I am getting started in investing and looking for a mentor in the Philadelphia area.
What is the best way to find a good mentor?
I think the Mentor thing is overplayed. Honestly If someone came to me locally and asked that I mentor them and share everything I know about Real Estate I'd be hesitant for fear of training my competition. Ironically I'd share anything and everything imaginable with someone on BP.. Go figure.
Read, read, read, and read some more on BP, all the answers are here and free..
Spend 6 months analyzing the new listings, pended listings, and sold listings on your local MLS to help get a idea of what is selling and not selling in your local area.
Break your city into grids and just start riding down every single road to help familiarize yourself with the different neighborhoods.
When you think you've found a deal post the basics of said deal to BP and let the community help you evaluate it. Most likely they will point out potential pit falls and shortcomings.
If you post photos of the property and dimensions they can even help you estimate what a contractor should be charging you to repair the property. i.e... $4,000 to replace the central hvac, or $2,000 to paint the interior, etc.. Not rock solid figures, but basic parameters to help guide/mentor you through the process.
Best of luck!
Welcome. Think about what you can provide the mentor. Time to build the foundation below.
Check out the Start Here page http://www.biggerpockets.com/starthere
Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.
Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having 60 past ones to catch up on.
Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need.
Consider checking out HUD homes for small multi's owner occupied gets first crack.
You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
I am in Philly too (South Jersey). Check out the REIA meetings. There are usually some people that you can at least talk to. Also try reading books like "Millionaire Investor".
Hi @Greg Wake where do you suggest looking for REIA meetings in this area? I have tried to join some meetups but they never meet... ? Maybe I'm looking in the wrong place?
I have gone to the meeting at the Manayunk Brewery a couple times. It is usually at the end of every month.
Sometimes there are networking meetings at Stratus Lounge with the Philly REIA downtown also.
www.meetup.com I have been to a couple of the meetups. They generally always meet. Not sure why they didn't show up Amorette. I am part of Wholesaling Houses in Philadelphia, Addicted to Real Estate, Philadelphia Mastermind Group, and [removed] Im sure there are others.