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  1. #61
    Join Date
    Apr 2009
    Posts
    817

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    Quote Originally Posted by kazzp View Post
    I mean people need to be aware where the need to mentor comes from and that property investing does require cash from somewhere - whether it's a job, mentoring or something else.
    Are you talking about negative gearing and propping up the shortfall? I would not recommend this, Unless it was a property with good upside for improvements which would then allow you to dramatically increase the rental income / value.

    This is where an experienced investor can help a novice. The novice gets direction from the experienced investor and then goes out and does the hard yards (as you rightly put it). The novice finds what he/she thinks is a good deal and then shares it with the experienced investor. The experienced investor will either say yes that's a good deal. or will direct you again.

    I don't believe in the one size fits all mentoring programs. The novice will acquire X number of houses and then reach a road block and become frustrated.

  2. #62
    Join Date
    Feb 2013
    Posts
    309

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    Quote Originally Posted by Nick G View Post
    Recently I've started replying with a suggested hourly rate when people ask if we can get together and chat about property (and I don't think they're interested in our service).

    It's really helped cut down on emails :-)
    I find by giving free advise I learn something as well, That's not to say they should take my advise. They should do their own DD.
    Everyone is selling something these days. the differentiator is those who give value for money. So instead of saying I will charge you 25K , you could say on each deal I make you money , you give me something back.

    Better than prospecting, if potential customers come to you, and because of your guidance they become your future customers its a win-win

  3. #63
    Join Date
    Oct 2015
    Location
    Rotorua
    Posts
    407

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    Quote Originally Posted by DaveW View Post
    Probably because you didn't give the secret recipe to success they were looking for
    I think they thought it costs a dozen of peanuts to relocate a house and can be done overnight with a magic wand

  4. #64
    Join Date
    Apr 2009
    Posts
    817

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    Quote Originally Posted by BlueSky View Post
    So instead of saying I will charge you 25K , you could say on each deal I make you money , you give me something back.

    Better than prospecting, if potential customers come to you, and because of your guidance they become your future customers its a win-win
    Good idea BlueSky.
    I would be willing to mentor people who are willing to do what it takes.
    Starting with what type of a deal to look for - depending on their longer term goal and their current situation.
    Last edited by DaveW; 07-02-2019 at 02:53 AM.

  5. #65

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    Quote Originally Posted by DaveW View Post
    Good idea BlueSky.
    I would be willing to mentor people who are willing to do what it takes.
    Starting with what type of a deal to look for - depending on their longer term goal and their current situation.
    Davew - I’ve done this in the past. I’ve charged a nominal fee which a few thousand dollars which would never compensate me at my charge out rate but is a way to weed out the tyre kickers and means they’re more likely to stay focused. If it’s free it’s easy to deprioritise when the next thing of interest comes up.

  6. #66

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    Quote Originally Posted by kazzp View Post
    I was interested to hear House Hunters story. I went to a talk by Ron before the last boom and was told to sell all my properties in West Auckland as I was an idiot for investing there and I was even more stupid for paying down the mortgages. Tauranga was for losers as 'only old people lived there'. When he suggested that people should buy in Auckland and it didn't even matter if you didn't rent the houses out and I asked awkward questions like 'well how do you pay the mortgage then?' or 'can you show me the sums on that deal?' my questions were ignored. Well New Lynn has gone up over 100% (more than where he said I should invest) and I have three mortgage free rentals. I could have bought more but didn't as things could easily have gone the other way and I didn't want the stress. The upshot is nobody knows anything and investing is about chance, luck and hard work. Also everyone is in a different situation so there is no one size fits all. You'll also notice investors always become 'mentors' at some point as that's how they get the cashflow to prop up their properties
    Sounds like a classic Ron conversation I had also. Debt servicing wasn't even considered because the house price was going up. Ludicrous to think I was so gullible to get caught up in the hype of it all. Oh well live and learn I suppose.

    Did you pay the mentoring fee kazzp?

  7. #67
    Join Date
    Apr 2009
    Posts
    817

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    Quote Originally Posted by Don't believe the Hype View Post
    Davew - I’ve done this in the past. I’ve charged a nominal fee which a few thousand dollars which would never compensate me at my charge out rate but is a way to weed out the tyre kickers and means they’re more likely to stay focused. If it’s free it’s easy to deprioritise when the next thing of interest comes up.
    I feel your pain, and that's why I'm more keen to help those who have already bought say 1, 2 or 3 houses but have hit a road-block. They don't want to pay another $25k after their last experience.
    Last edited by DaveW; 07-02-2019 at 06:17 PM.

  8. #68
    Join Date
    Jun 2004
    Posts
    10,247

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    Quote Originally Posted by DaveW View Post
    Moving plumbing is a big deal because there are separate outlets for waste water, storm water, and sewer that need to be properly disposed of. As Gary has pointed out the current auckland city rules allow you to move existing plumbing mot more than 10m without consent.
    That's why you need to get a plumber to do it.
    Plumbing doesn't need council consent - like electrical doesn't either.
    If you keep the same number of wastes they can be anywhere really.

  9. #69
    Join Date
    Jun 2004
    Posts
    10,247

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    Quote Originally Posted by GLin View Post
    If there is no capital gains.

    Let's just say buy with cash.

    9% gross yield in small town.

    5.2 to 5.5%ish net yield, after expenses (small towns have very high council rates)

    33% tax

    3.7%, with no compounding...

    Might as well invest in a Vanguard index fund that averages 9% gross return and 0.4% fees
    There will nearly always be capital gains that match inflation - unless the town downsizes.
    Long term that is.

  10. #70

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    Quote Originally Posted by Wayne View Post
    There will nearly always be capital gains that match inflation - unless the town downsizes.
    Long term that is.
    Many towns downsize across nz.

    Also slower capital gain long term means opportunity lost, long term.


 

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