Clearwater, FL · Member since 2014 · 10 posts · 7 votes
Ok, so we know having a mentor can be the difference when starting out. Having an successful investor in your corner is a definitely a great "edge". How can someone such as myself offer value though? Thanks!
Investor · Fall City, WA · Member since 2013 · 200 posts · 63 votes
10y
Well, you can pay them. Simple. :)
But that's not typically how most individuals work. Mentoring takes time and time is valuable. It has to be a win win for everyone. So how can you provide value to a mentor? Couple of ideas, and it greatly depends on what type of investor they are and what your availability is and what type of investing you are looking to do.
Provide office services (unpaid intern). Offer to answer phones, file, whatever.
Offer to do physical marketing for them. Placing bandit signs, driving for dollars, etc. Basically, if you let them know that you will do additional marketing and bring them the leads, you can accompany them on seller visits and watch how they interact with a seller.
If they are doing rehabs, offer to go by the project or accompany them. Perhaps offer some labor on the weekends.
Typically how I have done it with new investors is I first want to know what their goals are. If they are not in line with what I do, then they should look elsewhere. If they are, then I start with the basics, marketing for properties with little or no money (driving, bandit signs, etc.). Once they market and get some leads, we review the leads together, then they accompany me on house calls and I share the process.
Investor · Fall City, WA · Member since 2013 · 200 posts · 63 votes
10y
Well, you can pay them. Simple. :)
But that's not typically how most individuals work. Mentoring takes time and time is valuable. It has to be a win win for everyone. So how can you provide value to a mentor? Couple of ideas, and it greatly depends on what type of investor they are and what your availability is and what type of investing you are looking to do.
Provide office services (unpaid intern). Offer to answer phones, file, whatever.
Offer to do physical marketing for them. Placing bandit signs, driving for dollars, etc. Basically, if you let them know that you will do additional marketing and bring them the leads, you can accompany them on seller visits and watch how they interact with a seller.
If they are doing rehabs, offer to go by the project or accompany them. Perhaps offer some labor on the weekends.
Typically how I have done it with new investors is I first want to know what their goals are. If they are not in line with what I do, then they should look elsewhere. If they are, then I start with the basics, marketing for properties with little or no money (driving, bandit signs, etc.). Once they market and get some leads, we review the leads together, then they accompany me on house calls and I share the process.
Rental Property Investor · Rockford, IL · Member since 2014 · 4k+ posts · 2k+ votes
10y
Some other value you can bring to a potential mentor:
Network with other REI people, and connect with private lenders, contractors, tradespeople, ... any one a mentor might need in the course of doing their own deals.
This also helps you by expanding your personal network so you are better prepared once your mentor has helped you "get started on the path".
In my local group, one of our leaders has gotten two of his best property leads from people among those he mentors.