Helen Collier Kogtevs REAL WEALH AUSTRALIA mentoring program.. anyone?
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No she doesn't. She does go over a number of strategies for creating cash flow. I'm not and will never be a mining town investor and I have found the course great.
As PP have mentioned, it does go over the basics, budgeting, goals, how to find and manage property, buffers and mitigating risks etc. Yes, you can find the information here and in books, but the course really helped me internalise it. I don't feel and confused and overwhelmed by the whole process. She often tells the story of fox and hedgehog.. I would say it pretty much sums it up. *focus*
basically they hold your hand as you go through the buying process. Nothing drastically new, but in my opinion well worth the outlay for anyone who isn't confident. Gave me the push and confidence I needed to make the leap. Also helped my husband as he knew that my research and decisions were being checked by somebody with experience. I believe their figures for people who actually buy property during the course were reported to be much higher then other courses.
Interesting this thread has popped up again, Karratha has fallen off by I think as much as 25% - house prices and rents with lots of stock on the market. Not a good time for anyone who purchased over the last 12 months.
If you got something out of it, that is good.
I think some of her cash flow stuff might be more creative, ie building at rear, developments?? Not sure, perhaps you can fill us in. I doubt she would now be focusing on mining towns especially considering this is going backwards.
I have no problems with people using mentors but like everything homework is required, after all they are running a business and that is probably their major source of income.
MTR
I was at that one, in some small backwater office block in Burswood.
I asked her where she got the "47 mistakes" from. It sounded like an odd number. She said she really had 53 mistakes, but the publishers told her that the format for success was really strict and she had to delete enough to fit with their ideal page number for a book.
So, she tossed them all around and deleted 6 of her "mistakes".
Never read the book myself. I can't learn lessons from others by reading books, the nitty gritty details are never described in such details that they are good enough to cut the mustard in the real world......but anyways, those 6 got the chop, and no-one is any the wiser except Helen as to what they ever were.
She's not the only user of that 'odd number'.
47 is one of the 'preferred value' for values on electronic parts. The concept of preferred values is based on a similar ratio between the previous and next value and is indirectly related to the concept of tolerances.
47 was also the number of matches in a box - as I recall. Although it was not always thus; Redhead boxes in the '50s and '60s claimed 'contents 50' http://museumvictoria.com.au/about/mv-blog/jul-2011/bills-matchboxes/ though later they got into some trouble by overstating the contents http://news.google.com/newspapers?n...ItWAAAAIBAJ&sjid=X-YDAAAAIBAJ&pg=1216,8468904 Maybe they labelled the boxes 47 after that?
I wonder if some of the 6 mistakes were ones that wouldn't have helped book sales, eg 'most parts of most investment property books say the same stuff'?
I saw on her site that she has 59 biggest mistakes now. Not sure if completely rewritten or just a few chapters added on though
Yep, those, and rent by room, block of units, renos, granny flats, etc. The usual suspects. . They do encourage you to get creative. They are still talking about mining towns and put out newsletters with updates to various areas. They aren't buy buy buy type updates, more state of market commentary.
I haven't done as much on cashflow properties as capital gains is my goal at the moment. The course materials and the course itself gives a bit of an overview on the strategies (although I only did the home study course. I have a feeling the live course went into more detail) You have to do the research yourself, call councils etc (with support) to really learn.
Most of the real learning in the program was by doing! . I haven't done that (cash flow strategies) yet.
I took a couple of friends along that night. One had heaps of savings and was thinking of getting into property investing, she ended up buying shares instead. The other friend had 9 resi properties. He bought her book. He must've been impressed because he paid $5000 earlier this year for her mentoring after complaining how broke he is. Over the years he's been pulling out equity to pay resi expenses, I think his strategy fell apart in the downturn. And he did the classic purchase of a gold coast unit in the peak. I'm not sure if he's getting anything out of the mentoring. He mentioned he was being taught to research and find high cash flow properties in mining towns, etc.
Most of the best presentations at Waip were attendees presentations. Even if they failed to make a profit, it was excellent learning seeing all the facts and figures first hand.
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It's pretty good and the price is right!
Though I wouldn't agree with all of them, eg:
p20: failing to budget.
Maybe for born spenders but those who question each purchase can save large amounts without effort or budgeting.
p38: Only buy in areas with more than 30% rental properties as this guarantees adequate tenant demand.
I think she's wrong. She's mixed up supply with demand. And you could argue that buying in a strongly owner occupied neighbourhood increases (rather than decreases) capital growth, scope for value-adding and demand from tenants (especially if sought after due to schools).
p39: Look at 12 months capital growth figures and other peoples projections. There is a trade-off between capital growth and rental yield.
Both subject of long debates.
A little off topic, but still about mentoring
I know someone who has paid $30,000 pa for D Bolholt's mentoring program, I think this will be the third year, this does not include airfares/accommodation, her gold class group go all over the place.
In the last 3 years this person has achieved nothing, if anything they have gone backwards and even had to rent out their primary residence for income.
This person purchased 3 properties all in mining towns all development sites, close to $1M each. The problem is they are now trying to put a DA together, however they continue to ignore the fact that the market has tanked in this area and there is an oversupply.
Don't know whether DH would be too concerned about this, she provides the recommendations on where to buy, the networking where the members do JV, and gets her fat fee. It was only 2 years ago she was recommending USA and was recommending a BA who was charging at least 50% over purchase price for these properties.
Personally, I am not interested in mentors, I do it on my own, if I make a mistake which happens I will wear it and learn along the way. Mentors come and go from what I can see, its a minefield out there.
Anyway, all to their own.
MTR
There are only so many legal ways to make money in property, any of which can be found in books.
As long as people are buying property there will always be paid mentorship programs. Why not? If you have done a few deals and made a bit of money then it's far easier and less risky to package that knowledge up and leverage it by on selling to someone else than to do the deals yourself.
Top of the food chain must be the developers that manage to get people to pay them to then get trained up to go out and find the deals for them.
Good for them. If you go in with your eyes open then it can work out well, just don't do a program so you have some one else to put the blame on when it all goes wrong.
Just a thought....
As long as people are buying property there will always be paid mentorship programs. Why not? If you have done a few deals and made a bit of money then it's far easier and less risky to package that knowledge up and leverage it by on selling to someone else than to do the deals yourself.
Top of the food chain must be the developers that manage to get people to pay them to then get trained up to go out and find the deals for them.
Good for them. If you go in with your eyes open then it can work out well, just don't do a program so you have some one else to put the blame on when it all goes wrong.
Just a thought....
