How do I find a REI mentor in my area that can help me with cooperative lease options? I just finished Wendy Patton’s wealth building arsenal and want to get started asap! I just don’t want to do it on my own. I’ve tried searching on craigslist and google but all I can find are people that charge well over $1000. I cant afford that at the moment but ill be willing to split any profit I make with someone’s expertise.
You could try posting in the Networking Forum for your area :beer
Perhaps your fear is what is holding you back and wanting a mentor to hold your hand appears to be your only remedy…I’ve made a big living on this theory since 1991 training folks all over the country.
In any event, my suggestion is to find a vacant home or one with a long distant number listed. Then negotiate your best deal with a 30 day closing and put at risk some nominal amount like $100 and give yourself a clause not to close…the sellers who are paying on empty homes make unreasonable decisions and someone will agree to this. Put in the agreement the right to show property to your clients and give yourself access.
Advertise and line someone as an owner/occupant. If you get the solid deal on the back end, use your buyers money to close your deal with the seller/property owner. If, for some reason, you make a mistake and do not secure a back end contract, walk away from your $100.00.
This will minimize your exposure and get you some experience…this will also be cheaper than hiring a mentor. After you do a couple of deals, you can become the mentor for your city and help others as a way to add to your fortunes.
Hope this helps.
Rob in Atlanta
Overcoming fear of making a mistake can be a tough one. I’ve learned to condition myself this way: I will not succeed in everything I do. I will make mistakes and lose money sometimes. I will make poor decisions. But I will also make money too. And I will also make good decisions.
The thing is, Yoda had it all wrong when he said “Do or do not. There is no try.” because if that was the case, none of us would risk doing anything. There is only try. Sometimes things work, sometimes they don’t.
yeah do not do it on your own! You are very likely to fail. My mentor in San Antonio is teaching me the ropes of owner financing affordable homes. It works great! 15%+ cap rates, no repairs needed by me, or my investors on properties I sell them. We carefully qualify owner finance buyers in our city. It’s a great buy and hold.
He does not charge me either. I help him grow his business, he teaches me the ropes.
this system, under the guidance of my mentor, has virtually no chance of failure :). I am following a tried and true system under the counsel of an expert, and I have no expenses other than taxes and insurance.
Get in touch if you still need a mentor. With owner financing, you don’t HAVE to be in the city in which you invest anyway. You have no maintenance costs at all 