Questions for Mentor

I have an investor that has responded to an ad I placed asking for an experienced real estate investor to guide/help/mentor me through first deal+.

I was wondering if you might be able to help me with what questions I should ask to make sure he is legit.

So far I have a few, such as
if he can tell me/ show proof of past deals,
if he works in my area,
what kind of deal does he prefer to do or have most experience with,
what exactly is he looking for to do for a mentorship student and
what he is looking for in a mentorship.

Very excited about this!!! :bobble

I wouldn’t go near the “proof of deals” question. It’s a little insulting. You can get that info as you discuss his “best deals”.

First question I would ask is… How did you get started? And I mean everything, what he did before real estate and how he broke out.

What did you learn from your first deal?

How did you get your first deal?

What mistakes did you make?

What’s your best advice for me?

How did you build a relationship with your bank?

Do you have any before and after pictures of your properties. (this question alone can be priceless) The guy who gave me my start specialized in taking single family homes that were in commercial areas and turning them into office buildings. The pictures were an eye opener for me. He used to convert them by using brick or Dry-vit on the exterior and the transformation was unbelievable.

What would you do different if you were starting over?

Will you look at some deals I bring to you for your opinion?
Do this only after you know you can trust him.

What was the single best project you ever did and why?

How would you start if you were me?

Finally, If he’s the real deal tell him how much you appreciate his time. And here’s the most important part… DO NOT WASTE HIS TIME.

These guy’s get lots of people who ask lots of questions and do absolutely NOTHING with the advice they’re given. Your mentor will drop you like a bad habit if he thinks your wasting his time. Listen to him (again if he’s the real thing) and follow through on his advice. As he see’s you doing so he will become more excited about helping you. You would be amazed at the number of dopes that get an opportunity like your’s and do nothing with it. Keep him updated but don’t be a pain in the ass. There’s nothing worse than offering to help someone and finding out you just adopted an idiot who can’t figure out how to get comps on properties.

Good luck, make the most of it!

One other thing… Excellent idea placing the ad, really shows your not fooling around and my guess is it impressed your future mentor!

Curious whether or not you offered compensation in the ad? Someone willing to help for free would be more likely someone that is looking to help rather than after a quick buck. This doesn’t mean I wouldn’t compensate the guy in some way for helping but it would definitely make me feel better if I was contacted without promise of compensation.

Towards the end of my ad I added that I would help out with their business in return for what they do for me. This could be anything really. So I’ll see if they need anything or what they propose and go from there.

Thanks for the replies. I’ll let you know how it goes.

Just a warning here. I know your thinking this way too. But, if this guy wants any type of money for compensation or an investment, check him out BIG TIME. Most of the guy’s I’ve sat down with over the years wouldn’t take a dime from me. They were just happy to see someone with the same "fire in the belly’ they had when the got started. Each one of these guy’s has become a very good friend. I always tell them EXACTLY how much their advice helped me. What I mean is giving them an example of how something they told me was used to create an opportunity. You can actually see the pride in their eyes when they hear how their generosity has helped.

Your on the right track here. Just the fact that you would take the time to ask your questions on this forum puts you far ahead of the average person.