BiggerPockets

I would like to know what I have to do in order to get an experienced wholesaler Mentor?

I am looking for a mentor who can teach me and guide me through a wholesale deal. I am extremely ambitious and can and will do whatever it takes. I would like to offer you a 75/25 split. I realize that I will have to work like I am getting 100% of the deal.

What I can bring to the table:

75/25 split
Coachable
Persistence
Determination
Hard work
Time
I am a stand out.

I have always been told that I can't invest in real estate with no money and and bad credit. I would like to prove everybody wrong and with the help of the right mentor, I feel I can accomplish this.

I have been going about this on my own for a while now and realize if I can learn the ropes I can take this anywhere in the country and wholesale houses.

Thank you,

Big Nick

Very difficult to do, I tried and tried for years and no one wanted to teach me.. I found one in 2005 and only got 10% split on my deals.. Closed my first "wholesale" deal in 45 days with a 30k cashier check. If you seek, you shall find! I've partnered up to do flips with some newbie investors and lost a lot of money do so prior to finding this guy..

You have 2 ways of going about it.
1. Find a deal: Put offers on every property that you see, offer 25-35% (or less) under market value.. Attach an addendum with 3 outs just in case you can not close or find a end buyer. Once accepted, advertise the property on Clist, here and other free sites. Make sure your deposit does not exceed 100.00.. I'm more of a 1-10.00 guy or was that guy.. Be straight forward with all and any sellers! Let them know your intentions, They will bring you more biz.. You can use an option contract, State Contract or 1 page LOI.. Contact your local title companies and appraisers to run comps. Title will provide your on profile on there site so that you can comp the property out.
2. Build a buyers list! BEST WAY... Cash buyers list.. Find out what they want and deliver.

Ex of numbers:
Value: 100k
offer accepted: 70k
Sold to end buyer: 75k
Profit: 5k

Send me an email anytime..
Buyer walks in with 25k equity, you make 5k off the flip!

This was just a quick preview of what to do, there are a few more parts that you need to do... Feel free to contact me VIA email..

You are looking at things in a completely backwards way Nick.
First you had a deal and just wanted money. Now you want a mentor to hand you knowledge.
A previous poster is correct. You need to begin by educating yourself to the greatest degree possible. That means books and literally reading every post about wholesaling on this site.
THEN you are in a position to ask for a mentor.
THEN you might be in a position to ask for money.
There are no shortcuts. You need to start at the beginning.
And you can literally spend your whole like trying to prove other experienced, smart people wrong. The odds are that you will fail for years and years. What is the point in trying to do something where the odds are so greatly stacked against you? For every single person you read about who defied the odds when no one said they could, there are literally thousands who tried and could not defy the odds.
It is generally a good business decision to have the odds of success ON YOUR SIDE.

The other thing is you seem to have no consideration for the other side of the mentor coin. What is the mentor getting out of the relationship? Is it money, is it simply the satisfaction of helping someone, is it something else?
No where do you address what someone else will get out of it.

BTW, Nick, I have read several of your recent posts. I have even taken my time to respond to a few with suggestions and questions. You have failed each time to even bother to respond to me or to anyone else who has tried to help you. This is a big problem if you are seeking a mentorship. It indicates you are not truly coachable or want to learn. You just want to get this one deal that you have described as "life-changing" done. And then, if it is successful, I imagine you have no more need for a mentor and will drop him like a bad habit.

In response to Eric Michaels. Yes I had a deal that I wanted money for got excited and wanted to just get it done. I do not want a mentor to hand me knowledge I would like a mentor so I can hone in on my skills and repay that favor to someone else, I feel it is a privledge to have a mentor.

I have read just about every post on wholesaling and flipping on this board and I have an extensive real estate background as far as educating goes on both sides of the arena, in lease options have done about 15 and also worrked as an agent for years with Century 21 and Coldwell Banker along with 3 other smaller independent firms in two different states. I have also been involved in four flips.

As far as consideration of what a mentor gets in consideration, I didn't think about, other than the 75% split. I thought that would be enough and when successful I could give them an awesome success story to help them develop their coaching skills even more. I am greatful you have brought that to my attention. Is there a suggestion or something else I should offer the investor too?

As far as posting I did not see anywhere you personally had responded to any of my posts otherwise I would have responded because I am truly greatful for the guidance an help. Obviously you have spent some time lookin in to me and I appreciate that because that will help me grow futher in my investing career.

As far as a mentor or coach this would be an ongoing relationship, because yes my bills are paid right now so I can focus more on investing than ever before. I now have the freedom to pursue this but I am looking to take what I learn and make it my career. I already have an intense education on real estate and investing but not in wholesaling and this is where I would like to concentrate my time.

Thank you so much and Happy Investing

Thoughts are things.

Nick

Nick,
In reading your profile (and followup post) I see that you have a good deal of experience in real estate and that will be helpful with your wholesaling. I have to agree with Ali and it looks like you are familiar with the posts that are already in the wholesaling forum. You can get at least 3/4 of your wholesaling plan together by going back through the wholesaling forum and picking out the best advice from the experts. I am doing the same thing with short sales - I have no experience with short sales but I do have a decent amount of experience with flips and rentals. I'm gathering as much info as I can on the short sales forum. I'm using the posts from the very experienced and successful posters to put together a game plan prior to trying to fill in the unanswered questions and gaps with new posts myself. As Ali stated, you may find a virtual mentor. I suspect that you know, and I believe, that BP is great wealth of knowledge that can not only give you a huge head start but also a good deal of motivation.

Scour the wholesaling forum and draft a plan of attack and then post that plan to the forum and ask for feedback. Become very educated on the key points of wholesaling from the past posts and show the experienced folks online that you do have the persistence and determination that you say you do.

I hope this helps.


Cheers,
John

I'll tell you why I don't want to mentor you. Because there's a 98% chance that you are a COMPLETE waste of my time. :D

Was that too blunt? Tact isn't always my strength.

I've "mentored" many people in wholesaling after they promised and committed to follow through and do what I tell them to do, only to fall off the face of the planet in 2-4 weeks.

Most wannabe's don't wannabe bad enough. I know, I know. You are different than all the rest. I've heard it many times. Its the same song and dance just a different avatar.

You know when I started in this business I was going to figure it out with or without help, with or without credit, or capital, or experience, or a mentor. I was determined to do it. Period.

No excuses, no whining, and I didn't need anyone's help. Now I did search out people's help, but whether they helped me or not, it would not and did not change my path.

Quit looking for a babysitter and grow up. Read the forums and put an action plan together. Then start acting on it.

DO IT and do it YOURSELF!!!!!!!!!

When you're doing it, when you're REALLY working it, when you're in the middle of the trenches with bullets flying by your head and you're still pushing through, THEN and ONLY then, call me, and I'll mentor you. :cool:

Well stated Peter and Ryan. It seems that after some people ask for help and discuss their plan, if anyone with experience finds it lacking then we are umsympathetic, negative, insulting and jealous of their impending success.

Makes me wonder if they really want our opinion, or just someone to validate their thought process. I understand having paid to attend training, going out into the real world, and being frustrated that what you paid for doesn't work. But the person to be angry at is the guru who sold you the program, not the experienced real estate investors on bigger pockets willing to give you the benefit of our experience.

Ryan... you are correct... Tack is not one of your strengths!

And with that said... your response was dead on and a well written message that the only thing that can possibly allow anyone to achieve success is to just go out there and do it...

The primary contribution a mentor or coach brings to the table is a severely shortened and less risky learning curve... and the last I checked that doesn't come free!

Keep up these ever so "tackful" posts.

Nick,

The SBA has a program called SCORE that helps small businesses. One of there requirements though is having been in operation at least a year.

I suspect a mentor would be more willing if there was evidence that suggested that a candidate was truly serious. Education is part of that. Putting an action plan together would also be part of that.

I read Peter Giardini blog on this page, good stuff.

I have some other pretty good advice for nick that I hope doesn't offend anyone.

"mentors" usually have something in common, they are kinda old and lets face it a lot of the times they aren't as tech savvy. Even someone on a forum could probably be taught a thing or two.

All the older people are ALMOST ALWAYS doing things in business that could be streamlined - BIG TIME. The value I offer older people I have hired for partnerships is being "a computer genius" as they like to say. After three years of struggle I can now turn ideas into realty in a day, like create a website, drive cheap traffic to it, create cheap leads for salespeople who know how to close people. For certain people this is of huge value to them and finally easy for me. Thats the only way mentor relationships become worth anything -UP FRONT VALUE FOR THE DUDE WHO ALREADY PAID HIS DUES WITHOUT OBLIGATION.

I will be making my post for mentor/partner with care... I want to offer free help to a mentor/partner finding extremely targeted buyers/tenants that meet someones requirements. I want to do it quickly and make sure they are ready to come off a check. Im pretty good at this.

Any suggestions if it would qualify as something of value.