What's the best way to approach you?

Question

Since many of you on this message board are experienced investors, I was wondering what you think?  Experience is the best teacher so I would love to learn from someone who has that experience.  What is the best way to ask someone to be your mentor?  Should I ask to sit down with the them over drinks/lunch?  I know you are busy people so how can I fit into that schedule?

Ryan Webber · Answer

I never asked anybody to mentor me and I have never been in a formal mentorship, BUT I had several people who I would call my mentors.  People asking me to mentor them 2 weeks or 2 months before they fall off the face of the planet is ridiculous.  Start working and stick with it, and there will be experienced investors on the way who will see your diligence and will lend a helping hand with your journey.  Experienced investors aren't impressed with a newbie's promises and hype.  They are impressed with hard work and diligence.

A good example is xburbx on this forum.  He was moving foward in his business (key here is moving foward) and he kept asking me questions.  I was not looking to mentor anyone, but he was ambitious, was already moving, and was looking for more direction.  He wasn't asking for someone to babysit him (entrepreneurs respect independence).  He was asking how to tweak and fuel a machine that he had the personal fortitude to get moving.  I was impressed with his ambition, and I was glad to help.

I think most people who are looking for a mentor want someone to hold their hand, but they don't realize that part of the strength of who we are is our ability to find a way where there was not one.  Trekking through the jungle so to say is a major component that sets us apart.  Its odd, though, when you get back to civilization and here all the "dreamers" who promise to go with you on your next expedition, they just begin to sound like empty words.  You smile and be polite, but you don't invest your heart into what they are saying or the questions they ask.  Now whenever you meet someone in the thick of the jungle, no matter whether it is their first expedition or their hundreth, there is a camaraderie and helpfulness that is unlike any other.  A solidarity of vision and purpose exists.  You would give your sincere heart in helping that person reach their goals.

Now in this industry, competition does play some factors in our interaction with each other, but if you are outside of that competition factor then you will find that just being out there in the thick of the jungle fighting to find your way will motivate the experienced traveler to lend a helping hand.

Also, there is enough free advice right here on this forum for anyone to go a long way in their investing career.  Make sure you are using what you have to its fullest potential.  The book Acres of Diamonds comes to mind.  The story goes that a speculator sold his extensive ranch to search for a diamond mine in the Middle East.  After years of desparately searching for the mine, the man came back broke and desolate only to find that diamonds had been discovered on his very own ranch.  Supposedly, the mine there became one of the biggest in the country.  He overlooked the acres of diamonds in his own backyard to go search for them afar.

Kurt Schmid · Answer

I needed a kick in the butt.  Thanks.

Question....

What outs do I have when I put a property under contract with the intent of wholesaling it?  What if I don't find a buyer?

I'm guessing I need to have financing in place so that I can actually purchase the place myself.  Unfortunately the reason I am more interested in wholesaling than rehabbing right now are the difficulties I would face in getting financing.

From reading the boards it seems that many people prefer to double close when wholesaling rather than assigning the purchase contract.  What are the advantages?  Will all escrow companies do this?

Thanks.