Updated about 6 years ago on .
How do you know if you picked the right mentor?
A little about me:
My name is Jay Richardson, I have been in the business of real estate for about a year and a half. Within my time in the business I have completed 2 single family deals. Learned to skip trace, constantly becoming a better cold caller, drove for dollars, and created and hand delivered a multiple mailing campaign. My first year I was able to develop the understanding of how important acquisitions are in this business. However many experienced investor deliberately delegate majority of the acquisitions duties to their mentee; which is understood because that value of creating opportunities are extremely important in a young investor career. However what should the split be on those deals? For example if we wholesale a multi unit for net profit of $65,000 a lead that I generate. Should I be limited to 10% because that was our first deal together? Or is that a sign of a bad partnership? What criteria as a new investor should I look for in a mentor? Should a contract or some type of operating agreement be signed between the two?