In the first of this two-part series, we’ll be demystifying the concept of what a property investment coach is to help you recognise the advantage having a mentor can offer.
We’ll also touch on what is required to successfully design and implement a property acquisition plan and ongoing strategy, to meet the needs and goals of an investor.
Think of a Property Coach like a personal trainer for investing in real estate
The general concept of both ‘coaching’ or ‘mentoring’ (though the two differ slightly in definition) is having someone, who has more experience than you, to provide guidance and support.
We’re all pretty familiar with the concept of a personal trainer, a piano teacher or a sports coach. Other examples include teachers and university professors.
Basically – someone who will spend time with you to help you get better. They are skilled at what they do. So they are hired to help you improve a skillset through sharing their experience, knowledge, and abilities.
But when I ask many people if they have heard of a “Property Coach” or a “Property Mentor” I am often met with a blank face. Well, it’s either that or they imagine a car-salesman-like ‘spruiker’ looking to make a quick dollar off an unsuspecting victim! But I can assure you we are NOT salesmen or women. In fact we are far from it.
Recently I came across a survey on how much people were prepared to pay for financial advice or help with their retirement plans, and I was totally stunned at the amount – less than $50. It’s incredible that those same people will pay that for lunch with a friend or a night out at the movies. It baffles me that something so important as your financial future is left out of the budget.
DIY Investing is not smart investing
What is really interesting is that in New Zealand there tends to be a ‘Do It Yourself’ attitude to real estate investment, which is in direct contrast to how we think in others areas of our life. For example, many of us engage the services of a Personal Trainer to help us achieve our fitness and health goals, or a sports coach to improve our golf handicap, or a music teacher to master the guitar.
However, when it comes to our financial health and long term financial security we adopt the “she’ll be right” attitude and forge ahead without any sound education or plan at all.
Needless to say, this is probably not the right attitude to have.
The cost of education and mentoring is low compared to a failed investment
The truth is, property investment has no “one size fits all” strategy that will work for everyone. Yet we often come across so many “investors” who have simply copied what their friend or work colleague has done, because “ it worked for them, so it should work for me”. No consideration seems to be given to the totally different circumstances they may be in.
So, as you can imagine this is a disaster waiting to happen, and one that we often don’t have to wait long to see that play out…
Instead, a Property Coach would have been able to tailor a property investment plan that met the client’s own personal goals and needs. An experienced property investment mentor will help you to understand your unique strengths and weaknesses, then work with you to put a plan in place, and provide ongoing education and support.
Always remember – when it comes to matters relating to your finances, ignorance is more expensive than education in the long run.
Phil never realised he had the ability to invest – now he’s set himself up for retirement.
Grab your seat below to get started!
We can help you create your a successful property investing strategy
Your property investment strategy should be based on a set of criteria that are based on your personal circumstances. Until you fully understand this, you will be speculating at best, not investing.
Before a suitable strategy can be selected, consideration has to be given to the following:
- Your current financial situation
- Short, mid and long term goals – what do you want to achieve?
- Knowledge base and skill set – new to investing or not?
- Entity structuring / tax considerations
- Time frame available, in regard to years to retirement and your current capacity outside of your other commitments
Once these areas are clearly identified, it becomes a process of reviewing the available and suitable investing strategies to create a road map for your investment journey, which is both workable and achievable. Only after mapping this out can we proceed to the next step…
In the next post, we will discuss the second step on your property investment journey. We will be learning not to follow the crowd and instead to ask ourselves: “what is the highest and best use of our capital based on our goals and with consideration to the current market conditions?”
Grab a seat to your next closest Property Investor Night – tickets are on us!
Interested in learning more about property investment coaching? Or want to learn more about getting your portfolio on the right track?
We hold free information nights all around NZ every month. Use the form below to grab your seat to a live event. Tickets are free – but the event is high value.
It’s the best opportunity to gain some invaluable info, learn about our proven strategies, find out about market trends, and get free advice on your next best move.
Please note: everyone who plans to attend needs to register – including partners or “plus ones” so you can reserve a seat.