{"id":80231,"date":"2016-09-08T12:00:25","date_gmt":"2016-09-08T18:00:25","guid":{"rendered":"https:\/\/www.biggerpockets.com\/renewsblog\/?p=80231"},"modified":"2021-03-16T12:09:01","modified_gmt":"2021-03-16T18:09:01","slug":"the-best-way-to-approach-a-wholesaler-mentor","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/the-best-way-to-approach-a-wholesaler-mentor","title":{"rendered":"4 Steps to Landing a Wholesaling Mentor as a Complete Newbie"},"content":{"rendered":"

In the last year or so, I\u2019ve been approached by so many aspiring real estate investors looking for me to become their mentor<\/a>. I probably get asked this around 3-5 times a week!<\/span><\/p>\n

Though it\u00a0is very flattering and humbling that people recognize me as a real estate leader in Indianapolis, the truth of the matter is, I can\u2019t feasibly handle all of these relationships!<\/span><\/p>\n

I wish I could, but just on a practical level, with me running a full-time wholesale<\/a> business and an online community, unless people are serious, I frankly don\u2019t have the time to spare on them. <\/span><\/p>\n

With all the people here on BiggerPockets who are also seeking mentorship by other seasoned investors, I can honestly see the difficulty they have in acquiring a mentor. <\/span><\/p>\n

Finding a real estate mentor is the best thing you can do if you are just starting out, but again, real estate investors are extremely busy people, and if you want to grab their attention, there is a right way and wrong way to go about it. <\/span><\/p>\n

In today\u2019s post, I want to share a few things that are essential for you to do in order for you to better position yourself when asking for mentorship. This will almost guarantee your success with me, and I\u2019m confident it\u2019d be the same for anyone else you are prospecting as a mentor. \u00a0<\/span><\/p>\n

Let\u2019s get jump into it!<\/span><\/p>\n

4 Steps to Landing\u00a0a Wholesaling Mentor as a Complete Newbie<\/h2>\n

Step 1: Learn to Analyze a Deal<\/h3>\n

First, you need to learn how to analyze a deal<\/a>.<\/p>\n

It\u2019s important to learn the foundational principles and concepts of how to analyze a deal, and there are tons and tons of resources here on BiggerPockets for you to check out. One of the first things I\u2019d search for is something called the <\/span>70 percent rule<\/span><\/a>.<\/span><\/p>\n

\"goals-financial-freedom\"<\/p>\n

Related:<\/strong> Newbies, Want to Succeed at Wholesaling? Focus on Finding Deals! Here\u2019s How.<\/a><\/em><\/p>\n

Step 2: Find a Deal<\/h3>\n

Then the next step is that you need to actually find a deal or at least a lead that looks promising. <\/span><\/p>\n

Again, there are a ton of resources to help you do this here on BiggerPockets, and some of these strategies don\u2019t even cost any money. <\/span><\/p>\n

For example, if you have your real estate license, you could make 100 to 200 low-ball offers a month on the MLS, and I guarantee there\u2019s a deal in this somewhere! <\/span><\/p>\n

If you make 20-25 offers a day, you might only get one or two deals a month, but it\u2019s something! This is a great strategy if you\u2019re just starting off and funds are low.<\/span><\/p>\n

Step 3: Find a Potential Mentor<\/h3>\n

Once you have found a deal, the next step is for you to find a potential mentor. The easiest way for you to do this is by setting up a keyword alert<\/a> for your preferred market and then keeping an eye out for those who post frequently related to that keyword. Once you\u2019ve found one that you really think you\u2019d mesh well with, send them a private message suggesting that you\u2019d like to met and maybe do coffee sometime.<\/span><\/p>\n

\"private-money-partners\"<\/p>\n

Step 4: The Meeting<\/h3>\n

Once you\u2019re sitting down with the potential mentor, don\u2019t play games. Tell them the absolute truth. Say, \u201cI am a brand new aspiring real estate investor who\u00a0doesn\u2019t know much, but I am hungry and willing to learn. I just need a little guidance.\u201d \u00a0<\/span><\/p>\n

Then let them know you\u2019ve already taken action and found a few properties that you think might be good deals, and show them the numbers you ran. Then say that since you\u2019re new, you want them to review the leads and help determine if they are,\u00a0in fact, good deals or not. <\/span><\/p>\n

If they’re not\u00a0(which they probably won\u2019t be when you\u2019re just getting started), ask them if they\u2019d be open to helping you analyze leads you bring them, and then if ever one is a good deal, if they\u2019d help you close it for a 60\/40 split (where they get 60% and you get 40% of the net profit). <\/span><\/p>\n

You\u2019d make it clear that you\u2019d want them to have you be involved in the entire process, so that you could learn. <\/span><\/p>\n

Make sure that you offer to run errands, write purchase agreements, and perform any additional legwork needed close the deal. <\/span><\/p>\n

Why This Approach Works<\/h2>\n

As an established and successful real estate investor, if somebody were to approach me this way, it would be a no-brainer!<\/span><\/p>\n

Why would I walk away from a deal? <\/span><\/p>\n

With this approach, if somebody were to bring me potential deals, even if the first few leads they brought me were terrible, I would be more than willing to give them feedback because their success would guarantee my success along with them. <\/span><\/p>\n

If you approach potential mentors this way, where you\u2019ve already taken action prior to meeting with them and they\u2019ve now agreed to help you, all you have to do is keep repeating the cycle.<\/span><\/p>\n

Just keep getting out there and finding deals!<\/span><\/p>\n

For all of my newbies out there, the key is taking action! <\/span><\/p>\n

A lot of people don\u2019t take action. They read books. They read blog posts. They listen to podcasts<\/a>, and they eventually end up overwhelmed with all of the information that is out there about real estate investing. <\/span>
\n
\nRelated: <\/strong>For the Newbie Wholesaler: 4 Tips to Ensure You\u2019re Taken Seriously as an Investor<\/a><\/em><\/p>\n

I promise, you will learn far more by taking action and making mistakes than you ever will by reading a book.<\/span><\/p>\n

The only way to be successful in learning this business is to suck at it and fail — sometimes epically! <\/span><\/p>\n

The more you fail, the faster you can get pass that learning curve. The faster you eat that failure and learn how to do this business successfully, the faster you will become successful. <\/span><\/p>\n

Don\u2019t be afraid! Go after it! Make the mistakes, and sooner than later, you will actually do things right.
\n<\/span>
\nWhat steps are you taking to find a wholesaling mentor and close your first deal?<\/span><\/em><\/p>\n

Let me know with a comment!<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Real estate investors are busy entrepreneurs — so if you’re approaching a wholesaler for mentorship, you better be ready to offer them some benefit!<\/p>\n","protected":false},"author":12142,"featured_media":78332,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5526],"tags":[],"class_list":["post-80231","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-wholesaling"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/80231","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/12142"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=80231"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/80231\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/78332"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=80231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=80231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=80231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}