Finding mentors as a young investor with little capital

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Finding mentors as a young investor with little capital

Henry Lipscomb
Morgantown, WV · Member since 2022 · 7 posts · 0 votes

I am a 21 year old rising senior pursuing a chemical engineering degree. I do not come from a real estate background so my family is not much help in the way of investment advice. At this point in my journey I understand the important the necessity of connecting with mentors. My question is, how should i go about locating mentors without signifigant capital to offer to make a mutually beneficial relationship? When and if i find someone, what things should I do to secure that relationship?

Thanks for reading!

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Derek Roche
Homeowner · Rochester, NY · Member since 2021 · 15 posts · 14 votes
4y

I'll share a bit of my story...

I took a part time job doing handyman/ trim carpentry work. The guy I worked for and with held several rental properties and was partners with other folks on a few more commercial properties. As we worked on the properties we would chat about all sorts of things real estate/ landlording/ finance. I worked for him for almost a year and gained so much knowledge and a better understanding of all the things real estate because I could ask questions to someone that was actively doing it! 

Now that I have my first duplex -  I can call my old boss/ friend and ask him construction questions, vendor/ tradesman referrals etc. All this to say the few thousand dollars I made laboring for him is nothing compared to having him as a resource. --- Like Rich Dad says - Don't work for money.

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  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    4y

    Go to NETWORK at the top of your screen and you can search for other investors and investment groups in your area. You can also check meetup.com or search facebook for real estate investment groups, clubs, or meetings in your area.

    Even if you have to travel to another town an hour away, it would be worth it to mingle with other investors and build relationships. You may discover you have a talent you can share in exchange for their wisdom, or maybe you can even build a partnership.

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    2Reply
  • Bud Gaffney
    Rental Property Investor · Boston, MA · Member since 2019 · 2k+ posts · 1k+ votes
    4y

    Henry, shoot me a message. I can help! Don't worry...I don't charge anything. I just love helping other people become SUCCESSFUL :)

    2Reply
  • Derek Roche
    Homeowner · Rochester, NY · Member since 2021 · 15 posts · 14 votes
    4y

    I'll share a bit of my story...

    I took a part time job doing handyman/ trim carpentry work. The guy I worked for and with held several rental properties and was partners with other folks on a few more commercial properties. As we worked on the properties we would chat about all sorts of things real estate/ landlording/ finance. I worked for him for almost a year and gained so much knowledge and a better understanding of all the things real estate because I could ask questions to someone that was actively doing it! 

    Now that I have my first duplex -  I can call my old boss/ friend and ask him construction questions, vendor/ tradesman referrals etc. All this to say the few thousand dollars I made laboring for him is nothing compared to having him as a resource. --- Like Rich Dad says - Don't work for money.

    2Reply
  • Travis TimmonsPro Member
    Rental Property Investor · Ellsworth, ME · Member since 2021 · 1k+ posts · 2k+ votes
    4y

    I'll second @Bud Gaffney - shoot me a message if you want to chat. I have nothing to sell but had some mentors that made a real impact on me when I was in my 20s. I see the value of that and love paying that forward when I get the opportunity.

    2Reply
  • Bud Gaffney
    Rental Property Investor · Boston, MA · Member since 2019 · 2k+ posts · 1k+ votes
    4y

    Amen Travis :) 

    0Reply
  • Andrew Moore
    Real Estate Agent · Grand Rapids, MI · Member since 2016 · 89 posts · 51 votes
    4y

    Welcome to the community! Congrats for having some direction at your age! Mentors are great, and can really help springboard your real estate investing journey. 

    One of the biggest things I would emphasize you mentioned briefly; 'mutually beneficial relationship'. In my experience, individuals who might qualify as 'mentors' aren't necessarily looking for a mentee that they have to hold hands with and teach them literally everything about the asset class/job/etc. I would suggest diving head first into as many educational resources as you possibly can to get yourself to a point where you can effectively communicate about what it is you are hoping to learn more about. 

    If you find an individual that you might be able to learn from and they own a company that you might be able to work for; you need a foundation of knowledge or level of competency in order to even get the job. If you are willing to work for free someone might be a bit more inclined, but they still want to make sure the value you can provide is great than the time and energy it might take to manage you.

    If you want to approach a mentor/partner with a deal, I would make sure you can do a decent property analysis and feel comfortable walking through and and having a conversation about the numbers.

    I'm a big believer that you get out of the universe what you put into it. If you want to get some value from it, add value to it first. 

    Best of luck, and let me know if there is anything I can do to be a resource for you along your journey.

    0Reply
  • Account Closed
    PA · Member since 2010 · 339 posts · 168 votes
    4y

    I spend quite a bit of time mentoring students, so my suggestion is more like fatherly advice than real estate mentoring. Chemical engineers can have really exciting, high paying jobs or really monotonous jobs that don’t pay anything. Another way to put it: you can work with a team building a chemical analyzer to for a drilling platform on an asteroid, or a team figuring out a better way to mix laundry detergent. You should work 80 hours a week for the next five years and become amazing. Don’t think about real estate because it is just a distraction. 

    1Reply
  • Steven Foster Wilson
    Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
    4y
    Quote from @Henry Lipscomb:

    I am a 21 year old rising senior pursuing a chemical engineering degree. I do not come from a real estate background so my family is not much help in the way of investment advice. At this point in my journey I understand the important the necessity of connecting with mentors. My question is, how should i go about locating mentors without signifigant capital to offer to make a mutually beneficial relationship? When and if i find someone, what things should I do to secure that relationship?

    Thanks for reading!


     I found one of my mentors through the University. I also applied for a RE scholarship when I was in college and the sponsor for the scholarship would take each person under his wing and meet with them. I would go to local brokerages ask if anyone is willing to hire you or just meet with them. I got my license during  college and that was a great decision. 

    1Reply
  • Ethan ColePro Member
    Rental Property Investor · Bridgeport, WV · Member since 2020 · 42 posts · 13 votes
    4y

    Hey @Henry Lipscomb! One thing you can do starting out is consume as much info as you can from these forums, and listen to the podcasts. I probably listened to the podcasts for 4-5 years before i was able to buy our first property. Also, I live like 30-45 minutes south of Morgantown, so feel free to shoot me a PM! I'd be glad to show you some things, and answer any questions.

    1Reply
  • Henry Lipscomb
    OP
    Morgantown, WV · Member since 2022 · 7 posts · 0 votes
    4y
    Quote from @Nathan Gesner:

    Go to NETWORK at the top of your screen and you can search for other investors and investment groups in your area. You can also check meetup.com or search facebook for real estate investment groups, clubs, or meetings in your area.

    Even if you have to travel to another town an hour away, it would be worth it to mingle with other investors and build relationships. You may discover you have a talent you can share in exchange for their wisdom, or maybe you can even build a partnership.

    Thank you for the direction and I will certainly dive into the networking feature in BP. Driving a town over is more than worth it for the knowledge I stand to gain!
    0Reply
  • Henry Lipscomb
    OP
    Morgantown, WV · Member since 2022 · 7 posts · 0 votes
    4y
    Quote from @Derek Roche:

    I'll share a bit of my story...

    I took a part time job doing handyman/ trim carpentry work. The guy I worked for and with held several rental properties and was partners with other folks on a few more commercial properties. As we worked on the properties we would chat about all sorts of things real estate/ landlording/ finance. I worked for him for almost a year and gained so much knowledge and a better understanding of all the things real estate because I could ask questions to someone that was actively doing it! 

    Now that I have my first duplex -  I can call my old boss/ friend and ask him construction questions, vendor/ tradesman referrals etc. All this to say the few thousand dollars I made laboring for him is nothing compared to having him as a resource. --- Like Rich Dad says - Don't work for money.


     Absolutely that is great advice. I will keep my eyes open for chances to put myself in proximity to experienced investors. I like how you explained in terms of a return on your investment of time working with your friend. Thank you for the reply! 

    0Reply
  • Henry Lipscomb
    OP
    Morgantown, WV · Member since 2022 · 7 posts · 0 votes
    4y
    Quote from @Andrew Moore:

    Welcome to the community! Congrats for having some direction at your age! Mentors are great, and can really help springboard your real estate investing journey. 

    One of the biggest things I would emphasize you mentioned briefly; 'mutually beneficial relationship'. In my experience, individuals who might qualify as 'mentors' aren't necessarily looking for a mentee that they have to hold hands with and teach them literally everything about the asset class/job/etc. I would suggest diving head first into as many educational resources as you possibly can to get yourself to a point where you can effectively communicate about what it is you are hoping to learn more about. 

    If you find an individual that you might be able to learn from and they own a company that you might be able to work for; you need a foundation of knowledge or level of competency in order to even get the job. If you are willing to work for free someone might be a bit more inclined, but they still want to make sure the value you can provide is great than the time and energy it might take to manage you.

    If you want to approach a mentor/partner with a deal, I would make sure you can do a decent property analysis and feel comfortable walking through and and having a conversation about the numbers.

    I'm a big believer that you get out of the universe what you put into it. If you want to get some value from it, add value to it first. 

    Best of luck, and let me know if there is anything I can do to be a resource for you along your journey.


    Like you, I am a big believer in reaping what you sow. Thanks so much for the reply and I appreciate the very tangible advice. Every free second I have between work and class is going into strengthening my business/ REI knowledge. That education will lay the groundwork for me to hang with the REI big dogs someday very soon!

    0Reply
  • Nicholas L.Pro Member
    Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
    4y

    @Henry Lipscomb I don't think you need a mentor right away.  If you get a good W2 job with that degree and minimize your expenses, you'll be way ahead of the game.  By all means, attend REIAs and network and meet people, but I don't think "securing a mentor" needs to be at the top of your to do list right now.

    1Reply
  • Eliott Elias
    Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    4y

    Meet everyone in your area. EVERYONE. Through your journey of learning from others and naturally being curious about real estate you will find someone whose willing to take on a young and hungry mentee 

    1Reply
  • Tanh Truong
    Investor · Cincinnati, OH · Member since 2018 · 136 posts · 87 votes
    4y

    Networking is key to finding a mentor. As far as what you can offer, you have something that many mentors don't - time. You can offer your time to help them with what they are looking for or focusing on. Always find ways to bring value to the other party. 

    1Reply
  • Linda S.
    Investor · Richmond, VA · Member since 2016 · 1k+ posts · 2k+ votes
    4y

    @Henry Lipscomb,

    You should definitely be networking at the meetup groups,   and make sure to state specifically what you're trying to get into.   Flips are different than rentals than wholesaling, etc-- tons of different ways to make money.   You'll be happiest by far, and it will give you the most value-- if YOU determine what you're truly interested in.        

    Figure out whose shoes you want to trade with, and take them to dinner, or offer to run errands for them or anything along those lines.   If you want flips, find the best flipper!    Real estate is 100x easier when you have someone to call that's when there before.    Without a doubt,  I wouldn't be where I am without my mentor, and he's really tough.

    1Reply
  • Austin Both
    Charlotte, NC · Member since 2021 · 10 posts · 6 votes
    4y

    Bigger pockets, Facebook groups, Instagram, and LinkedIn are great for networking and creating relationships.  

    1Reply
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