Best way for newbs to bring value to investors while learning

14 Replies

I'm new to Bigger Pockets forums, but my husband has posted a few times. We are new to investing and new to real estate. We have listened to several BP podcasts, read Rich Dad Poor Dad, and are working our way through several other of the BP books (we are on Set for Life at the moment). We have cut our expenses down as far as we can and are working on saving up for our first property. We have heard that the best way for newbies to learn is to get involved with a local, seasoned investor and become an asset to them.

So my questions are:

1. What is the best way to find a local, seasoned investor who would be open to teaching us? I see it kind of like an internship, hands on learn-on-the-go experience.

2. What knowledge/skills would be best to develop as we are looking for this person to make us useful to them and be able to bring value to the table on day 1?

Thanks,

Megan

@Megan Semler Network, network, network. Being involved in these forums and joining local REI groups can also help.

For value, you should take a look at what you are naturally good at and can apply to real estate. Deal analysis is a must no matter what role you play. You don't have to be an expert, but be capable. Depending on where you live, you could drive properties for investors, etc.

Best of luck!

@Megan Semler

Definitely networking for one. Picking up the phone. Call any and all the local real estate companies and ask them to put you in touch with an investor friendly Realtor.

If the realtor has a portfolio themselves and is willing to spend time/energy with you. That is a great start.

As far as bringing value. I've been asked this a few times as real estate friendly investor. Watching people become suscessful is very rewarding in itself and especially when it's partial because I stepped in to help.

We are performance pay. Investor friendly Realtors want you to succeed so we can continue to do business. Plain and simple.

Pick up the phone and dial. That's your homework for today 👍 The best Realtors work the weekends as well so don't be shy.

@Tim Polk

Thanks for the suggestions! What is the difference between "investor friendly realtor" and "real estate friendly investor"?

Would I drive properties for realtors as well as investors? The thing I keep hearing in podcasts is birddogging...

@Megan Semler

Just my terrible voice to text typos using my phone lol. Realtor who is investor friendly, meaning said Realtor knows what they are talking about with investment properties. Typically, if they know what they are talking about they would have their own portfolio.

So just ask them if they own rentals themselves. Do they manage them themselves? Do they lease them themselves? How do they do it? Can you show me how to do it?

If you can't get them to show you investment properties and run simple return on investment numbers for you move on.

I'm decently seasoned though there are many more seasoned than I am and at this point if I can find someone who is willing to do boots on the ground work, I would be open to working with them (don't message me though lol). We have numerous private lenders that want to lend us money or partner on projects but we hit a bottleneck. Our system is smooth and efficient, our returns are consistent and our process is great, but we only have so many workers to remodel and flip properties. If we had more people to get the work done and done well, we could scale more quickly. 

Interior Remodeling -
Can you complete the work yourself in a reasonable amount of time and on budget?

Finding Reliable Sub-contractors - There is a massive shortage in skilled trade workers. 

Mortgage Brokering - Find a good lender than can get things done quickly and not sit on paperwork for weeks. Find a good lender that will lend based on how much you apply for the loan and not just % of appraisal. I have gone through numerous refinances until the banks appraiser appraises too low and won't return a more reasonable number. Find your investor a bank that will lend based on a number they apply for on the loan, this is invaluable. 

Property Management - Manage the property for a small amount or for free in exchange for participation in the deal and small equity share. 

Deal Management - Find the deal, run the numbers, negotiate with the seller, find the sub-contractors, find the refinancing bank, find the insurance agent, do the ENTIRE DEAL. Let them bring the money and give them the majority of the deal. Don't try to make money on your first few deals working with them. They will correct you where you mess up and help you learn the entire process. 

    Hi Megan! Sounds like you're moving and grooving. Wanted to share that BiggerPockets is launching a 12 week Rookie Bootcamp in late August, with Ashley Kehr leading the way. She's the host of the Real Estate Rookie podcast. It'll be a mix of on demand videos, live Q&A sessions, and a step-by-step curriculum to help you get your first deal. It may help provide the structure to keep cruising along on this journey!

    Originally posted by @Megan Semler :

    @AJ H.

    Thanks for the information. Is there just one formula for running deals or do different investors use different methods?

     Everyone has their own way of underwriting deals. The gurus and mentorship programs will all have their spreadsheet that they'll probably give away if you join their program. BP also has a deal analyzer that is decent to start with.

    Best of luck!

    get a JOB that pays you in the field you like to work in and learn from the ground up.

    Networking is fine for high to higher net folks that have money to transact.. those wishing to teach you in turn for your free labor dont waste your time..  

    Get a real estate license go to work for a PM and learn how to manage properties while getting paid..  

    and whatever niche you want to run in find a JOB that will pay you..  Transaction coordinator for high producing agents can be very rewarding and a 6 figure income while you will end up knowing as much about real estate contracts as any expert by doing it and getting paid to do it..