Hello all, I am new to the site and fairly new to the investing world. I have done countless hours of research in attempt to understand the many ways to invest in real estate. I feel that recently I have hit a plateau in my research; and I feel that to get to the next level I need the proper guidance and education.
Unfortunately, that seems to come with a cost, which brings me to my question. Is there any way that local real estate investors would be willing to teach me as they go, almost like having an unpaid intern? I'm not above doing any dirty work for them such as filing papers or running errands. I understand they must be busy, but I feel that if I was put in their shoes I would be more than happy to mentor an aspiring investor. Is this common, or am I wasting my time reaching out for help on a personal level?
Hello Broderick and welcome.I will tell you being both a mentor and somebody’s student to this very day after 14 years in the real estate business, I highly recommend finding a coach/mentor help you along in your business.
You do need to consider that asking somebody for help and not being able to pay them for their time especially if there are good, is it a bit of a tall order.Mentors and coaches get those requests all the time, the big problem is that most people don’t follow through once they get started and the mentor is never able to really develop that student into potentially profitable business relationship which tends to be the students “empty promise” when they start out.
I would like to think that you are the exception to the rule and if you are interested in learning this business, I’m willing to extend you an offer and mentor you if you are truly committed.
I will have a couple of requests and need to get some information from you before we move along so send me a message and we can discuss the details further if you are really ready to make that jump in your life, listen and learn all about business from one guys perspective and see how things go over the course of the next few weeks.
I’ll wait to hear from you and if I don’t I wish you the best of luck in your career and your search.
I doubt you're wasting your time @Broderick Wolf ! The one BIG piece of advice I've gotten on finding a mentor is to offer him/her something of value or to be of service to them. It's good that you're looking at it from their perspective as this will be an integral component to finding the right guy or gal to take you under their wing.
Always remember that business is the art of adding value or helping people more so than making a quick buck (well, at least I think it is). Whether your finding a prospective mentor that you can be of service to or helping a motivated seller in a wholesale deal, it's all about solving someone's problem or enriching their life in some way.
Make sure to check out the BP podcasts. Almost all (if not all) detail how XYZ investor got started and a lot of times that was through a mentor of some sort.
Hopefully the whole "How may I help you?" approach works for you in finding a mentor and in your future successes in real estate.
Talk to you soon!- John
Awesome, and thank you for the quick replies. The second I understood the opportunities this business offers I was hooked. I look forward to reaching out and expanding my knowledge. I've read too many horror stories about individuals jumping into this without the proper education, and losing everything. I understand I'll take my lumps, but I feel that a solid base of knowledge along with trusted connections will help secure a successful future in Real Estate. Again, thank you for your feedback!
This is a great post! I'm a newbie as well, looking to establish relationships with local investors in the Metro Phoenix area. I believe that mentorship is imperative in any entrepreneurial endeavor.
Welcome. Learn everything you can. Consider the student housing below great way to make some good $ while in school. Fill in 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.
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 rehabbers.
Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook
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 started my path being a mentee when I wanted to learn about wholesaling, it's great that you have someone extend a hand. Normally it's not that easy. I started by being a regular at the REI clubs, and auction places. I always brought prospective deals to them. They would look to see if they were deals and if not they would tell me why. Always provide some sort of value. If your working you will be found. Below is a link to an article I wrote some months ago about finding a mentor.
"Enjoying the Journey"
@Marcus Maloney I have been to my local REIA meeting. It is hard for me to get to the main meetings, as they only meet on Thursday nights; but I'm hoping to join and attend some sub-group meetings. Thank you for posting, I'm going to do all I can to connect with my local REIA members!
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