Hi, Steve here. I am very new and right now in the obvious learning phase. I really want a local mentor here in Grand Rapids Mi. I have sent out emails offering to clean vacancies, answer phones, run errands, take photos of properties and anything else I can do to help in return for their knowledge and guidance. I also know a lot of people say they will split deals. Im more interested in getting in the game so they can have 100% of any deal I do. Yet not even one response from anyone. At this point I would love to see a no, at least then I know someone read it. Anyway should I bite the bullet and pay for a mentor? Who knows who is even legit? I joined a local meetup but have to wait for the next meeting to start, so hopefully I get good advice there. Anyway, feel free to shoot any tips or wisdom my way.
I am no expert, as I am new in the game myself. However, I went to the my first REI in GR at BWW. There were people there that I think you may be able to connect with and learn from. I would say wait before you buy a coaching program or service. It sounds like you are hungry so I am sure you will do well.
What kinds of deals are you trying to do? The best way to learn is to get out there and try. I would not suggest paying for a mentor as I have never had one and everything I have learned has come from books, Biggerpockets and my own experiences. This website has most of the info any beginner needs. Start with the free book and podcasts.
But if you have specific questions related to Grand Rapids market I would be happy to answer those for you.
Offering to bird-dog on behalf of an investor is almost always a no-brainer to get your foot in the door for the seasoned investor. He will teach you criteria of a "good deal" in your target market. If you focus on learning what constitutes and how to find good deals you will serve yourself very well. You can use driving for dollars or other methods.
BUT if you actually find good deals and close some, you will be well on your way! I have never turned down a bird dog offer, unless the candidate proves to me that they are not willing to work. Your work ethic will make you successful in this business from day one.
Best of luck.
I appreciate the responses guys and girls. I am willing to do whatever it takes to learn. I have no problem being a bird dog for a chance to pick the brain of a successful investor. I understand people start on their own, but I think a coach wpuld help get me where I want to go faster and with less mistakes
@Steve Howe what sort of investing are you trying to do? IMHO the whole idea that an expensive "mentor" is a worthwhile way to spend your money is mostly a concept promoted by those expensive mentors. If you want to be a landlord, find other landlords in your are and make friends with them. Then discuss specific issues when they come up. Having someone who is a landlord give you a rundown on local laws and customs is very worthwhile. That shouldn't be something you have to pay for. If you are going to pay someone, pay an experienced landlord/tenant attorney to brief you. If you want to find out how to handle your taxes, discuss it with your accountant. ETC. You don't need to pay someone who knows a little something about everything related to landlording. Specific advice comes best from a professional in that area.
Jon Holdman, Flying Phoenix LLC
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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 Costs http://www.biggerpockets.com/flippingbook
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
Hey Steve. Welcome to the game.
When I was buying 5-8 deals a month and our marketing was everywhere I would get 3-4 calls a month from people who wanted to "spend the day in our office" or "pick my brain." I understand, I was there once.
In the beginning, I did everything I could to help those people because I remember that lost and somewhat fearful feeling of just wanting to be sure you're doing it right.
What got frustrating is that I would spend a lot of time teaching them and training them and then they wouldn't take action and do anything. Of course, this is the 80/20 rule of life, but it was really frustrating.
Finally what I started doing was giving them a little test. I would tell them I would be happy to help them, but they needed to prove they were hungry enough to take action first. Then, I would assign them a task that we needed done in the office and something that they could figure out how to do. Nothing difficult, simple things, but things that they had to do, such as:
* go to section 8 office and get list of available houses/owners and call me when you have it
* go to county courthouse and find a legal assistant working that deals with foreclosure filings and give her my card and get her's
Out of about 30 people only 1 person ever completed the very simple task. He ended up coming to work with us and being our acquisitions manager for 2 years and then he went out on his own after he felt sufficiently trained with cash in the bank to proceed on his own.
The morale of this story is to do something for them. Go to a few REIA meetings and watch, listen and be patient. Find about 3 people you want to learn from and work with. Be careful though, there's a lot of blowhards at those meetings who are a lot of talk. Really listen and look for someone that you think you would enjoy spending time with. Get to know a little about their business, look at their website.
Then, after a couple meetings go and introduce yourself to them and offer to help with something specific. Maybe something that you've noticed they aren't doing well or could use help on. Offer to put out bandit signs, or clean out a property for the chance to spend an hour with them. If you know they like to buy vacant houses or do rehabs then go find some fixer uppers and bring them to them. Offer to buy them lunch to discuss how you could help them in exchange for learning from them.
Be patient, but show them you're willing to help and tell them what you'll do. That will go a long way!
Wow, @Cortney Jones that's an excellent story.
I've taken on a few people to mentor and saw the same exact thing. I have a new guy starting now - we'll see how it goes,
Most people want success and financial freedom, but so few are actually willing to WORK for it. Alas, real estate investing is not magic. It's business. It's work. It's hard. It SUCKS sometimes. But the dream is real for those with the character to pursue it...
Do NOT pay for a mentor or coach!
I would LOVE it if someone approached me with everything that you have to offer. Be persistent, keep offering your services in exchange for some mentoring and you will find someone willing to take you up on what you have to offer.
Thanks everyone for your comments. I am definitely going to work for it. Give a man with nothing an opportunity and watch what he does with it. Great story Courtney and Robert I wish you were in Grand Rapids. Like I said, I will gladly work for free to be given a chance to work with someone successfull
Hey @Steve Howe I'd be happy to help you any way I can. I'm not saying I'm doing a deal every month since I do this part time, but I could certainly help answer questions you have about wholesaling in Grand Rapids. We also do a meetup with a bunch of wholesalers and investors in the area this monday (2nd monday of every month). @Brandon Krieg would also be a great guy to talk to. He'll be at the REI Club meetup as well
Thanks @Michael Lerch ! He's a bit too modest... he is the founder of the group, and it's awesome. (:
Mods, you can delete this if this counts as promotion, but you really have a good group at the BWW meetups. People with all levels of experience in a wide range of fields... very helpful.
Mentors are great but many more people succeed without an official one! We are but and hold investors. We have gotten started just by trying! I would recommend you just go out there and start to preform! Connect with people local in your area. Go to coffee some will be duds but others will work out well! Good luck
Thanks @Michael Lerch. I will take all the help I can get, and do what I can to help you. I will be at Bww Mon, nov 10
Go find a successful investor and say to him/her, "How I can I help you? I'm willing to volunteer X hours per week for the next Y months, and I all I ask in return is to be able to hang out in the background and gain some understanding of your business. Put me to work!"
I know a lot of successful investors who would be happy to take you up on that offer...
Thanks everyone for the comments. Now the question is should I have 3 mentors at one time because they are all coming out the woodworks now :) I think I found my guy who is going to help me, and im going to start helping him as early as next week. Im pumped, Lets do this
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