Mentor/Partnor

Mentor/Partnor

Investor · Pittsburgh, PA · Member since 2014 · 31 posts · 0 votes

Hello fellow investors,

My intention with this post is not to find someone to offer all of their expertise for nothing in return. It's actually just the opposite. I'm hoping to develop a mutually beneficial relationship in which we are both successful.

I'm located in PA just north of Philadelphia. A local or semi-local mentor would be ideal but I'm open to someone not so local as well. As you may have guessed I'm new to the real estate investing world. For the past 8-9 months or so I've been reading and learning all that I can. I even closed on 1 lease option deal. Made myself a cool $5K doing so! 

I'm slowly developing a passion for this business. With that being said I'm looking for an experienced investor who is willing to share their knowledge, time, and experience to help fast track me into the world of real estate investing in return for something of equal value in their eyes. I thought I found someone willing to work with but quickly found out they were so busy with their business that they didn't have time to work with me. They never answered their phone and returned calls several days later, if at all. By the way this person was not a BP member. My real estate investing interests are broad. I'm interested in lease option, rehab, wholesale, and building a rental portfolio.

I'm looking for someone who has their business up and running like a well oiled machine. Someone who is willing to dedicate some time and be a coach. This is not a SFN (something for nothing) type of deal. I'm willing to discuss how we can be of benefit to one another. We could partner on deals, I could work in your business, trade knowledge of other topics, or some other professional barter form. I have over 12yrs experience in the fitness industry and can help most anyone looking to better their health, diets, workouts, etc. I also have a small glass etching hobby. You can view some of my work at jbarberdesigns.com.  

I've worked in sales for over 15yrs. I'm not shy to call random people, knock on strangers doors, filter through sheriff sale lists, spend my entire evenings and weekends dedicating my time to this, or any of the other work most people are scared to or won't do. I'm a fast learner and a complete sponge on the real estate investing topic. 

I have an established LLC, business cards, a moderate marketing plan, we buy houses signs, general understanding of most investing strategies, and a ton of drive! Whether you're a long time seasoned investor looking to pass on and create a legacy or simply a novas looking to partner on deals or barter for knowledge or work please feel free to reach out to me. I'm very flexible and open to all offers to build a win-win business in which we are both successful and benefit from.

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CPA · Raleigh, NC · Member since 2013 · 1k+ posts · 2k+ votes
11y
Hey Jason B. , Great to get a mentor. I've found that mentors established in an "unofficial" manner tend to work out the best. Basically you befriend the person and continue to grow your businesses together. Don't discount hiring a good team. The team can essentially act as a collective group of mentors. For instance, I'm an accountant, and I can tell you that from the information you provided, a LLC may not be the best entity for you to use. I guess where I'm getting with this is that everyone will have a niche area of expertise, so it may be better to have several "mentors" rather than just one. Just my two cents.
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  • CPA · Raleigh, NC · Member since 2013 · 1k+ posts · 2k+ votes
    11y
    Hey Jason B. , Great to get a mentor. I've found that mentors established in an "unofficial" manner tend to work out the best. Basically you befriend the person and continue to grow your businesses together. Don't discount hiring a good team. The team can essentially act as a collective group of mentors. For instance, I'm an accountant, and I can tell you that from the information you provided, a LLC may not be the best entity for you to use. I guess where I'm getting with this is that everyone will have a niche area of expertise, so it may be better to have several "mentors" rather than just one. Just my two cents.
  • Austin, TX · Member since 2015 · 102 posts · 33 votes
    11y

    You have the right idea jason. Learn from someone with experience. It's helped me over the years. I have a good mentor recommendation, doesn't charge anything. Good reputation, can make you money and show you the ropes of distressed rehab, flip, buy hold. Other people on here I'm sure can refer you to good people too. 

  • Investor · Pittsburgh, PA · Member since 2014 · 31 posts · 0 votes
    11y
    Originally posted by @Brandon Hall:

    Hey Jason B. ,

    Great to get a mentor. I've found that mentors established in an "unofficial" manner tend to work out the best. Basically you befriend the person and continue to grow your businesses together.

    Don't discount hiring a good team. The team can essentially act as a collective group of mentors. For instance, I'm an accountant, and I can tell you that from the information you provided, a LLC may not be the best entity for you to use.

    I guess where I'm getting with this is that everyone will have a niche area of expertise, so it may be better to have several "mentors" rather than just one.

    Just my two cents.

     Hey Brandon Hall,

    Thanks for the reply. The first guy I mentioned I tried working with used an LLC for his businesses. I am wanting to do very similar transactions and it seemed to make the most sense to go with an LLC. I know there are several different corporations and entities I can setup and am open to any info you may have and why one may be more suitable for me over another. I actually thinking I may use my current LLC as my marketing name and create a separate entity for my transactions. If you have some advice I would love to chat and see if we can offer some benefit to one another.

  • Investor · Pittsburgh, PA · Member since 2014 · 31 posts · 0 votes
    11y
    Originally posted by @Account Closed:

    You have the right idea jason. Learn from someone with experience. It's helped me over the years. I have a good mentor recommendation, doesn't charge anything. Good reputation, can make you money and show you the ropes of distressed rehab, flip, buy hold. Other people on here I'm sure can refer you to good people too. 

     Hey Jim P:

    Thanks for the reply. I'm open to any recommendations you may have. Please feel free to pas along any info you feel comfortable sharing. By the way if you or anyone else makes a recommendation and I work wit that person in the end, I won't forget you and would want to compensate you one way or another either via shared knowledge, a partnered deal, shared contacts, etc..  Thanks!

  • San Antonio, TX · Member since 2015 · 37 posts · 6 votes
    11y

    Jim P. Is only advertising for himself.  It is clear when you look at every post he's made.  Who is your mentor, Jim?

  • CPA · Raleigh, NC · Member since 2013 · 1k+ posts · 2k+ votes
    11y

    @Jason B. Entity structure matters when setting up your real estate business. Generally speaking, if you are flipping or wholesaling, you want to run it through an S-Corp. Buy and hold properties should be run through an LLC if anything.

    It all boils down to how much you want to pay in self employment taxes.

  • Real Estate Investor · San Antonio, TX · Member since 2014 · 785 posts · 190 votes
    11y

    You can find good, free mentors on BP for your area, no doubt about it. I think Ned the mod wrote a post on mentors that was helpful? Offer something of value to your mentor that is a key. 

  • Investor · Pittsburgh, PA · Member since 2014 · 31 posts · 0 votes
    11y
    Originally posted by @Brandon Hall:

    @Jason B. Entity structure matters when setting up your real estate business. Generally speaking, if you are flipping or wholesaling, you want to run it through an S-Corp. Buy and hold properties should be run through an LLC if anything.

    It all boils down to how much you want to pay in self employment taxes.

     Thanks Brendon. I have not done any fix and flips. Its on my radar to learn how to. Once I get into doing this maybe I'll give you a call for a better understanding of the S-Corp and how you can help me save taxes. 

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