Even many experienced Property Investors will find themselves in a situation that is unfamiliar and that they no experience of. Having a Mentor is a great way of always taking a balanced approach to investing. Two heads are definitely better than one.
A Mentor can help you in many ways, both practical and emotional decisions can have a huge impact on your business, here are some great reasons why a Property Investment Mentor makes sense.
Benefits of a Mentor
- Take Action – If you are new to Property Investing, then a mentor can help you have the confidence to take the first step and purchase the property, many first time investors spend too long thinking about purchasing – only to find the opportunity has passed them by.
- Follow your Instincts – A mentor has years of experience, but ultimately they have an instinct for the right property. This is not too say they are impulsive, they still do their research and their sums, but instinct is all part of the success.
- Negotiate the best deal – it is always hard to know what price to offer and what price is too much. A mentor can teach you about yields and knowing what your top price is that you can pay and still make the required yield.
- The Inside scoop – Mentors have vast experience in their field and know many people, they have a good understanding of the legal requirements and the places that you need to check to ensure that your property has no hidden issues.
There are many self help books and seminars that you can attend to help build your confidence as a property investor and these are a great place to start as a new investor. But as you gain knowledge and confidence you will find that you need more help, even experienced investors can struggle at some point and it is at this point that a mentor is really crucial.
With the uncertainty that the last couple of years has shown it has never been more important to have all the right tools before you invest your money or borrow money to invest.
|For further reading on Property Investment NZ, click on the articles below:
Setting Goals for Financial Independence – click here
Tips for Becoming a Property Expert – click here
Buying Rules for Property Investment – click here
5 Tips to Add Value through Renovation – click here