I was wondering if anyone could give some advice on finding a mentor. I live in Bend, Oregon and would like to find a mentor that has been successful in all aspects of real estate. I would like to start with some small deals and work my way up, but have an imediate cashflow to start with.
Thank you for reading and for any guidance you offer.
Well I would suggest joining a local REI club or landlord assoc. Depending on which area of REI you’re interested in, you can get some contacts. Just try to find a SUCCESSFUL mentor. Don’t hang around other “newbies” when it comes to findinf a mentor. Also keep in mind that you should somehow compensate your mentor’s time & knowledge with a gift card, lunch etc… it’s a good businesss practice.
Whether you’re just getting started down the road towards fulfilling your real estate investing dreams or you’re a little more experienced, a good mentor can get you closer to the realization of your goals by showing you some of the tips, tricks, and other shortcuts that have fueled their success.
The problem many fledgling real estate investors face – and some with a little more experience – is self doubt about their ability to put together profitable deals, as well as having numerous questions about when certain techniques would be most appropriate.
These doubts and questions can easily be alleviated by knowledge, but a lot of real estate investors have trouble applying principles they may have read about, heard about, or seen in a short webinar. This is one of the primary areas a good, experienced mentor can help increase their base of knowledge and give them the motivation and the direction they need to reach their goals and fulfill their investing dreams.
First of all, mentors aren’t all created the same. In order to be effective you have to have practical, relevant experience in the same kind of real estate investing as those you plan on teaching. A mentor can be one of the nation’s foremost authorities on creative commercial real estate investing techniques, but much of that knowledge and experience is pointless if you’re primarily interested in foreclosures, short sales, or rehabbing abandoned properties.
A good mentor will be concerned about your development as a real estate investor and will take the steps necessary to ensure that you are well-versed in multiple investing strategies. He or she will share with you accumulated knowledge and advice about how to better market yourself, and provide you with essential real estate investing tips and strategies that you can implement in your own career. By understanding a variety of ways of structuring investment deals, you will not only increase your knowledge, but you’ll become comfortable crafting deals of your own.
In many cases, a mentor will work shoulder to shoulder with you in the field and explain to you why certain strategies may or may not be appropriate in a given situation. In addition, certain strategies can be altered or modified in a way that a less experienced real estate investor might not be aware of, or may not have even considered. When you’ve been around the block several dozen times, you learn things that a simple textbook just can’t teach.
There’s a special bond that develops between a mentor and their students. I’ve developed friendships with a number of my students, and am still in touch with a great many others on a regular basis. I get excited whenever I hear that one of my students has put together a profitable deal that might not have been possible had it not been for the time spent with me listening, learning, and asking questions.
If you want to really ramp up your real estate investing career, you owe it to yourself and your future to thoroughly investigate the idea of working with an experienced mentor to shine a light on the opportunity you have to build a strong investment portfolio and a bright future for you and your family.
I oined the forum yesterday and began my search in particular about ‘finding a mentor’. The information that is provided here is a good starting point for me.
I do let doubts about whether I can do this seep in. I’ve ourchase several different guru’s books and tapes but I can’t say I have progressed any. I believe I would like to concentrate on short sales, REO’s and flipping but I don’t know if that’s a good place to start. I’m trying to begin with limited financial resources if an effort of produce some money.
So does anyone think this is possible?? :question
Keep in mind w/ short sales and REOs that you are dealing w/ banks who are losing money on the deals because people couldn’t pay the mortgage the first time. When you’re buying these. you’re basically showing the bank you’re helping them cut their losses and it could be much worse for them otherwise. If you have little to no money to show the bank, you’re not going to be able to prove your case that you will be any better for them than the people who defaulted.
Banks can be fickle about these deals too. Sometimes you may submit an offer and it may take a few months to get an answer on it. We had a situation where a property was listed on the MLS for $19.9K as a short sale. The bank had two full price offers and then decided they wanted to change their price to $35K.
Kkuo and SKCharles,
Running a real estate business is not brain surgery. I agree with Phlemboy that you should join your local REIA and make friends with the successful investors in your area. That takes a little more effort than just hiring a paid mentor, but is MUCH more beneficial. The best mentor will be someone that lives in your hometown and knows your local laws; your local market; and has the local contacts.
I don’t know what you mean by “limited financial resources”, but if that means you’re broke and have terrible credit, then my opinion is that you’re wasting your time with real estate investing. The WORST time to start any business is when you need the money. So, if you are broke with terrible credit, then I would strongly suggest fixing those issues first.
On the other hand, by “limited resources”, you mean that you have $25K in the bank and excellent credit, then you should be in good shape to get started. Regardless of your strategy, just be sure to buy at a huge discount to market value. That is your insurance that you won’t lose money on your first deal.
Good Luck,
Mike