Chasing The Dream As a Rookie: How should I find a mentor?

[Marco McElwee Jr.]

I have been interested in property since I was just a teen. I never figured out how or where to start and what needs to be done. I need guidance, a mentor. I have read books but I am more of a hands on learner. I learn from experiencing and doing things. I really just want to find somebody dedicated to investing their time in me, a young man trying to turn dreams into reality. I will be dedicated to learning and growing and make sure your time is not used in vain. Somebody help me please? I hope to make this post the first part of my success story. Watch me grow!

[Nathan Gesner]

Marco, here's the reality. Nobody is going to pour their time and energy into a complete stranger. They won't even do it for someone they know well, unless they know that person is on fire and willing to put in the work themselves.

Focus on educating yourself as much as you can while networking with investors. Get to know people that are successful. Find a way to help them in exchange for information. For example, one brand-new investor wanted to learn how to flip, so he offered to help another flipper by cleaning his work site every day, delivering lunch, picking up and delivering materials from Home Depot, etc. He showed the flipper he was willing to hustle and work for free, so the flipper shared knowledge with him in exchange. The student soon became a partner in a flip or two and eventually broke out on his own.

Here's a start on your education:

1. Start with BiggerPockets Ultimate Beginners Guide (free). It will familiarize you with the basic terminology and benefits. Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.

2. Prioritize your financial stability. Eliminate debt, establish a budget, and save. Remember, the notion of amassing wealth without investing is a dangerous myth perpetuated by self-proclaimed experts. A prudent investor doesn't seek quick riches through shortcuts. To thrive in real estate investing, you must maintain a firm grip on your finances. Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.

3. As you read these books, watch the BiggerPockets podcasts. This will clarify and reinforce what you are reading. You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.

4. NETWORK!!! Get out of your comfort zone. Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away. Go to BUILD YOUR TEAM at the top of the screen and look for local investors or meetups in your area. You can also find real estate investing groups through meetup.com, Facebook, or a Google search. Birds of a feather flock together!

5. Now, you need to figure out how to find deals and pay for them. Again, the BiggerPockets store has some books on this topic, or you can learn about it by watching podcasts, reading blogs, and interacting on the forum. A handy search bar in the upper right makes it easy to find previous discussions, blogs, podcasts, and other resources. BiggerPockets also has a calculator to analyze deals, and I highly recommend you start this as soon as possible, even if you are not ready to buy. If you consistently analyze properties, recognizing a good deal will be much easier when it shows up. Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice. It doesn't take long to learn how to spot a good deal.

6. Study the market. You can learn to do this independently or get a rockstar REALTOR to lead the way. I highly recommend a well-qualified REALTOR who works with investors and knows how to help you best.

7. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. You could read 100 books and still need to learn more because certain things must be learned through trial and error. You don't need to know everything to get started; you need a foundation to build on, and the rest will come through experience and then refining your education.

You can build a basic understanding of investing in 3-6 months. How long it takes to be financially ready is different for everyone. Once you're ready, create a goal (e.g., "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it. Real estate investing is forgiving; the average person can still make money even with some big mistakes.