Do seasoned real estate investors let rookies shadow?
I am 27 and recently stepped away from my PhD. I have educated myself on various terms, techniques, processes etc involved in real estate investing. But, I am wanting to apply this knowledge with the guidance/mentoring from an experienced investor.
I asked this question a lot about a year ago and wasted that whole time looking at mentor program after mentor program. It’s difficult to find someone to allow you to shadow them. Of all the advice I was given the best would be to join a REI club in your area or at least start going to their meetings. Also have your business cards with you, you’ll always get asked for these. Start taking the education courses provided through your REI club. You’ll be able to learn and network with others in your situation and you may find a partner this way.
Shadowing a seasoned real estate investor would be BORING! I consider myself to be successful at landlording. Do you want to shadow me as I watch TV or answer e-mails in the morning? How about shadowing me as I fix a leaking tub or wire up a new baseboard heater in the afternoon? Or maybe as I ride my motorcycle to the post office? My goal for this morning is to clean my aquarium. Do you have any experience with saltwater tanks? Sorry, but that’s the real life of a real estate investor.
I agree with slharpe. Join your local REIA and make friends with a few SUCCESSFUL INVESTORS.
Thats why I edited the post, after I read it I realized that it left a little too much room for interpretation I should have said riding my OWN Harley would be fun. Never have been much of a backseat rider myself.
Of course this is the internet… So maybe I am blond and cute :o
AZNate, what you probably need is what I needed and that was somebody to tell me what strategy works where I am and how to go about doing that strategy. In other words what the attributes are of the house I should buy how to market and rent it and how to select tenants. All these things are really local. That is why we say that you should go to your local real estate investors club.
For instance in Houston you want to find a 3 bedroom 2 bath 2 car garage house 1500 sqft or above that has an ARV of $100k that you can buy for at least $70k with no more that $10k of fix up in a neighborhood that rents for $1000 per month. You need to get a $30 application fee from each prospective tenant and use NTN to evaluate them. Take the first tenant that has income high enough that the rent is no more than 1/3 of their take home and has not been evicted or has not been late on his rent in the past or sued or been sued by his landlord. Always get enough money in the mortgage to fix up the property when you buy it and always fix it up to new standards (this keeps maintenance costs down to zero). Always refinance the house after 2 to no more than 4 years (use the refinance money for capital improvements like roof new A/C etc) and sell them after 5 years. And use a 1031 to buy another to replace them.
I guess you are in Arizona and I don’t know what works there. I would ask someone in Arizona what they do and how do they do it.
Hey, your about the second person this week I’ve come across and “helped” looking for a mentor in the field of real estate investing. I have been in this field for a few short months and basically I’ve learned just by doing it, and “networking” with the right group of people. I have three solid deals on the table and I’m looking to acquire more.
Nate, the first dilemma I see is that you live in Indiana and I live in California. However, like I always say “don’t let your problems be a problem.” If you’re really interested in learning about real estate investing surround yourself with problem solvers. If you aren’t a good problem solver, bring others onto your team who are. They will immediately complement your weaknesses, and you will also learn from them. The most important single ingredient in the formula of being a rookie real estate investor is creating a network of people who know more than you. You need to get familiarized with people who live in your area who are actively pursuing real estate investing. Any small amount of information you can get from them, take it and store it in your mental rolodex because I can assure you there will come a time when you can use it. Get familiar with loan officers, title companies, appraisers in your area and begin creating your team, because you’ll need them. Decide what area of real estate investing you want to begin with and start researching. (It’s not a matter of sitting back waiting for someone to pour knowledge into your head. It’s more so about going out there, asking questions, and making one small deal happen at a time.) In your first deal you’ll learn so much, you’ll start feeling like a seasoned investor. However, don’t fool yourself. Yes, structuring deals will become easier over time, but you should always remember to protect yourself legally. The network of smart investors I’m associated with all use Pre-Paid Legal Services. Pre-Paid Legal Services is a company that provides you with 24 hour access to inexpensive legal assistance and protection when ever you need it. If you don’t understand a R.E. contract, don’t sign it!! If a deal sounds a little flaky don’t move forward!!! Calling a Real Estate Attorney through Pre-Paid Legal Services to answer all your legal questions before you proceed in a deal will save you a lot of time, energy, and money. Luckily, its in all 50 states. I use it, and so do my associates. (If you’re interested in signing up, let me know.) Well, Nate, to make a long story shorter I’ll end here. However, if there is anything I can do to assist you in you’re journey in becoming a serious real estate investor, join my network of professionals and anything I know, I’ll gladly pass it on to you.