I'm a 26 year old college student, who is brand new to BP, and the idea of real estate investing in general. It's been about a month since I first discovered BP and the BP podcast and with it and the help of a few books I have already learned so much. My goal right now is to educate myself with the help of books and hopefully mentors. With that being said, if there are any experienced investors in the Dallas, Waco, or Austin Texas area who wouldn't mind showing a new guy a few things, or even letting me work with you part time (not looking for a job, just mentorship), I would be very grateful. I'm willing to do a little bit of traveling if necessary. Feel free to message me or leave suggestions for finding mentors, as a student in this game, I'm open to suggestions.
The Force is all around you!
Generally speaking, a "good" coach or mentor will look for you to provide value to their business unless you're paying for the knowledge, skills and Rolodex. Are you good at marketing? SEO? Have time to walk neighborhoods and put out flyers / door hangers?
You should seek to define how you can benefit the seasoned investor so they will see the benefit of helping you learn while you earn.
I would get your Lic at KW and learn how to list
Get in the Game.
Great points, I'm currently picking up books and listening to podcast any chance I get, but I know that's not enough. I'm willing to work purely for education until I can make myself an asset to a seasoned investor rather than a liability. It's going to take a lot of work, and I don't expect to just start making money immediately, though I like the idea of learning while earning. Thanks for the response!
I'm not familiar with where Woodway is, but in Dallas there are a number of investment groups who have learn and earn programs. Mostly related to bird dogging, marketing or bringing in new investors.
I went to the REI Expo a few years ago and found it worth while. It's in January though.
DMI, and The Real Alliance in Addison have free informational events weekly(or they did I haven't lived in Dallas in a couple years). They are great for meeting people. They also have programs to learn and earn.
Meetup.com is a huge resource for meeting people.
I will look into that, sound like great places to start. And Woodway is located in the Waco area. (Between Austin and Dallas)
Check out these guys.
Contact Arnie and ask about the learn and earn program, they might need people in the Waco area.
Chris, great post. PLEASE understand the difference between a mentor and paid advisor. I have paid hundreds of thousands for education and learned more from my local investor/agent who took me under his wing and never charged me a dime.
Find your local bad *** investor and PROVIDE VALUE TO HIM. Whatever it is, provide VALUE
@Erik Stark I hear you 100%, I'm not one to run to the gurus and their flashy signs and promises of getting rich quick. From what I've read and heard on the podcasts, it seems that the best way to learn is to do, which I agree with on all things in and outside of real estate. I'll make a list of things I can do to provide value to an investor, and then find places to meet these guys. thanks a!
pull a list of property owners in your county. who ever owns the most ( I usually like the ones who own them in personal names)...
there's your mentor
@erik stark where can you pull a list from? My husband and I are in the same boat with trying to learn right now.
To borrow from a favorite Baseball movie of mine, "If you build it, they will come".
My advice is to show up on a regular basis to every meetup you can find in your area. Come early, leave late. The more you show up, the more you get a feeling of who the real players in your area are who work regularly with others, and the more recognizable you become. People who are ready and willing to be a mentor look for enthusiastic, intelligent, and dependable people. (After all, if they're at the point in their career that they are willing to lend their expertise, it takes deliberate effort on their part, and they don't have time to make an effort if you don't reciprocate.)
In going to over a hundred meetings in the past year, I've made a lot of contacts with some very savvy and successful folks, and not once did I ask to be mentored. Specifically because I found that, almost without fail, if a newbie popped up his head and asked to find a mentor at an event, the room would quietly groan and/or literally turn away in their chairs as if to say, "Not me, buddy! Don't look at me!" Plus, the newbie would show up for 2 or 3 meetings and then stop after not finding that person to guide them by the hand to the promised land. A very predictable outcome.
So, I didn't find a mentor. My mentor found me. Not kidding - I just participated in discussions at meetups, showed that I was progressing on my own by asking intelligent questions and building upon previous discussions, and offering opinions if I had an intelligent one to make. Even though it was obvious I was new, I didn't expect anything for nothing, and through active participation, I made myself memorable enough that when my mentor decided it was time for them to take someone under their wing, I was the one that came to mind first. Sure, it took a year, but I'd rather have a hard time finding a quality mentor who wants everyone to succeed than have an easy time finding someone who just wants a grunt to work for free (or pay them for the privilege!) until they burn out. I'm not paying my mentor for their time - my mentor offered to pay ME for MY time. (I declined, but you get the idea - I made myself valuable enough that I became attractive to the point where I was seen as an asset.)
@Guy Gimenez and @Erik Stark are absolutely right - it really comes down to what you bring to the table. If you don't show your value by being consistent and engaged in the meetups, especially when you don't have demonstrable skill in profiting from real estate deals yet, you are behind the curve. The value you bring as a serious, focused, and engaged person goes a LONG way to establishing your reputation. "Go the distance", as the movie says. :)
assessors office is the best place
try your counties GIS dept.
Very well said! I will definitely look into the meetings a bit more than I have, I'm just not sure how many are here in the Waco area. I may try and attend a few in Austin or Dallas, maybe I can meet a few investors who can inform me about meetings that are a bit more local to me. Thanks for the input, really great stuff here from you and everyone else!
Well said, great post!
And if there isn't one already, you can just start one. Put together a Meetup, get the word out on BP etc, and start with something small like a coffee meet at starbucks. Great way to show your value and willingness to put in effort towards your goals.
Solid advice @Guy Gimenez .Its all about providing value then absorbing whatever skillsets/approach from the mentor
yes, offer value to an experienced investor and I think he or she will work with you. Have to shop around some but It works.
What's a good way that you would suggest getting the word out for a meeting as a newbie? I've recently been looking through county records and getting mailing addresses for people with say 10 or more properties in my area and have even sent a few letters out with contact info. Other than that (which takes a lot of time) is there any other good ways you can think to reach investors when there are no meet ups in the area, and I'm just in the intro phase of the whole real estate thing?
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
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing