I AM NOT LOOKING FOR A MENTOR. I am asking how to advertise to find a mentor in my area effectively. After reading tons of books on real estate and finance, I believe this is my future. I love to analyze properties and talking to people. I enjoy moving parts and dealing with numbers. I want to start buying properties but I am currently stationed at Miramar base in San Diego, California. I could be moved at any moment and the houses here are quite expensive. My BAH could cover costs while I am stationed here, however the second they move me my BAH will drop significantly. Any vacancy would be a huge issue. I have tried to reach out to real estate agents, brokers, and investors to see if I could work for them to start getting experience. I know at the start I don't have much to offer. How can I be more effective in my search for a "mentor" and are people usually put off by people looking for these types of posts? What are effective ways I can see what path I want to take in real estate? Do I want to be a real estate agent, mortgage broker, appraiser, ect? What will help me make a better decision?
We can't tell you what job will be most helpful, because we don't know what you want to do, mentors can be difficult to find unless you end up working for someone, they aren't always necessary to be successful though.
Have you considered buying properties long distance? Maybe back in your hometown, where you know the area well? I am starting with that right now, because I am in a similar situation to you. I'm stationed up in Alaska where the BAH and COLA is high, so I'm applying that extra money to cheaper properties back home. It makes me comfortable knowing the area I came from, and knowing that I have people in my corner back home to check a property out, or help take care of small issues... I know this isn't the question that you asked, but I saw that your situation is relatable to me, and thought I would throw this out there.
I have looked into buying properties back home. Im actually from minnesota. Depending on the areas i can afford they can have a good amount of crime and the schools are garbage. I have been debating on getting a quadplex but really wanted to utilize my va loan and house hack it, however the areas where quadplexes are they are generally in high crime and bad aschools. If i go with a fha loan i will need a decent amount down. Currently have about 40k to use as a downpayment if need be.
Originally posted by @Aaron K. :
We can't tell you what job will be most helpful, because we don't know what you want to do, mentors can be difficult to find unless you end up working for someone, they aren't always necessary to be successful though
For someone who doesnt know what they want is there a more efficient way to narrow my search? Like a online assessment or would networking with other people in other real estate careers? I feel i could read all the books in the world but at the end of the day i need to actually see the day to day processes happening. I dont want to pay to go to school and be in debt just to find out that it doesnt interest me.
Find some youtube channels to follow so you can see the process, be advised this will be a best case scenario so expect everything to be worse in reality. Flipping and rentals are fairly simple to get a flavor for from other people's experience. It basically comes down to would you rather have a lump sum after a lot of work or more money over time after a lot of work.
@Drake Imholte If your current situation is something that concerns you in regards to finding and securing a mentor, I would find someone who has been in your current position in the past and has found success doing the things you want to do in REI. I know there are a ton of military investors in San Diego who make a killing investing with their VA loans. Plenty of them on here as well. I would also find an agent who works with military investors. If you want some names, PM me.
They will probably understand what you are working with right now and can point you in the right direction. Even if they don't do deals with you, they will be a good person to just reach out to and bounce ideas off of.
Of course all of this will thrive if you narrow down what you want to do in REI and what your goals are. It will make the overall mentor experience much more beneficial and worth your time and theirs.
Consider joining real estate investing groups in your area. There you'll find people who might help you along the way.