Best choice for a mentor?

Best choice for a mentor?

Medford, OR · Member since 2016 · 27 posts · 6 votes
My husband and I are anxiously awaiting the refinance of our primary home so we can get started investing with our first deal. My husband is a general contractor and more confident in this field than me, but we both agree having a mentor type figure would really help us. I'm talking about not just finding good deals, but analyzing ARV, getting creative with financing, setting long and short term goals, etc. Where we live, the market seems to be hard to get in to for the price range we'd like. I'm wondering- who do we look to for help? Is this a job that a realtor does? Or a financial advisor? It's hard to decipher because it feels like everyone is just pushing their sales pitch. I'm all for someone working with us and making money but it's hard to distinguish authenticity and I'm not sure who exactly does these things. Eventually we'll be able to do it on our own but some training wheels while we start out would be awesome.
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Investor · Berkeley, CA · Member since 2015 · 1k+ posts · 713 votes
10y
Originally posted by @Amanda Groover:

Thank you Jon. :) I'm not looking for a shortcut. I know it takes hard work which we are willing to do. Being an educator I just know that most people need guidance when learning something new. That's what I'm hoping to find, I was just wondering who the best professional for the job might be. It's all still new. I've been reading a lot and listen to the podcast almost daily. We drive neighborhoods several times a week and look for listings in our town. We just feel a bit overwhelmed and a mentor may be able to help us focus. Thanks you for the advice.

 I don't know what you are talking about. "You" are the best "professional for the job if you really intend to become an investor.  Experienced investors are busy...at least the good ones.  They likely will not mentor you, at least not for free.  Their time is worth money and the good ones don't give it away unless they generally get something back (ex. potential investors, deals, etc.).  

I get 1-3 new investors a day asking to meet with me...if I gave away my time like that, I would not be investing, I'd be selling books tapes and other BS.  I make money by using my time to invest it.  And, because I was there, I sometimes, but rarely answer questions on BP so that the community can leverage my response.

Definite Plans + Faith + Emotion + Action = Achievement

Be your own leader.  Keep going forward without fear and you'll get where you want to go.

I wish you the best.

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  • Medford, OR · Member since 2016 · 27 posts · 6 votes
    10y
    Eamon Conheady thank you for the book suggestion! I do a ton of driving for my job so I'm going to see if it's available on audible. Im hoping the Ultimate Beginner's Guide is available in an audio version too. I'm still in the initial educating stage as well. Good luck to you!
  • Medford, OR · Member since 2016 · 27 posts · 6 votes
    10y
    Eamon Conheady I looked at @Ben Leybovich 's page and found some awesome resources. You should check it out!
  • Investor · San Jose, CA · Member since 2012 · 2k+ posts · 3k+ votes
    9y

    @Amanda Groover,

    @Dan Marzec made some great points. Lunch or coffee would usually do it. 

    I hang out with retirees at a coffee shop in the morning. My wife could never understand why, but my partner @David C. totally understands. I've learned so much from these gentlemen over the years on how to structure deals in addition to 40-50 years of history, which has helped me bridge the gap in knowledge of the Bay Area real estate and economy.

    In general, people expect something in return for their time and efforts, but NOT EVERYONE. I've lived my life doing just the opposite, and it has worked out for me. Don't give up hope. Eventually, you'll run into the right person who will take you under his/her wings and show you how to fly. Below are a couple of text messages from my mentee who went from making $8.50/hour to now making $30k-$50k/month.  in 3 short years. Talking about a life changing experience. He and his wife spent $32k on a couple of guru courses until he reached out to me. He got lucky because I had accomplished my mission early that year and had a lot of free time to show him the rope.

    Don't give up. Someone out there is willing to help FOR FREE. My mentee has become a mentor himself now that others have reached out to him for his mentorship. They even invited him to talk at an investment club. Seeing him grow was an amazing journey of its own. He now owns 16 rentals grossing $17k/month. I wish you the best of luck in finding a mentor.

  • Medford, OR · Member since 2016 · 27 posts · 6 votes
    9y
    Minh Le thank you! What a great story. I do completely understand. I don't want it to seem like I am trying to get things for free. I am actually expecting to have to pay for the things I am looking for. My concern/question is just inquiring the different types of people/professionals to look for in helping navigate a first deal. I guess I've just felt like when I've reached out to a few different professionals they are just bombarding me with sales pitches. Lol. I agree I've received some great ideas! I really appreciate your feedback. :)
  • Specialist · Northern CA · Member since 2014 · 154 posts · 57 votes
    9y

    @Account Closed

    You truly are one of the good ones one this site. Great knowledge and always willing to give advise on past experiences or future outlooks. Id love to get you that coffee sometime if I can ever get a free day. Its been a while since I've reached out. Hope all is well

  • Engineer · Portland, OR · Member since 2014 · 1k+ posts · 1k+ votes
    9y
    As you just admitted " you are in the initial education stage". Thus you don't know what you don't know. Take Jons cold shower advice before looking for a magnificent magical mystery mentor who will lead you to riches. Do more research, focus on a viable strategy, talk to paid experts in that area, make a move. Stop looking for gurus. And while it's wonderful you are listening to podcasts and driving around target areas you still have lots of work to do.
  • Medford, OR · Member since 2016 · 27 posts · 6 votes
    9y
    I don't have to repeat this, but I do want to make it clear I've never said I'm looking for a magical guru to make me rich. Thank you to all the positive veteran investors with insight and empathy for someone who is a beginner. I'm not looking for a short path to a mythical place. I'm just reaching out for some positive inspiration and I learn best from others in addition to reading, listening, practicing analyzing deals, etc. And it's just overwhelming while also balancing a full time job and two small children. Frankly I just want to try and stay active in the forums as one way of holding myself accountable to the focus of my goal. Maybe I need to ask different questions. I understand some of you with lots of expertise are interpreting my inquiry as offensive, amateur, and possibly even lazy and those are just not my intentions. It has been really nice to hear from people who do seem like they want to help in an understanding way. So thank you again!
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