Property investment coaching

[DaveW]

Well a lot of them do all of the above.

Well if thats the case then wouldn't you go with the one that has the most experience and made the most money from it?

[drelly]

Hele27 - IMHO, you're not going to get a lot of information out of coaching that isn't freely available in books, on here, or from a chat with an experienced individual who won't charge you. What you can't buy is the focus and commitment to make it happen.

[spaceman]

Well a lot of them do all of the above.

Do they??? .....really???? ......If they're making money doing all of those things why are they hustling a buck selling mentoring???? and where do they find the time.

I'd think you're better off following Drelly's advice, but if you think you'd do better with a mentor then I would suggest that you'd be better picking one that focuses on a certain area rather than one who claims to know it all ......the old saw about not being able to ride two horses with only one arse, springs to mind.

Cheers
Spaceman

[eri]

i wonder why bob jones hasn't started a commericial coaching course?

could be because

A - he doesn't need the hassles...

and

B - because pretty much all his advice can be found his his books

for christ's sake

even the 12 apostles found it easier to write books than be bugged by 100's of disciples 24/7

[shanecarruthers]

There is a lot more to mentoring then just the information or theory side of it. If that's what you want then pop down to Whitcoulls and buy all the property investment books there.

Mentoring or coaching is about keep people accountable and guiding them as they take action towards their property goals. Books are great but on there own aren't as effective for everyone. So depends on the person, but I have had a few property mentors and they are worth their weight in gold and fast track your success so you don't have to make the mistakes others have.

The problem is most people don't take any ACTION and then wonder why they aren't getting results ... oh but I have done this course and this course and read all of these books but still nothing ... hmmm must be that my mentor isn't any good, and the information in those books were wrong.

Its a funny old world... anyway off my soap box

[eri]

you mean like having a personal trainer at the gym

as opposed to simply working out your own plan and sticking to it

of course the difference is that rich people hire personal trainers as they have lots of money to burn

and poor people hire property gurus because they WANT to have lots of money to burn...

[halfempty]

i wonder why bob jones hasn't started a commericial coaching course?

could be because

A - he doesn't need the hassles...

and

B - because pretty much all his advice can be found his his books

for christ's sake

even the 12 apostles found it easier to write books than be bugged by 100's of disciples 24/7

From memory Mr Jones did used to do some coaching.

[shanecarruthers]

I wouldnt say only poor people hire coaches. Many successful people have coaches and mentors as they know the value they give.

[eri]

who?

phoenix sue?

[hele27]

Geeeze its a bit like being thrown into the Lions den posting on here.

Me personally, I am a doer and learn better with face to face rather than reading books.

[Rosco]

Hi,

As some of the others have suggested, I suggest you work out what area you want to focus on, and then look at a mentor who is well regarded/focused on this area. In my opinion some mentors are more focused on trading than holding, so if you are looking at holding only, some mentors might not be a great fit.

Then I would go down to your local Property Investor association meeting and ask around. Who has a mentor, how do they find them etc. What area are they focusing on?

You could also ask to go along to an event, or one coaching session from a mentor (if they have group coaching) to get an idea of what goes on. Or for a basic outline of what you would go through in the mentoring programme

I think a lot of choosing a mentor depends on what you really want back.
- if you are just looking at buying 1-2 properties per year, and slowly accumulating 10 properties, then I'm be very careful about spending too much on a mentor, and a $1,000 or $2,000 on meetings could be well spent. Then paying a property finder to find exactly what you are after.
- If you are looking at quiting your job and going full time into property, then paying $5k plus in mentoring probably makes sense, as you are looking to make a real commitment to property where you could lose a lot more if you do it badly. I'm not sure what value you would be getting for mentoring over $10k, except someone to be accountable to and someone giving you a little push.

If you commit to a mentoring program, make sure you have time availalbe to do it fully. Also that you have an open mind and actually try things.

Ross

[Bluekiwi]

There is a lot more to mentoring then just the information or theory side of it. If that's what you want then pop down to Whitcoulls and buy all the property investment books there.

Mentoring or coaching is about keep people accountable and guiding them as they take action towards their property goals. Books are great but on there own aren't as effective for everyone. So depends on the person, but I have had a few property mentors and they are worth their weight in gold and fast track your success so you don't have to make the mistakes others have.

The problem is most people don't take any ACTION and then wonder why they aren't getting results ... oh but I have done this course and this course and read all of these books but still nothing ... hmmm must be that my mentor isn't any good, and the information in those books were wrong.

Its a funny old world... anyway off my soap box

Good stuff, its that first step thats the hardest.
I had an uneducated misadventure in property in 1997 that took me about 5 years to recover from, then I read all the books and researched from 2003 to 2007 while the market boomed.
Luckily I bought a PPOR in 2003.
Then finally took action in 2008 to get set up to start again in property.
The lack of ACTION due to being burnt earlier, cost me dearly.

[charlotte30]

Dear Hele

I think a mentor is an unnecessary expense. Do as much research as you can from what you know, make a plan and just do it. You will learn much more that way about your own strengths & weaknesses. There are always people you can get help from if you have an oops moment. As you continue your investment journey the type of investing will change as you broaden your horizons. If you are using mentor's methods it can mean that you are stuck for the next step if you do not have his/her way of thinking. Confidence is the issue, knowledge comes with that.

Cheers Charlotte30

[Munga]

When I started out I paid the big $$ and did a weekend seminar and bought their products. I found it too much hype and not enough content - the products were overpriced. I then went out and sourced a mentor on my own who I paid $500 to help me in purchasing my first property. I then found PropertyTalk.

If I could turn back the clock I would start first with joining my local Property Investors Assn - they run landlord courses, have fireside meetings where you can mix with other likeminded people, arrange a yearly bus tour to look at investment property for sale and it runs a monthly evening that women get together to discuss as a group specifics to property investing (I feel uncomfortable using the words women and monthly in the same sentence now). Other regions will do things in their own style and it would pay to spend some time and see what that is.

Secondly, I read Propertytalk for inspiration, help with problem solving and for a good laugh!

Once you have started these first steps and feel you still need a mentor, you will have networked well enough to be able to choose one that suits you through word-of-mouth.

I wish you well on your start.

[DaveW]

Charlotte is right in that you can get free advice if you just Ask.. even bank managers can offer good advice.

However a mentor is someone you can call anytime.. many a deal is lost not over making the wrong decision but also indecision. Ideally you want someone who has weathered the hard times as well as enjoyed the good times, someone who is inspiring, and encourages you to go to the next level.

As to why successful people do mentoring.. it is human nature, there are many successful experienced business people who enjoy helping new entrepreneurs. However not every student will be successful.