Looking for a Mentor? (this is not a solicitation)

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Looking for a Mentor? (this is not a solicitation)

Edwin Brown
Real Estate Investor · Chattanooga, TN · Member since 2010 · 151 posts · 59 votes

This is not a solicitation.

I would like some feedback from new and potential investors looking to get into this business.

Here is a scenario:
You go to your local REIA and meet an experienced investor in your area who is full time in the business and had done over 100 deals. He mentions that he is looking for an apprentice. He wants someone to work with him in his business and in return he will teach them the investing business.
He tells you upfront, he is going to have this apprentice do a lot of grunt work like collecting rents, taking pictures of properties, and running errands.
He also tells you he will introduce you to contractors, closing attorneys and realtors and give you more and more responsibility as you grow in your abilities. You will be with him regularly and get to watch him interact with customers and vendors as he runs his business.

Is that something that you would be interested in as a new investor or does it sound like the exerience investor is just trying to take advantage of you?



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Nick J.
Residential Real Estate Broker · Payson, AZ · Member since 2009 · 3k+ posts · 1k+ votes
16y

very interested in as long as it doesn't require you to cough up $20k to go to a pretend investing college ;)

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  • Nick J.
    Residential Real Estate Broker · Payson, AZ · Member since 2009 · 3k+ posts · 1k+ votes
    16y

    very interested in as long as it doesn't require you to cough up $20k to go to a pretend investing college ;)

    4Reply
  • Edwin Brown
    OP
    Real Estate Investor · Chattanooga, TN · Member since 2010 · 151 posts · 59 votes
    16y
    Originally posted by motiv8td:
    very interested in as long as it doesn't require you to cough up $20k to go to a pretend investing college ;)


    No cost. You trade your time for his teaching.
    0Reply
  • Peter Giardini
    Rental Property Investor · Baltimore, MD · Member since 2009 · 624 posts · 559 votes
    16y

    Edwin....

    Is this investor taking advantage? Possibly!

    On the other hand, this could be an opportunity for any new investor to the learn the ropes at the hand of a very experienced investor.

    I all depends on how this person to view the situation.

    Best of luck!

    1Reply
  • Christopher W.
    Residential Real Estate Agent · Orange County, CA · Member since 2009 · 289 posts · 95 votes
    16y

    I think this depends on the student. If the student really wants to learn then they will be ok doing the grunt work while they learn. If they are lazy the it really doesn't matter either way. The thing is that the mentor is spending his or her valuable time teaching. If the student isn't paying the mentor anything for the lessons, then the mentor might as well get some grunt work done.

    1Reply
  • Mitch Kronowit
    SFR Investor · Orange County, CA · Member since 2009 · 1k+ posts · 1k+ votes
    16y

    As long as the "student" is benefitting from the arrangement, i.e., sharing in the profit, learning the profession, etc. then this could be a wonderful symbiotic relationship.

    However, I would advise the "student" to ask many questions, especially "why" he is performing certain tasks and "how" they are used in the REI business so he learns from the experience. Should the mentor refuse to answer a question or explain the "method behind the madness", the "student" should walk.


    * I used the word "he" simply out of simplicity and not to suggest which gender the "student" should be.

    0Reply
  • Sam M.
    Real Estate Investor · Craigmont, ID · Member since 2009 · 564 posts · 239 votes
    16y

    This is exactly what I thought was being presented by the local NR guys. The sign reads "Real estate investor seeks apprentice 20,000.00 Call --------"

    What I didn't realize till later was they want you to pay 20,000.00 for their course.

    Deceptive advertising at best. If they were offering a yearly salary of 20k to learn the ropes I likely would have been interested as long as the terms were right (I didn't have to sign a no competition agreement etc)

    0Reply
  • Jon Holdman
    Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
    16y

    It sounds like a job. An entry level "go-fer" job that should be paying minimum wage or higher. Sure "collecting rents, taking pictures of properties, and running errands" is part of the business, and doing these things will be instructive. OTOH, if the boss is back at home back searching for properties and negotiating deals while the go-fer is out running errands, the student is missing out on the more interesting and useful parts of the business.

    It would depend, too, on the mix of the work. If the student spends all day every day for weeks on end doing errands, collecting rent and scouting properties, he or she is just working a go-fer job and should be getting paid. The mentor is getting a lot of useful work from the student, and is giving little in return.

    OTOH, if this is a month long deal where, yes, there will be some errands, but there will also be some serious focus on the business parts of the business, then perhaps its OK.

    If this is a deal where the student would spend a couple of hours each evening dealing with the errands three or even four nights a week, but one night a week there was some real learning, this would be more feasible. If its really mean to be all day every day for more than a weeks or so, its a job, and the student should be getting paid.

    1Reply
  • Traci Christensen
    Real Estate Investor · Hoffman Estates, IL · Member since 2010 · 8 posts · 0 votes
    16y
    Originally posted by motiv8td:
    very interested in as long as it doesn't require you to cough up $20k to go to a pretend investing college ;)


    I agree!!! Sometimes you have to do the "grunt" work in order to work you way up. The more you do the more you learn.
    0Reply
  • Sam M.
    Real Estate Investor · Craigmont, ID · Member since 2009 · 564 posts · 239 votes
    16y
    Originally posted by motiv8td:
    very interested in as long as it doesn't require you to cough up $20k to go to a pretend investing college ;)


    Nick,
    It never crossed my mind this place is in your back yard.
    0Reply
  • Nick Cifonie
    Real Estate Investor · Joliet, IL · Member since 2008 · 30 posts · 8 votes
    16y

    I have had many "apprentices" work with me this way... I bring them in, they do the legwork, I teach, and I pay them 25% of any deals we close that they "handled".

    I take advantage of them and they take advantage of me... but both in a positive way. :)

    My current partner was a newbie I took on this way, and he's done so well... like I said, he's now my partner, lol.

    Nick

    0Reply
  • Nick J.
    Residential Real Estate Broker · Payson, AZ · Member since 2009 · 3k+ posts · 1k+ votes
    16y
    Originally posted by Sam M.:
    Originally posted by motiv8td:
    very interested in as long as it doesn't require you to cough up $20k to go to a pretend investing college ;)


    Nick,
    It never crossed my mind this place is in your back yard.

    trust me, I know all about 'em I paid the $20k.................don't get me started :roll:

    0Reply
  • Sam M.
    Real Estate Investor · Craigmont, ID · Member since 2009 · 564 posts · 239 votes
    16y
    Originally posted by motiv8td:
    Originally posted by Sam M.:
    Originally posted by motiv8td:
    very interested in as long as it doesn't require you to cough up $20k to go to a pretend investing college ;)


    Nick,
    It never crossed my mind this place is in your back yard.



    trust me, I know all about 'em I paid the $20k.................don't get me started :roll:

    lol :) What did you study? :) Was this when you were a tow truck driver?

    0Reply
  • Ali Samana
    Real Estate Investor · Frisco, TX, TX · Member since 2010 · 388 posts · 138 votes
    16y

    I would do it. The information that you learn hands on could be priceless. If it is going to be a waste of your time, you would find out fairly shortly.

    1Reply
  • Holly Hansen
    Real Estate Investor · San Jose, CA · Member since 2008 · 8 posts · 1 vote
    16y

    I am also looking for a Mentor - for a specific area - l multi-family real estate investments out of state for cash flow. ( am personally located in Santa Cruz, CA.

    Answering your question, I would definitely step up and do grunt work.
    However, I also work for Realtor.com as a product manager, so I have other professional expertise I can help whoever mentors me - like marketing, online user experiences, web copy, project management, property analysis, deal finding, researching emerging markets

    I am definitely willing to use my skill set, in trade for experience and a small piece of a deal.

    Great question!
    Thanks for asking it

    0Reply
  • Eric Cioffi
    Columbus, OH · Member since 2010 · 7 posts · 0 votes
    16y

    As long as I could keep my full time job (at least in the beginning, until I'm making a decent living at investing), I would take someone up on an offer like this. The opportunity to learn hands on is priceless. I think I'd first have to get to know the mentor first and probably vice versa too.

    0Reply
  • Rachel H.
    San Antonio, TX · Member since 2009 · 3k+ posts · 1k+ votes
    16y

    Hi Edwin,

    When looking for a mentor, it's really best to work with someone whose personality clicks with yours and also understands what you are trying to do. (i.e. learn the ropes). There are so many investors out there with various experience levels. When entering a business relationship, I always make it a point to make sure the people I decide to work with are easy to work with personality wise. Again, this is a case by case basis. I don't recommend working with anyone you don't feel comfortable working with. In my opinion, it has to be a comfortable relationship for both parties. Everyone has a different style and way of doing things. And, it shows through personality. Hope that helps!

    0Reply
  • Edwin Brown
    OP
    Real Estate Investor · Chattanooga, TN · Member since 2010 · 151 posts · 59 votes
    16y
    Originally posted by Eric Cioffi:
    As long as I could keep my full time job (at least in the beginning, until I'm making a decent living at investing), I would take someone up on an offer like this. The opportunity to learn hands on is priceless. I think I'd first have to get to know the mentor first and probably vice versa too.


    Thanks for your feedback. Looking back, i really wish i had an opportunity to do something like this. However, i'm not sure i would have realized it at the time.
    0Reply
  • Edwin Brown
    OP
    Real Estate Investor · Chattanooga, TN · Member since 2010 · 151 posts · 59 votes
    16y

    Has anyone ever done this? On either side of the table?

    I'd love to hear what worked and what didn't.

    0Reply
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