Do you recall learning how to drive? You were most likely extremely keen for getting in the driver’s seat and taking off all alone. Before you had the capacity do that however, you needed to make sense of how the vehicle functioned, and how to move the car to get to where you needed to go.
There were probably a whole lot of moving parts to research, certain guidelines and rules to retain, and you needed to make sense of how everything worked in the car to get you in motion. When you finally figured how to work the clutch, and you got your license you also required a decent spatial awareness to work out where you wanted to go and how to get there.
You likely didn’t figure out how to drive all alone; you in all probability had somebody to show you and let you figure out the ropes in a safe environment with guidance and coaching. Certainly, you could’ve worked it out alone – on the off chance that you’d totally needed to – however there was every likelihood that you would’ve been crunching gears and possibly smashing into things as you got the hang of it. It’s in all probability that you were taught how to drive by a trusted individual who was well positioned educate you, or by an expert educator who sat with you in the vehicle and guaranteed that you learned everything effectively.
So you probably knew that this was coming, but property investment? Yeah it’s a bit like learning how to drive a car… You have a lot to learn and a lot to take in, but luckily there are plenty of others who have gone before you and who can educate and guide.
Just as learning how to drive without an instructor can be dangerous and possibly result in smashes and crashes, heading into property investment without the right instruction can result in poor investments and possible mistakes. That’s why you need a mentor to guide you, just as you had a driving instructor to teach you! Ok, enough of the driving metaphor now. Let’s look at how to find a mentor!
Who is a good mentor?
A good mentor is somebody who can point you in the right direction for your investments, and who can be a font of direction, inspiration and knowledge. They’re somebody who understands and gets your objectives and ideal system for investment. Ideally your coach has actually invested using the same system for their property investment and so will be ideally placed and positioned to offer maximum advice and coaching around your decision making process.
So how would you go about discovering this mentor who will guide you? And then once you have them, how do you maximise their involvement in your property investment journey?
Step 1. Use your network of friends and family. Is there somebody you know, either specifically or in a roundabout way who you know has had some success with property investment? Use your channels to get in touch with them – online networking is a fine way to get in touch as well– and let this person know you’re keen on property investment as well for yourself. Chances are they will be totally flattered that you’ve communicated an enthusiasm toward learning something from them and will be totally positive about helping you.
Step 2. Look at what you want, and how you’re going to get there. Have any of the potential mentors that you’ve identified with used the same system/attained comparative results themselves? It’s all well and good to have an Über-successful mentor at the top of your priority list, but if all they’ve done is commercial development and you’re looking at buy and hold with cash flow positive properties then you need to look at someone who’s made their success with the same strategy you want to use.
Step 3. Once you have them, listen and learn. If you hook up with a mentor and then start telling them all the ways that you know you’re going to get ahead, either in an attempt to let them know you know your stuff, or because you’re keen to share your knowledge, they might think you’re ok without them and not bother. The best thing is to have a few things to ask, a few questions to lead them and after that listen to what your coach/potential mentor wants to say. You ought to be similar to a sponge in this phase of your property investment venture – and throughout it – on the grounds that truly you never quit learning!
Step 4. Gather your team. Your mentor may have the capacity to suggest to you an awesome accountant, solicitor, buyer’s advocate or mortgage broker, all of whom will assume a fundamental role in organising and guaranteeing the success of your property portfolio. Your achievements rely pretty heavily on upon how you structure your finances and how you deal with your purchases, so you have to ensure that the people around you have your best interests at heart. Leverage off your mentor and get them to help and guide you in the selection process.
If you’re stuck and not sure how to get ahead, AllianceCorp Property Experts offer a full Buyer’s Advocate service and coaching team who can advise and aid you in your property investment journey. If you’re serious about getting started in property investment you should get in touch today for a complimentary consultation with one of our coaches.