HIGHLY MOTIVATED New Investor In California Seeking Mentor 15 posts by 12 users

Posted: 03/14/2010 at 08:11PM

My name is Ryan Dennis I am new to Real Estate Investing. I am always in between either Southern California and Hemet California. I am on a mission to become a above average wholesaler of REO properties inside of 2 years and my long term goal is to become proficient at "fix and flips" in addition to becoming a hard money lender to other investors and a mentor to people who are in need of a mentor that sincerely wants to see them make a positive change in their lives and succeed in becoming financially free.

I have gone to the seminars where the presentors only provide you with so much info until it's time for the up sale. I have read the books that are filled with "fat" and not lean applicable, step-by step, straight to the bottom line information.

I have gone to networking events to meet the real players and maybe it's me, but most of the big boys that I have met to date seem to not want to genuinely help you. Not being negative but this has been my experience so far. They give off this very shrewd energy of "get away from me kid your green" I can't help the fact that I'm new, everybody starts out new so I don't understand the "snootiness"

I have attended the webinars etc. you name it. There is plenty of information out there but I firmly believe for me to get off to a stronger, faster with start with less trail and error I need a mentor.

Every personal acheievement guru will tell you "Find someone who is doing or already done what you are aspiring to do and learn from them" What they didn't touch on is the attitudes lots of these guys have when you come to them looking to become an asset to their business in return for the knowledge. Give me a fishing rod and show me how to use it, not just a fish for the day you know?

I dont have access to any real capital and even if I did I still need the knowledge to invest that capital wisely.

I am looking for a mentor who wants a student that can explode his business and be a loyal rainmaker for life! When I have a clear understanding of what needs to be done step-by-step you can consider that task done because I have that much faith in myself.

I'm sure I can learn through trail and error but this is Real Estate, a business where one wrong mistake can set you back for years.
I am a believer in working smarter not harder and the smart think to do would be to get on the fast track by having mentors.

If anyone here can provide some insight or if you are a mentor looking for a real loyal soldier give me a shot and the knowledge. All I ask is for opportunity because I am ready to transform that opportunity into success and more money for you and me.

All feedback is appreciated no matter your opinion.

Thanks!

Posted: 03/16/2010 at 07:04AM

Great to have you here Ryan. I am no expert and am in fact a newer investor myself.

I highly suggest you read the book Go-Giver. It is a very quick 120 page read. I finished it in about 1.5 hours. It may give you ideas on how to find a mentor, or if you find a potential candidate, how to further work with them.

Finding a mentor, or any thing else in life, highly revolves around the Five Laws of Stratospheric Success.

Posted: 03/16/2010 at 11:02AM

leave it to me to tell you NOT to buy Prestons e-book on probate, its a vague copy/paste job of Ron Meads book which is much better. I had both and gotten them for free from other people (that's the downfall of e-book authors).

I can't help you b/c I'm not in REO's and haven't touched California yet (waiting on Chris G. to bring some deals, he's being a little lazy though) so no dice with me. But.........at least you found the right site with more information than you'll ever find in a 'course' and its all for free from people that are actually doing what it is you want to do.

Posted: 03/16/2010 at 01:20PM

Ryan, I don't know what you're expecting? It sounds like you are expecting someone to show you everything they learned over their entire career upon first meeting.

Provide value, build relationships, be consistent and you will find the right players on your team.

Do you have your real estate license? How many properties are you looking at a week? What's your strategy?

When you find that smoking deal, mentors will be excited to talk to you and get more from you!

Posted: 07/29/2010 at 06:49PM

When it comes to REOs in Southern California, try to meet Tony Alvarez. He is the real deal & is well known. He shows up at investment club events from time to time.

Posted: 07/29/2010 at 08:36PM

Get your real estate license ASAP and focus on working for investors.

Youll make more than wholesaling any day of the week. Some of your clients will become your first investors.

Also you will probably close 20 deals as a realtor vs. as a wholesaler which will teach you better negotiating skills, better skills at finding properties etc.

The only thing you miss out on being an agent is learning the operations portion.

I was reluctant to get my license (my wife finally made me). In 3 years I bought 3 properties before I got a license.

When I got a license I transacted about over 30 properties within about 4 years. GET YOUR LICENSE.

I wrote an article called "printing money with your real estate license" in which I talk about the benefits of getting one.

Good luck and get your licesnse..

Posted: 07/29/2010 at 11:30PM

Sorry to stray from the OP's topic, but Curtis could you elaborate a little more on why getting the license enabled you to do so many more deals? I'm actually on the edge myself about deciding whether or not to get licensed... maybe you can PM me and explain why it's so beneficial

Thanks

Posted: 07/31/2010 at 05:35AM

Well I decided (kind of got forced by my wife because I was spending all my time trying to bird dog and not working) to get my real estate license.

I decided to go into commercial with an emphasis on apartments since that is what I wanted to own.

A few reasons why I think you find more deals as an agent.

*you find out about the best deals first

*you build relationships with the top agents and real estate is a relationship business

*many of your clients become investors in your deals which allows you to buy more properties on your own

*you make a lot more money than most jobs which allows you to buy properties

*you are in direct contact with sellers every day so you find deals that way

*you transact 20 to 1 the amount of deals (acting as an agent) than you probably will as a bird dog or wholesaler. This directly translates into experience with negotiations, how to underwrite a deal, how to find deals, learning the contracts, escrow, etc.

As a bird dog you are only going to be able to sell under market deals even though the property you found may be sale able to a normal buyer. Only 1 in 10 at best will work for an investor so what happens to the other 9 you find?

As an agent it's a lot harder to get screwed by un ethical investors who try to go behind your back. You can have a contract with a buyer as a bird dog but legally you have no recourse in most situations if they do go around you.

This article may or may not make sense for you.

http://gabhartinvestments.com/articles/printing-money-with-a-real-estate-brokerage-license/

I don't broker deals any more I strictly act as an investor and syndicate real estate deals as the managing member. Having a real estate license and the experience it brang helped me SO MUCH.

BTW back to the mentoring part of the post. Think about this... As an agent I was on the phone EVERY day with many investors..

Don't you think they taught me how to find them deals, how to negotiate the deals....

Also I always asked them "if you were starting your career like I am with the goal of owning real estate what advice would you give me?"

Most people will gladly help you and once someone gives you advice they now will want to see you succeed.

Whatever you decide to do just stick it out. This is a great business with a TON of ups and downs but well worth it.