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Updated almost 10 years ago on . Most recent reply

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Adam Johnson
  • Investor
  • Wausau, WI
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10
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Investor downsizing portfolio

Adam Johnson
  • Investor
  • Wausau, WI
Posted

Hello everyone. I'm seeking advice on if this would be a logical way for me to start investing. I graduated college last May, started a job in January, and am hoping to buy my first multifamily in the next year. 

While looking on Craigslist for properties about a month ago I came across a post from an individual claiming to be a real estate investor looking to downsize his portfolio and maybe willing to work with someone to help get them started. "Seller willing to spend time teaching willing 1st time investor how to own, manage and prosper with multi family properties. Seller has 10-15 four families available. Seller willing to hold 2nd mortgage to help the right buyer get started." 

Obviously, to a beginner investor this sounds to good to be true. And it made me more skeptical when I looked on Craigslist today and saw the ad was still there. However, I read stories on how older investors act as mentors to newbies and give them incredible deals on properties. 

If I were to take a risk and contact this individual, I would do so without any capital as I have moved for this new job and have been unable to save much in 5 months. 

Any thoughts?

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Joe Bertolino
  • Investor
  • El Dorado Hills, CA
1,234
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Joe Bertolino
  • Investor
  • El Dorado Hills, CA
Replied
My thought is that there will be a catch and he will want to be paid for his mentoring and the "deals" won't really be "deals". The only nice old people that give you property and free advice worth listening to are your parents or grandparents. There is no harm in feeling out the situation but I am sure there will be a catch at some point.

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