I want to look for local mentors and network. Would it be a good idea to just call the number on the “Rent To Own” signs I see around and ask if they’re willing to help and/or follow them around and see how Lease Options and Subject to’s… are done? After all, these guys are investors doing the things I want to do. Your inputs are appreciated!
Yia
What if I asked to help me do a deal, I’ll do all the work, and we’ll split the profit? If it was your sign that I called and I gave you this offer, would you be willing to help me out?
Yia
Anybody here from the St. Paul-Minneapolis area?
Yia
Let’s say I find a good deal, with huge spread. I go the a REIA meeting and show the numbers to an investor and say, “I am willing to do the work and split the profit with you if you would just show me how it’s done”, or “Here is what I have, show me how it’s done properly and all profit are your’s. I just want the knowledge and experience”. Would that be a good idea?
Yia
Sounds like a good idea but Im not in your area.
Im sure someone will bite.
Not to be a downer, but you’re idea sounds good in theory, and I had a similar thought when I first got started, but there just arent too many seasoned investors willing to spend their time holding the hand of new investors. Just throwing it out there.
Maybe you could start out as a birddog instead? Learn the biz that way?
If you want a mentor, then you need to pay for their time upfront. And it won’t be cheap. Don’t expect someone experienced to work for minimum wage just to see you succeed. This is a business like any other business.
Offering share in profits is called partnership. For someone to partner with you, they need to know for a fact that you will succeed and they will get paid. You thinking you will succeed is not enough. Everyone think their will succeed. Every Dec 31st, hundreds of thousands of out of shape people think they will get in shape the following year and flock to gyms on Jan 1st and sign up, by March 1st, only few hundreds would still be showing up.
If you cannot pay for a mentor, then you have no money to pay them, or do not see the value in paying them. If you have no money, then you have not proven yourself to be able to succeed in your previous career, and the risk is high. If you have the money and don’t see the value of paying upfront, then you don’t trust them, so why should they trust you.
Education costs money.
I would say there are people and companies that will help you learn the real estate industry, but if you do there will be a lot of hardwork and accountability on your behalf.
You would have to be willing to be the field person doing all the running around. That will make you very useful if you can find an investor or company that is capable of putting a plan together for you both to make money.
I met up with a married couple that I met a while back at a REIA club and I told them exactly waht I typed above. They do lease options and are willing to help. I want to establish a good relationship and contribute as much as I can. What are some ways to go about?
Thanks for the advice,
Yia
CAUTION - when you select a mentor. Some so called self proclaimed RE Gurus may charge as much as $10,000 and will not deliver even $500 worth or worst may jump ship and run away with your money. Be very careful about any mentor from Bakersfield CA.
For the past 12 months I have been working on minimum wages for a seasoned investor as his assistant. We have come to the understanding that he will accelerate my learning curve and provide me opportunities to experience first hand deals. He kept his end of the bargain and I kept mine. Since then my relationship and trust grew and also have been earning from my `mentorship’.
Perhaps this is a perspective to consider for those without money to pay for mentors.
:help Dont just jump in with a quid-pro-quo mentality :argue. first- meet the investor, and find out whos friendly, then go out and find some potential deals, and bring them to the friendly investor and you’ll be surprise at much they’ll help u out. :bigok you’ll earn there respect as a Do-er :beer not a Tire Kicker
First Emtion, Then Facts