Where to start

Question

As I said in my profile, I have been in the army for 15 years and now I'm looking towards retirement. I have absolutely no previous experience but after doing my research I feel that real estate investing will be my most advantageous venture. I do not learn well from books and forums. I would love to find a coach and or mentor from around the Augusta GA area. I am a quick study and am very goal oriented individual. I am looking for the best place to start. Thanks in advance for any and all help.

Brandon Turner · Answer

A great way to find local mentors is to simply find out who is doing the type of deals you want to get into. For example, if "Buy 'n Hold" is your goal - then find out who the big "Buy 'n Hold" guys are in your area. Same goes with flippers, wholesalers, etc.

A great way to find them is through real estate agents. Agents love to connect people, so try that route.

When you meet those people, ask a lot of questions. Ask to see their properties and let them talk about themselves a lot. People like to talk about their stuff. Don't approach it like "I need you to teach me" but more like "I love what you do, how do you do that!"

Dwayne Graves · Answer

Hello Jason, you are not alone.  I am in a similar situation as you.  I think Jon is offering great advice.  You have to find what area you want to focus on in real estate.  Books and forums are great resources.  Also, think about audio books.  I usually look for audio books first because I can learn during my commutes.

Jon Holdman · Answer

Start by figuring out 1) your goals, and 2) what you're willing to do.

Are you looking for rental properties that will produce income right now?  Or ones that will be break even or even cash flow negative now so you can have them free and clear in the future?  Are you willing to manage your properties yourself?

Or, are you looking for a real estate job?  Much of what's called real estate investing are really jobs.  Wholesaling, brokering, fix and flipping, developing, property management, etc. are all jobs.  You have to put in the hours for the money to come out.  Nevertheless, if you're willing to learn the necessary skills and put in the time, these can make a nice living.

Don't discount reading as a source for information.  A mentor may be good, but that's one person.  Reading books or forums like BiggerPockets will give you many perspectives.   Also be leery of mentors who charge thousands or tens of thousands for their programs.  IMHO, few of these offer enough value to justify their outrageous prices.  They're selling a dream of quick and easy riches.  The best sort of mentor is someone in your are who's doing the sort of thing you want to do.   Mentorship can be as simple as sitting down once in a while and asking questions and discussing possible deals.  Some thing, like fix and flipping, are amenable to actually going with someone as they look at properties, estimate costs, do the work and sell the properties.  Landlording, OTOH, isn't as active.  It just wouldn't be helpful for you to look over my shoulder as I text my tenants to remind them the rent is due.

Al Williamson · Answer

Jason Wiles hey thank you for your service. Please continue to hang out in this forum so you can get better connected. It will surely help you find a good mentor.

The indirect approach (get to know folks, then make a request) works best in forums.

Anyway, you're among friends. Someone will give you a lead soon.