How To Choose The Right Property Investing Mentor
There is one constant in this world and that is change. Everything changes and evolves on a continual basis – plants, animals and humans all must be continually transforming in order to survive. Without change, we regress and die.
Some would say that’s a depressing way of looking at life but to me, its exciting to know that we are all on a constant journey of change and evolution. If you embrace this positive form of growth, you will discover an abundance of possibilities and opportunities in your path.
It’s difficult though, to consistently embrace this optimistic view, which is why we need others supporting us, nurturing us and tweaking our passage through life to ensure we maximise our full potential in whatever area we desire to succeed in.
I’m talking about mentors.
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Mentors come in many forms, in all facets of our lives and it’s these special people that hold us accountable, lift us up when times are tough and balance our focus to stay the course.
I have multiple mentors in my life that support my personal, business, property and philanthropic aspirations and I can honestly say they are all fundamental to me achieving lasting success in those ambitions.
My journey from Postie to full time Property Investor has not been without its challenges and has only come about through consistent and focused education with the specific assistance from mentors.
During that journey I have experienced many forms of education and many styles of mentoring and that exposure has led me to formulate a 3 point checklist that helps me to choose the right mentor for my needs at the time.
To help articulate my 3 point checklist, I’m going to use property investing as the area of focus since that’s where I have had the most experience in using mentors over the years.
Let’s take a look at the 3 boxes I like to have ticked before engaging a new mentor to assist me in achieving my property investing outcomes:
1. Integrity
No surprises here but the integrity of a property mentor can often be overlooked by eager, inexperienced speculators that are looking to create wealth and are lured by the assurances of good sales people. I, like many have been preyed upon with the promise of the ‘golden ticket’ to financial freedom only to discover the hollow realization that it’s a harder road than first thought.
If this has happened to you, take responsibility for the experience, be it your fault or not and move on quickly, knowing that you are stronger from the experience.
Integrity must be present in any personal, business or property relationship and even more so with a mentor that is coaching you down the path you wish to tread.
So look for integrity everywhere you go. Seek it out at all costs through your own research, questioning and some stealthy online private detective work.
Has the prospective mentor left a trail of financial pain with their clients? Or have they created a wealth of inspired and successful investors that have had their lives changed forever?
Look at the results of the mentor and you will discover the level of integrity that they abide by.
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2. Source of Income
Successful mentors will already be successful in implementing their own teachings. To validate this, I like to ensure they are creating more personal wealth from their own property investing strategies than their education business that is teaching the same strategies.
Am I saying they shouldn’t be taking a profit from educating their students? No, I’m not. Any business that provides value to someone should be paid for delivering a desired result.
What I am saying is, the best mentors, and you want the best, are the ones that walk their talk, have the runs on the board and have built massive wealth using their own property investing strategies.
When I’m looking to invest my time and money in a mentor, I’m looking for the master in that specific area of knowledge. I want to know that they’ve already done what I’m looking to achieve so through osmosis, their magic dust rubs off on me.
Don’t be afraid to ask the hard questions when assessing your prospective mentor. Look at the results and you will discover the level of success they have already achieved using their own strategies.
3. Mindset
Property investing is not rocket science. Anyone can learn how to manage a renovation, accomplish a subdivision or undertake a development. I can show you plenty of resources that will give you the exact method for extracting profit by using these particular strategies.
It’s the implementation of the strategy where most people struggle. In fact, the statistics show in Australia that around 92% of people that attempt property investing either fail or end up with a property portfolio of only one or two property investments (and two thirds of those investors are generating a loss from those investments!)
The true skill of a successful property mentor is when they can not only teach the strategy but also provide an implementation process that addresses the mindset of the student.
You see, everyone and I mean everyone, has had to overcome an emotional blockage in his or her journey. In fact that’s all part of the growth as a human being and in my experience those emotional hurdles don’t stop presenting themselves until you have learned the skills to jump over them.
Having a mentor that provides you with those skills is the key to having the courage, confidence and enthusiasm to implement the strategy.
A good mentor that fosters genuine victory among his or her students, does so with the intention of wanting to assist, even with the most arduous tasks.
It’s not difficult to sell a pack of CD’s and a 2-day weekend to a hungry audience looking for the next quick fix. A mentor with established credibility and a proven track record will also provide the necessary tools and resources to overcome the mindset issues of his or her students to ensure they achieve long lasting success.
Here are two other supplementary points to take note of when choosing a good property mentor. These items are not deal breakers but definitely worth having on your list of desirable prerequisites:
Make sure you resonate with their style of teaching. You need to be able to get along so if their approach or manner rubs you the wrong way, its just not going to work.
Confirm that the mentor is accessible and by that I mean you have direct access to them and not just one of their delegates. This of course will depend on what you can afford but at the very least you should be able to pick up the phone or send an email from time to time and obtain answers to your questions.
Choosing a good mentor will take time and a little trial and error. Like everything in life, take responsibility for your own success and failings and strive to be the best you can while leveraging off the experience of others.
A final point to takeaway is to be the mentor you seek to find. Assist others to take their next step and collectively you can change and evolve together.
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Hey Matt,
Great post as always.
Do you have a list of reputable mentors that you would suggest ?
Cheers,
Hi Ashish…yes I do know a few that have mentored me in the past that I’m willing to recommend..In fact I’m mentoring a small group of people at the moment…. Very small intimate groups. Let me know if you want some more info – [email protected]
Is this kit Australia based information? Is it relevant to all Australian states? We are looking to develop land in Melbourne Victoria.