Getting a Partnership/mentor in my neighborhood

Getting a Partnership/mentor in my neighborhood

Member since 2020 · 3 posts · 0 votes

I know one of the ways to get a mentor is to provide value.

There is a couple in my neighborhood that's in their late '60s early '70s and they have a portfolio of about 10 properties. (Apartment buildings/ corner mom and pop shops).

I am not for certain about all of them, but the three that I've checked so far are in poor condition.

I would like to work something out with them where I can help fix up their property and share profits and selling them if they are considering selling off...

I've been saving money for a quad-Plex, But it's like every time I blink the price rises (Miami Market).

Does anyone have an idea how I can set up a structure a deal like this? Is there a industry term for this kind of deal?

I would like to approach them at least knowing how it could work...

Ideally, I learn something along the way of the process and make a little money..

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Real Estate Agent · Fort Lauderdale, FL · Member since 2015 · 175 posts · 79 votes
3y

@Frank S. I agree with everything Andrew said.  Build a relationship with them. At thier age they can see right through any B.S.  Let them know that you would like to be where they are someday and ask for their guidance.  They might ask you if you would like to buy the properties they own.  Make it a win win and you will be rewarded and so will they. 

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  • Andrew BoscoBusiness Member
    Rental Property Investor · NH · Member since 2023 · 441 posts · 416 votes
    3y

    The most important aspect to real estate; BUILDING RELATIONSHIPS. From there, the rest follows a flow. If someone doesn't trust you, then it becomes difficult to work a deal out. If the older couple knows you and has trusts, then I would simply ask them. See if they are having any problems. A good route of inspection goes like this: Find their motivation (if any) or what would motivate them to sell, get a timeline of when, the current condition and then ask them what they would part with it for. There's also the discussion of asking if they would consider owner financing, portfolio selling, or wholesale one by one. Decide what works best for you. 

    Andrew Bosco - Candor Investment Group529 Reviews
  • Real Estate Agent · Fort Lauderdale, FL · Member since 2015 · 175 posts · 79 votes
    3y

    @Frank S. I agree with everything Andrew said.  Build a relationship with them. At thier age they can see right through any B.S.  Let them know that you would like to be where they are someday and ask for their guidance.  They might ask you if you would like to buy the properties they own.  Make it a win win and you will be rewarded and so will they. 

  • Member since 2020 · 3 posts · 0 votes
    3y

    @Andrew Bosco thank you.

    Yes I'm looking for that win-win situation. I've even thought about looking for off-market properties to wholesale to them as a way to introduce myself. All I know is that they are an older couple and their properties are rotting.

    I'm just looking for a way that even if they have no time to guide me, we can still work together in some capacity.

  • Member since 2020 · 3 posts · 0 votes
    3y

    @Adam Schooley to do that I would have to get into OPM or seller financing. For the first property that might be me getting in over my head.

  • Real Estate Agent · Fort Lauderdale, FL · Member since 2015 · 175 posts · 79 votes
    3y

    @Frank S. are these owners really looking to buy more properties when the properties they already own are rotting?  At 60 and 70 thay may be looking to retire and stop being landlords. I would see if they wanted to sell and then see if they woud carry a note becasue they still would likely need monthly cashflow without dealing with tenants. 

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