HEEELLLP!! How do I find a mentor if I'm overseas????
Jerusalem, Israel · Member since 2016 · 42 posts · 4 votes
HEEELLLP!! How do I find a mentor if I'm overseas????
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Lockport , NY · Member since 2014 · 265 posts · 124 votes
9yfriends. former neighbors. realtors. mortgage brokers. partners.
tough without having a local contact. someone you trust to act on your behalf.
8 Replies
- Lockport , NY · Member since 2014 · 265 posts · 124 votes9y
friends. former neighbors. realtors. mortgage brokers. partners.
tough without having a local contact. someone you trust to act on your behalf.
- Yongin , Gyeonggi · Member since 2017 · 1 post · 0 votes9y
Thank you so much for asking this question. I am also an ex-pat living overseas right now but I'm also looking to make some investments. I'm actually headed back to my hometown area of Chicago to find my first deal next week. I want to make a few offers but it's been really difficult finding A realtor and mortgage broker that will actually work with me. Once they find out I'm not in the country, they seemingly lose all interest. Maybe they think it's a scam or something.
I have seemingly found a good realtor but the mortgage broker has left me high and dry. I found this realtor by simply talking to lots of different realtors and requesting their assistance with my situation. Most of them, as I mentioned, flaked out. But the one I'm working with has served me really well even though I have not yet signed an agreement with her. Truly, finding good people is difficult with an added layer of complexity when you cannot physically meet them Or go see deals in person. However, I have sent my family members to see several properties on my behalf and send me pictures. That is good enough to determine if further talking and negotiations are necessary. After that, I'm told that The closing must be attended in person, so I guess you'd better sign a power of attorney over to a family member or friend you trust or, get your frequent flyer miles up.
- Real Estate Consultant · Cleveland, OH · Member since 2016 · 511 posts · 345 votes9y
Where are you looking to buy, Stephan?
- Rental Property Investor · Chicago, IL · Member since 2016 · 123 posts · 64 votes9y
Hi all overseas Chicago folks! PM me!
- Jerusalem, Israel · Member since 2016 · 42 posts · 4 votes9y
Thanks to all your replies so far, especially @Danielle Ruffin for sharing your experiences. I do come back to Staten Island,NY from time to time - that is my hometown. Trusting someone is my biggest obstacle. - I need to feel more confident that I know what I'm looking for.
I'm sure there are tons of people who have successfully invested from overseas - SO KEEP THE REPLIES COMING SO WE CAN ALL LEARN MORE FROM YOUR SUCCESSES (and mistakes - gotta learn from the mistakes too).
My challenge is to really know what I'm looking for. -
- Rental Property Investor · Greenville, NC · Member since 2020 · 29 posts · 5 votes2y
Hello, I live in Germany, we have 3 units in Greenville NC, i am trying to start flipping in NC. I plan to do this next year. right now I am trying to find a mentor.
@Stephen Moskowitz let me know if you found someone or if you had enough experience that you can share your knowledge.
- Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes2y
Mentorship isn't about finding a great mentor. It's about being a person great mentors want to help!
A mentor can accelerate your growth, no matter what level you're currently at. They can sharpen skills you already have, or expose you to things you've never even thought of. Unfortunately, a good mentor isn't always easy to find.
Think about it. You're asking someone to spend a lot of time and energy to share what they've spent years - maybe decades - learning and developing. That's a lot to ask of a complete stranger! Why would they want to invest in you? How do they know their investment will not be wasted? What can you offer in return?
You are far more likely to find a mentor through in-person networking and building relationships. The mentor will have an opportunity to know you, see your determination and will, and then decide to pour their time and energy into helping you develop.
How to find a mentor
Not every successful person will make a good mentor. Not every good mentor is a good mentor for you. Here are a few things to look for:
1. They should have current experience and plenty of it
2. A love for real estate investing
3. A desire and ability to share their knowledge
4. The ability to speak the hard truth with empathy
It doesn't matter how good a mentor is: if they don't mesh with you personally, it will be a disaster. That's why I stress the importance of building a relationship first. You need someone who clicks with you personally before engaging in a mentor/mentee relationship with the dedication and stress that may be involved.
Where to find a mentor
Start by looking within your existing network. Do you have a family member or friend who's achieved what you want to achieve? Remember, it doesn't need to be Grant Cardone! As a beginner, you can learn a lot from your uncle with a few rentals in another state or a co-worker who's on their second house hack. Make a list and look closely at each one to see if they are an option.
If you can't find someone within your network, expand your network. This entails building personal/working relationships with people successful in the field. You could do this in the BiggerPockets forum, but building relationships with people from other states behind a keyboard is hard. Get out and rub elbows with local investors by joining a local real estate investor group. Even if you have to travel a couple of hours, you have a much better chance of finding someone.
How to approach a mentor
Once you've found a likely candidate, it's time to reach out and ask. Some tips:
1. Have a goal. Let them know - as specifically as possible - what you are trying to achieve. If you walked up to Michael Jordan and said, "I want to learn sports" he would walk away. If you told him you have been playing pickup games for the past year and need help improving your jump shot, now he has evidence you're motivated and a specific goal he can quickly help you work towards. Example: "I want to build financial independence through real estate investing. I'm unsure what the right path is, but I've been reading about investing in owner-occupied, multi-family properties. I've crunched the numbers and if I could purchase three four-plexes in the next ten years, that would give me the financial independence I'm looking for."
2. Make a short list of questions to ask. Even though they are the expert, you still need to ensure they fit you well. This is an opportunity to confirm they have the expertise you need. You don't want to start a relationship to learn about storage units and then find out they only invest in single-family homes.
3. Practice your pitch! How you approach the mentor demonstrates how you will approach real estate investing. If you don't do the homework, you will give them the impression you may not be up to doing the homework with real estate investing. You should be able to express your goal in one minute and then expand if questions are asked. It sounds cheesy, but the best way to prepare is to work with a friend or two and role-play. Consider what questions the potential mentor may ask and how you would answer. Practice these answers until they roll off the tongue. Be prepared to demonstrate what you've learned and how hard you will work to put their advice to work. This is a two-way interview, so have a short list of questions to ask the mentor (What books do you recommend I read to gain a better understanding? What, specifically, would you recommend my first step be? How can I help you achieve your goals in exchange for you helping me?)
4. Know how to take constructive criticism. A smooth sea never produced a skilled sailor (Franklin D. Roosevelt). You will make mistakes. You won't understand something and need it beaten into your head ten times. If you feel they're being too harsh, think about their intent. Maybe they communicate differently but have good intentions. If they're not challenging you, or your personalities don't mesh, be prepared to give them honest feedback. Let them know if they're not a good fit and you need to move on.
5. Pay them back. A successful investor's time may be worth hundreds of dollars per hour. They're willing to share it with you for free, so try to find ways to pay them back. I've heard of mentees who started cleaning up construction areas on a flip at the end of each work day or picking up supplies at Home Depot and delivering them to the job site. Some mentees will act as a bloodhound for the mentor, knocking on doors, driving for dollars, scouring the internet, making cold calls, or performing other services that help the mentor find new deals. Your mentor has needs; try to meet them and develop a mutually beneficial relationship.
A mentor can benefit your growth, but it's not as simple as one post on a forum full of strangers. Put in the effort, build relationships, prove your value, and improve your odds of finding someone to help launch you on your path.
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