When you want something that someone else has, be that an item, an idea, or knowledge, what is the most common way to get it? Anybody?
Yes, it’s $$$$. Offer to pay for their time. Not by buying lunch, beers, etc, but actually for their time. Would you take a lawyer out to lunch as a way to pay them for doing a closing on a property or representing you in court? Doubtful. How about your dentist after you’ve had your teeth cleaned? “Hey Doc, instead of me paying you your $100 cleaning fee, why don’t you and I go grab a beer? I’m buying!” Don’t think it’ll work.
This is just one item that most newbie investors (and several ‘experienced’) miss: People’s time has value, especially when you are trying learn something from them.
Sure, I’ve sat around the dinner table with new investors, answered questions and gave suggestions on occassion. ON OCCASSION. I like to talk shop as much as the next guy who enjoys his work. However, I don’t make it a habit to talk to the SAME people all the time. Free lunches only go so far. If you’re looking for more than an occassional person to bounce an idea off of, then it’s time to start paying for a real educational.
This may sound harsh, but an active, experienced investor doesn’t usually have alot of free time anyway. Giving away what time you have isn’t benefical to either party. If you pay, two things happen. One, you have invested something in the education. It will mean more to you and you’ll take more of it to heart. Two, the ‘mentor’ has agreed to ‘train’ you. It’s no longer “a little info here, a little there.” They must produce a product (the education). So they are invested in it as well.
my suggestion is to find another REIA group. It sounds like that you’re involved in one that is either owned or run by a group that has books/courses to sell. If that is the case, then naturally, newbie investors would be their cattle of choice. Better to have an independently run group, even a small one, than a large promotion ring.