People often ask me what they should look for when choosing a mentor. Take care about who you give money to and who you take advice from, it can mean the difference between success and a costly mistake!  My answer is always to ask these five questions about a potential mentor…

  1. How long have they been in the market?
    You want to know that they have experienced a variety of market and global economic conditions, tax regimes, tenancy law changes and high/low interest rates.
  2. Do they have their own substantial portfolio?
    There is no point trying to learn how to generate wealth from someone that isn’t wealthy.
  3. Are they currently active in the market place?
    It is important to be up to date with current conditions and have strong relationships with a relevant team of agents, tradespeople, mortgage brokers and property managers to support your business.
  4. Do they have a financial qualification?
    I am all for learning via the university of life but this should also be supported by a solid academic qualification.
  5. Do they have the willingness and time to support you in your property business?
    The property industry is not a 9-5. You might have the opportunity of a lifetime present itself on a Sunday evening and you need someone to discuss it with.