Hey everyone,
I have a question for those that have mentored newbie’s like myself.
What types of things can a newbie investor do to show you how much we appreciate the advice and guidance? I’ve paid for the lunches, bought some beers, etc. I’d like to be more creative in showing appreciation of their time.
Thanks for the help.
Jerry
My wife and I are helping a friend get his feet wet in rei. He took us to a nice dinner last week. That was enough for me! If I were to full time mentor someone I think the best thanks would be for that person to sucdeed. To listen, follow through, and succeed. :beer
Most real mentors don’t have time to just give tips during a lunch or dinner. That’s just someone who is experienced offering someone who is not experienced some insight on the business. If you mean you want a real mentor, someone who trains you in the business, you need to bring a deal. If you have a deal, some mentors will split the profits with you while you learn on the job. You have to bring something to the table so they don’t feel they’re doing everything for you.
Some of my investors mentor newbies, but it’s only based on them participating in a solid deal as a money partner while the newbie manages the crew using their guidance.
If I were to full time mentor someone I think the best thanks would be for that person to sucdeed. To listen, follow through, and succeed.
It’s funny, but I don’t know how many times I’ve received a call or gotten an email from someone on this site who wants to learn the ropes. I’m all for helping prospective RE investors out. Unfortunately, after a few email swaps, I never hear from them again. I have yet to have one of them actually follow through having me mentor them. The topic of what they can give me in return never even pops up in our dialog, either. I guess life just takes hold of them.
Same here, no money. We receive emails from people wanting us to evaluate deals, get advice, etc. I ask them to call my buyer agents so we can learn more about what they need. I do this because I want to see who is serious and proactive. If they can’t even schedule time and follow up proactively, I’ve already weeded out someone who is a waste of time.
I don’t want lunch, or dinner, or a gift. A mentor wants a motivated mentee who will roll up their sleeves, listen, and work hard.
Someone told me a while ago that of all newbie’s to REI, only 5% will ever actually do a deal. The rest will spend their time buying tons of expensive books, courses and attend many expensive seminars. The problem I’m finding is that in my local REI club, which is the largest in the state in NJ, there are few successful investors attending meetings. I went last night to the monthly “Rehabbers Meeting” and there was only one person who had ever done a deal (it was her first deal and was not done yet). This is indicative of the previous meetings as well. ALso, it seems like there is waaaaay to much stuff being pushed for sale, in terms of courses and books. Makes sense though that successful rehabbers won’t waste their time at these meetings. I need to find another avenue to meet sucessful Rehabbers-- I will post a message on the yahoo newsgroup, and start talking to wholesalers about who the players really are. I need to get hands on experience. I won’t be like the 95% of newbies who never do a deal.
I agree with what you’re saying. I get at least 5+ calls a day and 10 to 15 e-mails a day from folks who want to learn Real Estate Investing. Lots of time the story is the same…things like, I have No Job, so I want my Job to be investing? I hate my job but do not want to take time away from watching TV to talk to motivated sellers… and the list goes on.
In my last 3 years of helping folks get started in REI I have found that a high percentage just will not “Pay the Price” of doing the work need to become wealthy as an investor. As much as I want to, I can not drag someone accross the finish line. You have to be self motivated.
I have to do things to motivate myself everyday.
If a qualified Mentor (one that is where you want to be in 3 to 5 years) gives you a path and hoops to jump through to help you succeed then just do what they tell you…
Remember the Karate Kid, “Wax On, Wax off”
The greatest feeling is seeing a seed you planted blossom.
Make it a great day!
How very true.
BTW, I still want to meet with you soon. Life seems to be taking hold of me these days, too - although most of it is REI.
The best compliment or reward you could give me is your loyalty and referal to anyone you know needs what I have provided for you.
Yep! REI is as tough as growing any other business. It’s rewarding, but takes dedication, skills, education and planning.
If you can’t find a mentor, then just manage your risk to as low as possible. You can read all the books or take all the courses in the world but nothing beats actual experience doing it. Most of the books and courses I’ve seen are high level compared to the nuts and bolts of actually doing it.
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.
NJREstudent,
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.
Raj
Nice one Raj. Lot’s of good points.
Raj that sound like awesome advice.
I need to check out GA laws in regard to REI.
I guess to cma ~ i should look into becoming a Realtor or would doing deals via the JA’s way be a conflict of interest?
An associate of mine did the same deal and is mentoring me as I type.
I guessing it would be ethical to inform the buyer that you are a rei
But the biggest problem is mortage fraud and I aint going to do no hard time for nobody.
But that sounds like i would need a real estate license because if I flipping a contract in order to make a profit which isnt no different from flipping a property in order to make a profit.
Sound doable but sorry to hear you got sue. Does it mean Texas is strict on flipping a contract which I thought is the whole esscence of wholesaling?
Well I have had many people ask me for my time and my advice. My time is the most precious resource I have. I hate to say it, most just waste my time.
For me I live by the mantra of Learn, Grow and Give Back. To many people only focus on the benefit to them.
To be a true success you need to go into every relationship, situation, etc with the mentatlity of “What’s In It For Them”. If you focus on the positives to the other party, you will get what you need in the end.
So if you want a mentor, focus on why teaching you would benefit them. OH and then of course FOLLOW THROUGH.
Do not take my advice run off and make money, sell programs, etc and not in some way shape or form, show gratification to me for giving you the key advice you needed. Want to really piss someone off, do just that!
I can understand how you “mentors” feel like “why should I waste my time”. I am not necessarily “looking” for a mentor before I make my move, I just haven’t found the right deal. But I definitely would welcome a mentor for help and I don’t mean “Hey, let me bounce this off you”. But some real, get down, get my hands dirty, grimey work.
I’m in IL, (Waukegan, Gurnee, Zion, North Chicago area) and hope someone in my area can help. I see it like this, either I keep buying books, going to seminars, etc. or I pay someone to HELP me with hands-on. Notice I said HELP and not hold hand, make deal for, find property. I’d rather pay for that education than a book or seminar any day. I NEED to KNOW how to do this. So if anyone is interested in assisting, please contact me.
Great points from everybody on this thread. There are people that I know that are trying to get started in this biz. We go out, have dinner and a few beers, chat about real estate, I give them pointers here and there, and that’s about it. I also get phone calls from time to time from them. Am I their “mentor”? Not so much. If I was to mentor somebody full time… I would want $$$$$. I don’t think I could mentor somebody full time. I don’t have the patience.