I have a call later today with an investor who happens to be the head of one of our local REIA's. This will be our second meeting and our last conversation ended with the question of what could I bring to the table if he and I decide to continue conversations to see where things will lead in the way of real estate investing. So my question is this, as a newbie to REI what would someone already in the investing world look for or need from a newbie?
Through our prior conversations my back ground in engineering has come up and he has said that that interests him as he says his mind does not work in that way. Now for me I think of this as maybe I might be able to asses process that are in place, or not in place, and be able to see systematic inefficiencies and solve for them. Or maybe he needs help with spreadsheet work and formulae driven decision making templates. I have been thinking about what I can offer over the weekend and I keep asking myself the question, How can I know what he needs? I can offer all kinds of help but if it is help that is not needed it does not bring much value to the relationship.
So I guess my first question should really be...
"Thinking about your question of what can I bring to the relationship, I have realized I need to know what you are missing or what you need help with for your business in order to accurately be able to offer help where it would be most beneficial to you. I have lots to offer but if ultimately what I can offer needs to mesh with your needs in order for the relationship to be mutually beneficial."
Thoughts on the above from the experienced investors on the forums that have mentored or thought about mentoring would be much appreciated?
Thanks in advance,
If he is a mentor, (not sure) Looks like he asked for your Resume to work for him. A Mentor is some one who does not need you but finds out from you what it is you are looking for and takes his expertise and helps you grow.
If you are looking to flip a house find a mentor who is doing that and ask them to work with and for them for free for a set time or project. Then move on to the next mentor or maybe that mentor can then see your strong points and use them in his organization.
When people ask me to mentor them, My first question is why did you pick me. Most of the time their answer is very broad, like you wrote a book or you have this or that, What I want to hear is a spec response, Like I would like to flip condos and I see that is what you specialize in.
After all that, lol Just say to him, I want to learn the business of rehabbing or flipping or managing rental and for this I would be willing to help you at what I'm good at..... Good Luck
I am 27 and i believe everyone in my REIA is at least over 45 yrs old. When I talk to them I continue to see the same patern and that is that they are not as motivated or too busy to do some of the basic ground work to continue to grow at a productive rate. As I tell them I often drive for dollars and can easily locate ever abandon home or could name the Realtors selling in my area just based of the number of signs I have seen. they often look at me with this unexplainable look as if they are think of ways to utilize my youth to there advantage. I soak it up as I think of ways you utilize there experience to my advantage. The conversations are usually a meeting of the mines, a clash of modern vs retro and have come to learn and concluded to one thing.
Anyone involved in the REIA are usually there because they truly want to help new investors. So as you think of what you could bring to the table the first and best thing is honesty. Your new and you want to learn you will do what ever is asked, you will do it to 100% of your ability and you will not ask any questions. once you learn and move forward in your business you will grow in to position to be able to provide more beneficial resources to him.
I feel as some of the above individuals do that this is not a mentor relationship it appears to be more on the level of joint venture or partnership relationship. A mentor is more of an instructor type of relationship and frankly you become a student and you don't evaluate their deficiencies. It appears that he/she wants to formulate a working relationship. I would be direct and ask what it is they have in mind and eliminate all of the guess work. What they have in mind may be of no interest to you the specific relationship and profit sharing are items that should be discussed on a broad basis to evaluate where you are on the pecking order and then take it from there. Good luck
@Chris Vail I agree that he is probably looking at things more as building a partnership rather than a mentor relationship. If you are an engineer (you didn't specify which type) you could be very valuable in development projects, project management, business administration, etc., and help fill in the gaps he may have.
In our family owned business (there are 4 of us) we have a licensed general contractor, a licensed electrical contractor, one broker and two agents. All of us have our areas where we are stronger, but help support the others, each wearing many hats.
I also agree that you be straightforward and ask what it is he has in mind. Good luck!
Thank you to those that replied I appreciate the feedback. Yes calling it a mentor might have been the wrong title. After our conversation today he is looking for someone that can help him systemize tasks and processes and I am looking for someone to help me get my feet wet in REI without throwing myself into the deep end of the pool with weights on my feet. I look at is a mentor type of relationship or perhaps it would be classified as a coaching relationship or partnership. I plan on helping where I can around systemizing processes for him and I will be seeking knowledge/experience about REI in my market from him. It should be a win win. I will try to respond back here as the relationship unfolds.
@Karen Margrave I have my Mechanical Engineering degree
Again thank you to those that responded.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.