Finding a mentor?

General Real Estate Investing
1

How do i find a mentor who will be interested in coaching and assisting me in my real estate investing quest?

2

These forums are a great mentor. If you have questions, people are here to help. Just ask along the way and you will get what you’re looking for.

3

amen

4

I have to agree. There is a ton of knowledge on this post.

I have had questions answered just by reading some of the old posts.

5

Hey,
There is always more information on these forums than one can hold or digest. I always read with a pad and pencil, Tylenol Headache pills and a container of Tums.
Peace,
Richard

6

Thanks all for the information. I am disgruntled landlord who believes that there is more to achieve in life other than collecting checks from tenants at the end of the month which do not meet my bare necessities.
I am confident in my ability to shine in the area of real estate deals and will appreciate a primer on what my first step should be here in Atlanta.
Hey! how will any of you gurus fancy having me work for you gratis for a period of time?

7

I have over 10 years of landlording experience and have a “How to Become a Successful Landlord” guide. Very reasonable. Offers GA compliant forms, lease, and other supporting materials. Also offers pre-tenant screening as well.

Sharen

8

Thanks Karen:
I am trying so hard to avoid landlording. I am currently exploring other aspects of real estate investments.

9

May I ask why u r avoiding landlording? Its a GREAT way to make $$ and very easy…I can assist you. I had NO idea as to what I was doing 10 years ago when I became a landlord…if I can do it…anyone can.

Are you consider buying investment property, fixing it up and then reselling it? If so, I can help you there as well. Are you in the Atlanta
area by chance?

Sharen

10

Sharen,

Before this gets further, whether intentional or not, your posts appear like advertising. Sounds like you could offer some good tips and advice on the board. Just don’t want it ruined at the start because you get hit for running ads.

oski,

There are a ton of ways to make money in REI without being a landlord OR having any properties at all. The best advice I can give you right now is to review ALL the forums and try to narrow down your possible fields from there.

I don’t recommend looking for a mentor at this time, and I definitely never think that it’s a good idea to post on a public forum for one. As to getting one, when you’re ready, be prepared to pay in some form or another. Personally, I’m VERY picky on who I choose to mentor because mentoring takes up alot of MY time. Time where I could be doing deals and making alot more money. So, if I choose to mentor, I plan on getting paid for my time.

But again, I doubt that you need a mentor. There is a ton of info here on this site. If you haven’t already, go join your local REIA group (which is where you’re going to find the best mentor). From there, put together a plan of action that works for YOU, and follow through.

And you can always post your questions here.

Raj

11

OSKI,
What kind of problems have you had landlording?

12

Actually, Raj, Sharen has been provided with her own personal copy of the Forum rules and has been asked NOT to advertise her services…I guess it jjust didn’t stick.

Keith

13

Raj:
Thanks for the heads up.

Sharen:
I am based in atlanta.

14

Guys:
What should a newbee in atlanta be investing $30000 in besides rentals? No people management (tenants) suggestions, please! Does it make much of a shrewd decision on my part to seek after real estate investments (rehabbing) when my tool experience and use is zilch (zero)? ???

15

you could do preconstruction flips.
i currently have 70k tied up in deposit for homes that have yet to be built.
i just got another lot on a lake today. construction starts in 6 months.
buildout is 10-12 months away. lot cost 90k [from my own DD it will be worth 125k easily by next march which is about 4-5 months away]
the down payment is only 7.5k. supposing i flip the built house in 12 months, after expenses i expect to make atleast 30k[very conservative estimate]. so my ROI is approximately 400% in 12 months.

do enough of these and eventually you’re sitting on a pile of cash thats big enough to buy a 200 unit complex thats hassle free because these sized complexes can afford on-site management. you’ll probably make 75k cashflow per year too.

16

Thanks niravmd:
This sounds interesting and i am going to look up some detailed information. If you have the time, i will appreciate it if you can shed some light on the following questions:

  1. When you sopt a preconstruction site, do you simply stop your car, hop out and go seek for someone to give you relevant information about the developer?

  2. How do you start negotiations and with whom?

  3. Are you buying or financing the lot? If financing, then are you making monthly payments to a lender?

  4. Do you need a construction loan?

17

Niravmd,

Do you have any info sources on how to go about doing these preconstruction flips?

I’d like to read up more on this type of approach.

-Mike

18

  1. no you get an agent to do the groundwork for you.

  2. offer them less than they’re asking or offer them different terms.
    ex. the day i went to boise, the builders had raised the price up 10k.
    i just back dated my offer for the day before. I also had them put in fencing and a few minor details at cost and extend out the close date by 30 days stating i’d be out of the country.
    in most cases they’d accept. there was 1 lot that had been no the market for several weeks without an offers. in the plat map it was pie-shaped and looked odd. i drove up it to and looked at the stakes in the ground. its difficult to visualize how big it is when its all dirt but it was a pretty large lot. probabaly around third of an acre. i offered around 15% under the builder list price and we settled around 10% below asking.

  3. not in boise, sometimes i do.

4.the bldr is responsible for the construction loan. all overruns eat into HIS profit.

19

so far this is all i can recommend.
http://moneyshaker.blogspot.com/2005/09/how-to-invest-in-pre-construction.html
i’ve heard there are a few websites that sell stuff on it, but its not
rocket science. i doubt there’s anything other than this main stuff.

there are people i know who do $750k pre-constuction condos in touristy areas.
thats a little too pricey for my blood, but they’ve had some success
with it.

20

Hi all:
Has anyone been through GaREIA’s boot camp? I will be grateful if anyone can furnish me with useful or useless information. I am thinking of attending the next boot camp, if it’s worth the time.

Also has anyone ever heard of Reggie Brooks and his abandoned properties system? Is he for real?