Hey everyone, the rei club meeting is coming up and this will be the first one i will be attending. I’m 18 and would like to have one of the professional investors become my mentor but I’m not sure how to go about getting one. Any advice is welcome.
When you are looking for a mentor, you need to ask, what are you offering them? Are you going to pay them? If not, what value can you bring someone?
If you going to approach someone you would like to mentor you will have much better success if you are offering them something of value.
Ok, i understand very well how to get a deal but not how to follow through with contracts and stuff so i will offer a wholesaling deal.
If You are good at finding deals, you have something to trade for additional experiential knowledge. When you have someone buy your wholesale deal, just ask questions about what other deals he is looking for and questions about his operations.
I have a friend in Fort Lauderdale who is a real estate agent and he learned all his baseline investing skills by being the rental agent for an active investor in the area. The investor makes deals and my friend handles renting them out.
And in building the relationship, the investor has taught my friend his method of making deals happen and of course is available any time my friend need him.
So yes if you can get deals ready for wholesalers, you will find all the teachers you want for the other things.
But even with wholesale deals, you will need to do a contract to tie up the property. Just put in some contingency clauses to give yourself an out in case you can’t find a wholesale buyer and you will be all set.
Step one. - Change your name from joker… if you want to be taken seriously. (Just kidding… sort of)
Make sure you know what type of investing you want to do. Ie. buy and hold, flip, short sell etc. Find someone in the group who does what you want to do and ask for help directly.
For example: “Will you help me by walking me through a deal deal step by step?” “Would you be able to show me the contacts and paperwork involved?”… Also, ask if you can review a future deal with them as it happens.
The only request I have made of my 'students is that they follow the path as it is laid out. I always let them know there are several exit points in a deal and I will warn them when they are at the point they have to follow through.
Some kids get to a certain point and run off in their own direction. I see them a year later… still no property or deals. This happens a lot! Too, too bad.
On the good side, My first student got 5 no money down properties in 2 years.
Successful mentoring brings it’s own satisfaction that requires no repayment. In some cases I have made a real estate commission from my student’s purchases but that is not required.
Thanks guys, a mentor picked me up off the forum. Hope it works out good.
Picked you up off the forum?
How’d that happen?
I was asking for a florida contract and in the process of getting it they asked me if i wanted them to mentor me. They also pay me money for gathering information from there leads.
I wish more thought like you. That’s what makes the world a better place. I always give knowledge about what I know freely. I don’t understand this “paying” for a mentor. What ever happened to knowledge sharing, helping someone along?
When I get to the point that I have advice of value to offer, I sure won’t be “selling” my knowledge. It brings me satisfaction knowing someone did well with advice I’ve given them.
A lot of us think like that. I think that is why we spend time on this site. We are not paid, we just want to help people do it right.
I think helping others is one of the main purposes of this forum and I appreciate all the time that is generously given.
yeah we should pay reiclub 10k each… pay up!