property however, I have been in investment management for over 15 years and know investments back to front as well, but love my property portfolio over shares.

    Bit of a rant but a different view from someone who had different mentors but I am sure there are many of you with a similar story of ‘family’ and ‘friends’ as mentors.

    Hope that helps

    Cheers, Ivan

    Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
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    Profile photo of Don NicolussiDon Nicolussi
    Participant
    @don
    Join Date: 2005
    Post Count: 1,086

    Mentors – such a hard question because it goes back to how you learn. If you have had any workplace education lately you may have come across learning styles debate. Peter Spann is someone I have read widely, I read everything Steve has published as well which is extremely valuable but again not new at all. To be honest I was very surprised about Steve’s negative blog on using smsf to purchase property. I mean after 2008 who would want to be approaching 60 and have a portfolio full of paper assets. At least with paid off property you have rental income to sustain you (plus tones of other property strategies to turn equity into cash) . It felt a bit like that was taking us all back a dozen years in terms of strategy and thought leadership in the are of property education and can’t really understand the thought behind it – and then other things I read from him seem to be spot on. I have a feeling Steve may change his ming on that one in his next book ( being cheeky now) Like Nigel said it will come down to doing deals. Nigel has been on these forums for years perhaps give him a ring.

    • This reply was modified 8 years, 1 month ago by Profile photo of Don Nicolussi Don Nicolussi.
    • This reply was modified 8 years, 1 month ago by Profile photo of Don Nicolussi Don Nicolussi.

    Don Nicolussi | Mortgage Broker - Home Loan Warehouse
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    Profile photo of VandoVando
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    @vand0
    Join Date: 2014
    Post Count: 12

    Which author/mentor/trainer/coach/speaker etc strategy did you follow for the main property investing strategy that you are currently using?

    Magic, Listen up! This is as good as it gets when it comes to mentoring. Study everything there is to know about property especially cycles, cycles and inter-cycles. There is no such thing as a mentor when it comes to investment. I’ve been investing for nearly 50 years, it’s competitive, one deal one buyer! I’ve been screwed so many times because I asked the wrong person the right question and they’ve ducked off and white-anted me. Learn to love the industry and make it your hobby, and become ‘money conscious,’ set goals and put in the hours and the deals will come. Get a job in the industry even and read the capitalist bible “Think and Grow Rich” Napoleon Hill, the father of wealth mentors.
    Two things to remember, most people who claim they will make you money have got an angle – even Napoleon Hill got rich selling books. The second is ask the right questions and often that question should be “if it’s so good why aren’t you buying it yourself.”
    And finally, the two best deals I ever bought were tired properties owned by RE Agents, go figure.

    Vando | Surf&Yoga
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    Profile photo of Steve McKnightSteve McKnight
    Keymaster
    @stevemcknight
    Join Date: 2001
    Post Count: 1,763

    Mentor. Guru. Expert. Etc.

    People are always chasing down someone to hold their hand and guide them through the maze, and fair enough, because there are plenty of bad role models out there, or no role models and people are making it up as they go along.

    It seems to me that some people like to figures things out with minimal help. I say, sincerely, ‘knuckle down’ because that is certainly the more difficult road. That said, sometimes it is necessary where there is no one available to help you, or no information handy.

    Surely the smarter way is to leverage the knowledge of others, and by doing so, seek to fast track by avoiding their mistakes and accelerating your progress based on their ‘secret paths’.

    Your mentor could be an author, or it could be a coach. It depends on what you are looking for and how hands on you want the person to be. What I would recommend is finding someone who is experienced in the ways you are seeking to adopt / emulate.

    And do your research. The wealth creation industry is filled with people who talk a good game but have never been on the field.

    All the best,

    – Steve

    Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
    https://www.propertyinvesting.com

    Success comes from doing things differently

    Profile photo of TaylorChangTaylorChang
    Participant
    @scha9799
    Join Date: 2009
    Post Count: 234

    Hi,

    I read a lot, talk to people in the industry a lot, listen to all the good, bad and ugly about so called “mentor”, “coach”, “expert”. I learnt a lot over the years.

    There is no right or wrong way to invest in property.
    A lot of time, I found it’s just “common sense”, not the “rocket science”.
    Just get on realestate.com find a property within your budget and call the agent, start the conversation then follow up …

    Somehow, people forgot about the “common sense”, especially when there are many jargon and terminology used.

    I totally agreed what Steve said ” The wealth creation industry is filled with people who talk a good game but have never been on the field.”

    There are many people with knowledgeable and willing to share their knowledge on these forum, like Steve and Nigel. Maybe have a chat with them.

    • This reply was modified 7 years, 9 months ago by Profile photo of TaylorChang TaylorChang.
    • This reply was modified 7 years, 9 months ago by Profile photo of TaylorChang TaylorChang.
    • This reply was modified 7 years, 9 months ago by Profile photo of TaylorChang TaylorChang.

    TaylorChang | Finance Broker
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    Profile photo of thecrestthecrest
    Participant
    @thecrest
    Join Date: 2004
    Post Count: 992

    Hi Magic32.
    Assuming you asked the question because you want to know how to progress.
    As always, to progress, you need to know where you are now and where you want to go.
    So it might help to add some details about your current position and future plans and needs and thoughts so those in the know can suggest the appropriate methods to help you progress.
    Cheers
    Good luck
    thecrest

    thecrest | Tony Neale - Statewide Motel Brokers
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    selling motels in NSW

    Walking to run
    Participant
    @alisdair-horgen
    Join Date: 2014
    Post Count: 68

    Magic, this is a great question.

    My first ever self help money book was the millionaire next door. It taught me that people who look rich spend their money doing so much of the time.

    Then the richest man in Babylon. Taught me no matter what, simple budgeting and saving something was an easy way to get ahead.

    After some time I went to the library, sick of not being rich and borrowed about 40 books over a few months. When I started coming across the same info I knew I had reached a level of saturation.

    There were a few themes. Time is a winner. Invest and be patient. The one minute millionaire shows us that we can all save somewhere. But what resonated with me most was using other people’s money.

    Opp is like steroids in the financial gym. Suddenly I didn’t need to wait 30 years. I liked it.

    Peter spanns broke to multi millionaire got me interested. I had a share in a property I was interested.

    Nobody got me as excited as Peter spann. I could relate. His struggles were a bit like my own.

    Despite investing I still had debts. Total money makeover was the best book for me on debt.

    So, I sold my share, bought a house for myself. It was slow though.

    I read steves first three books. I liked it but told myself interest rates made it impossible to do what he did.

    Now I’m back, motivated again. I see pos cash properties all the time, in my mind. Not how they appear, with my own ideas added they are at worst neutral.

    Steve is right, it’s working it out for yourself where the learning is.

    Now when Helen collier kogtevs said stuff I had worked out in my head but more concisely I felt reassured that I had some good ideas.

    I find when you read enough there is a saturation point. When you are happy with your plan and there are enough ideas you can use that plan knowing you have knowledge from other sources.

    Sometimes gurus seem to be selling you the dream. Like diets make you skinny. I’ve got news for you, they can all work because if you eat less than you expend you generally lose weight. My style is not to eat soup every day, so that’s not the diet for me.

    Investing is a bit the same. Choose your style that suits you.

    What I don’t like is a lot are too simplified. They want you do buy their stuff to delve. Well, I’ll always buy a book. I’m not buying seminars and courses without reading reviews first.

    To his credit Steve goes into good detail. Steve gave up his houses for starting his own educational style. Can you imagine having what he had and say, I’ll do it all again, here my friend take all this hard work? He did.

    I am interested in Helen collier kogtevs as her style suits my plans.

    There are some YouTube guys that I watch and take bits from. I can’t remember names. They vary so much and are fairly lightly detailed. Webinars and stuff. A lot more basics saturation, but nevertheless I found out New Zealand has no capital gains. That hour was worth learning that one fact.

    These forums are very good too. Still learning.

    YouTube dude on options blew me away, I researched more and decided to take what I could and see that he was probably not my seven day shake diet either, but maybe one shake a week builds the diet that suits my property gym plan.

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