I am new in REI and I understand that having a mentor can be very beneficial. However, I am the only one in my circle that is into the investing. I dont have anyone to mentor me. Does anyone have any ideas, on finding a mentor that will not break the bank?
what state are you in??
Texas, just south of the DFW area
don’t know anyone in the Texas area…depending what area you want to invest…ie, shorts sales, subject to’s, etc…you may want to give Michael Q a call from this site.
He has 30 years experience, and has a great mentoring program that def. won’t break the bank
look him up, he is on this site
I’d go to your nearest REIA and see if there are investors in that group that are mentoring.
Check this site, they lists all the REIA in Texas.
Do you have REI clubs in your area? Go look for one there. Why not ask your real estate contacts in Facebook and Linked In if they know someone? Getting someone referred by someone you know is even better.
I know a great guy in the dfw area. He wholesales / flips lease options. His name is John Jackson. His site is www.LeaseOptionClasses.com. Awesome guy. Very successful in the biz.
I would contact Michael Quarles. www.michaelquarles.com
It’s usually best to have a person from your own area as a mentor.Every market is unique and has it’s own quarks. I believe that a mentor in another state can only give you a certain overview of the wholesaling process, but a local mentor can give you the “street” approach to how to put it all together.
We have plenty in the DFW area. A good place to start is meetup.com (not affiliated)–they have listings of all available real estate investment groups in the area.
Finding a Mentor should not be that hard and you really shouldn’t have to pay out of pocket for one. As Nate mentioned you should go to your Local REIA meetings a few times and try and pick out the successful investors.
Now I wouldn’t just go right up and ask them if they would mentor you, I’d just sit around them and listen to what they have to say and maybe ask a question here and there about what they are saying. What the goal here is to get the “successful investor” to get used to you being around.
Now the important part, you need to go out and find deals that meat your prospective mentor’s criteria (you figure it out by listening to him/her at the reia meetings). Start marketing to these leads get them calling you. You shouldn’t be nervous at this point because you have ZERO risk. Once you find a house that fits the criteria, bring it to the investor and see if they will help you work it for some percentage of the profits. You basically are a birddog now.
An important aspect of convincing another investor to mentor you is to show you are motivated and that you mean business. Bringing them good leads and showing up time and time again at the REIA meetings will go a long way.
That’s what I’ve been doing and I’ve found 2 successful investors to help me through any problems I ever run into. These guys actually contact me on random occasions to ask if I need any help. pretty cool.
Agreed, I got my 2 mentors the same way. No money out of my pocket, actually its putting money in my pocket being a commercial property scout.
Thanks everyone, I’m in a similar position and just emailed my local association. DUH!
Found a guy I almost sold a condo to a while back the other day, asked him about wholesale. It’s what he does and he needs help. And he’s gooooood. I think everything comes down to growing a pair and talking to people. Networking is the name of the game.
Ok, My names Dylan. I’m fresh meat to this industry. I’ve been talking to some veteran investors about how to get started and different strategies to do. One of them said wholesaling is a good place to start. I have a vague idea of what steps to take through the process though. :help I just need a step by step basis on what to do. Forms I’ll need mostly and actions I’d take from step 1 to finish. If someone is willing to explain that to me or even help me I would be extremely grateful. Just trying to get my foot in the door here. If I would know exactly what forms to get and where to get them. :deal Any advice or instruction would be greatly appreciated. I’m ready to start taking massive action and just need a little know how.
I have advice and instructions.
Read this forum, search youtube, send emails, hand signs w/ email or phone number not connected to you that are for wholesale only, you do not have to answer. Have an answering machine for ALL calls.
This will allow you to act like your not terrified, then with their reactions and your aquired knowledge (cause you will be reading 10 hours a day for months) one day, you’ll see the opp. and be able to ask for help on how to structure the deal.
It all comes down to growing a pair, and networking.
Best of luck, I just started Thusrday last week!