Getting a Mentor
Hey Everyone,
I've begun to lock in on doing a brrrr in the Philadelphia area to reap the rewards of hard money financing and buy/hold. I want to build equity rather than just doing flips. Here and there, i find good deals and they meet the 70% rule. But i truly feel like a need a mentor in REI to help me through the logistics, planning, details.
Any guidance on how others here have identified good mentors? Im not shy or leery to reaching out, just need to find the right person who is open to it. Im also a 9-5 corporate employee not in RE, which is a little more difficult. Eager to start, just need some direction with an experienced person. Thank you to any and all suggestions.
I started out with a full time job as well. I got connected with Flip More Deals (now called the Growth Collective) they were amazing, took me 2 months to get my first deal and they guided me the entire way.
Quote from @Richard Loniewski:I’ve heard of the growth collective before, thanks for the reminder, Richard. I’ll look into them, because I would love that guidance until I have enough experience to run with future projects.
I started out with a full time job as well. I got connected with Flip More Deals (now called the Growth Collective) they were amazing, took me 2 months to get my first deal and they guided me the entire way.
Hey Rami- heres a few thought. A mentor does not have to be a person in your immediate area, mentors can be online, some people even consider authors to books as mentors. I have found most of my mentors through the different networking and mastermind groups Im in which are all online. Join some paid mentorship & mastermind groups. The free ones do not offer as much value in my opinion, you have to pay to play to get the right people and right value.
Im also in Philly if you ever want to connect!
I have a few local mentors, but these guys about 30 years ahead of me in terms of experience, and they are not available to hold my hand as I build my business and do deals. They are there to meet with me periodically, make me think bigger, encourage me to be more creative, and help me avoid unnecessary risk.
With that being said, I don't really see a local mentor or an online mentor as a person who will be able to help you through "the logistics, planning, details" as you put it.
Your team will help you with those things. That is your real estate agent, general contractor, designer, architect, title company, hard money lender, property manager, etc. You will be in good shape if you put together a strong team who has experience, wants to work with you, and understands that you are new at this.
Hi Rami-
Congratulations on deciding to invest in real estate.
I like that you are investing near where you live. I think it is wise for most investors to at least start there if they can.
As far as mentors, I would try to find someone that knows the area you want to invest.
One suggestion is to start with property management companies in your area that are well reviewed or recommended and see if they know of any properties for sale or a Realtor that is also a real estate investor. It is good to have both of these on your team and if they are competent they will help you find deals and manage the deals successfully.
To your success!
Quote from @Jeff Roth:
Hi Rami-
Congratulations on deciding to invest in real estate.
I like that you are investing near where you live. I think it is wise for most investors to at least start there if they can.
As far as mentors, I would try to find someone that knows the area you want to invest.
One suggestion is to start with property management companies in your area that are well reviewed or recommended and see if they know of any properties for sale or a Realtor that is also a real estate investor. It is good to have both of these on your team and if they are competent they will help you find deals and manage the deals successfully.
To your success!
Thank you, Jeff! Great call out, im in the process of finding those circles in my area to build those relationships. I'd love to find a great and new investor-friendly contractor. I've found decent deals, but as someone who doesnt know how to walk through a property and assess repair budget, that's my next action step. Appreciate the kind words!
Quote from @Scott E.:
I have a few local mentors, but these guys about 30 years ahead of me in terms of experience, and they are not available to hold my hand as I build my business and do deals. They are there to meet with me periodically, make me think bigger, encourage me to be more creative, and help me avoid unnecessary risk.
With that being said, I don't really see a local mentor or an online mentor as a person who will be able to help you through "the logistics, planning, details" as you put it.
Your team will help you with those things. That is your real estate agent, general contractor, designer, architect, title company, hard money lender, property manager, etc. You will be in good shape if you put together a strong team who has experience, wants to work with you, and understands that you are new at this.
Thanks Scott, appreciate the advice. I've been in the process of signing up for a convention and looking into other meetups. I really do want to connect with people to form that team including a hard money lender that's new investor-friendly. In the process, I want to find a mentor thats interested in supporting me here and there. Definitely not hand holding as you mentioned. Fully agree there.
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Suggest you trade one of the deals you find in exchange for mentoring, maybe kee a small percentage of the deal.
Quote from @Rami Khaldi:
Quote from @Scott E.:
I have a few local mentors, but these guys about 30 years ahead of me in terms of experience, and they are not available to hold my hand as I build my business and do deals. They are there to meet with me periodically, make me think bigger, encourage me to be more creative, and help me avoid unnecessary risk.
With that being said, I don't really see a local mentor or an online mentor as a person who will be able to help you through "the logistics, planning, details" as you put it.
Your team will help you with those things. That is your real estate agent, general contractor, designer, architect, title company, hard money lender, property manager, etc. You will be in good shape if you put together a strong team who has experience, wants to work with you, and understands that you are new at this.
Thanks Scott, appreciate the advice. I've been in the process of signing up for a convention and looking into other meetups. I really do want to connect with people to form that team including a hard money lender that's new investor-friendly. In the process, I want to find a mentor thats interested in supporting me here and there. Definitely not hand holding as you mentioned. Fully agree there.
There's a few meetups around Philly- or there used to be. I'll have to see if I can dig up one or two of them. Some of them I see on Facebook so I'd have to dig for them... but Philly is absolutely filled with real estate investors all over the area.
Quote from @Rami Khaldi:
Hey Everyone,
I've begun to lock in on doing a brrrr in the Philadelphia area to reap the rewards of hard money financing and buy/hold. I want to build equity rather than just doing flips. Here and there, i find good deals and they meet the 70% rule. But i truly feel like a need a mentor in REI to help me through the logistics, planning, details.
Any guidance on how others here have identified good mentors? Im not shy or leery to reaching out, just need to find the right person who is open to it. Im also a 9-5 corporate employee not in RE, which is a little more difficult. Eager to start, just need some direction with an experienced person. Thank you to any and all suggestions.
No matter who (or what) you choose, just be sure they have what you want and are doing what you want to do. Like someone else said, they can be virtual or local. The principles should carry over and that's really what matters. I'd argue that they don't need to be familiar with your specific market. That's because at the end of the day, it's going to be YOUR investment property, not theirs. A good mentor will challenge you so you know why you are (or are not) doing the deal. If the deal you want to do is so great, he/she shouldn't be able to talk you out of it. I do this with my mentees all the time.
I would agree with whats said above but Id personally start with talking to local folks to get your core team. IMO a mentor is helpful once you know where you are going and need to get to the next step. I could be 100% off but it sounds like you need a solid RE agent/lender/contractor that can give you inputs on areas and on specific properties as you find them. If thats the case Id be happy to DM you folks I utilize and local FB groups where you can research and see what issues pop up regularly around here.
Again not saying Philly is drastically different than other areas, but we have a number of things that can easily trip up a first time investor in the area that I see happen quite often.