How do I handle this professionally

Question

I am new to REI (just started last month) and before I found BiggerPockets I had hired a local investor as my coach/mentor.  Unfortunately, I did not feel I was receiving the proper education, and after being a member here on this site, I now know I was correct so I cut ties with him last week.  But, while I was working with this person, I made several contacts with other local investors and have received information about  properties they are trying to sell.  It has been a little over a week since I've had any correspondence with either of them, but I now realize I need to be better educated on how to run my investment business in a professional, capable manner and I need time to do this.  I don't want to just drop them like I never had any contact with them and burn bridges, but I'm not ready to do any deals yet either (I'm focusing now on creating my business plan).  How do I handle this in a professional way, what should be the nature of my next contact with them?

Marc Pfleger · Answer

@Tom Goans

I had not even considered the SBA as source but it seems so obvious now, ha, thanks

Account Closed · Answer

Thanks Tom.

Account Closed · Answer

Thanks Antonio and Mike. Good suggestions. I will definitely offer my help. Since I have already paid someone and did not receive a lot of teaching, I should offer my help to a seasoned investor. It's worth a try. Bring something to the table and don't be afraid to ask right?

Tom Goans · Answer

Small Business Administration - SBA

Not just for loans.

This is a taxpayer funded organization just waiting to give you guidance and education. The website is loaded with great articles to help you broaden your business fundamentals and skills, including creating a business plan.

The organization also conducts seminars in local areas. Some, in association with local colleges.

In affect, you have already paid for the services when you pay taxes each year. You might as well take advantage of the program.

Some banks and other businesses also conduct monthly seminars that are very economical to free. Sometimes, school districts do the same.

Education is critical to easier and enduring success.

Antonio Cordeiro · Answer

Generally speaking we are all new at every situation. Treat the situation as new and not you experience as new. You are a professional as long as you act professionally. The experience you create for the seller is what counts. Ask questions, understand them as people, their goals and what their body language and assess things. Do they like what you are saying, How do you feel about that? and close? We are in the summer months so responding is always a challenge
best of luck
Antonio

Mike Berlay · Answer

It is really great that you got few contacts. As you not ready to do business I would rephrase your question as "How I can be a friend with this person?" How I can spend more time with him to know what he is doing? Probably, be honest and tell that you are interesting in real estate and would like to help with something in this field. This way you will get more inside work and knowledge.

Account Closed · Answer

Thank you Marc.  I had thought about talking to one of the investors about mentoring me, but was a little nervous.  He's an older gentlemen and he's tired and wants to get out of the business.

Marc Pfleger · Answer

I am new to this as well and I have had no problems when being straight forward with more seasoned investors. I would say I am not in a position to do a deal atm. Explain your situation if necessary and who knows you might find another mentor you didnt even know about it or they may offer up a golden nugget.