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General Real Estate Investing

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Need a Mentor to learn Real Estate Investing

Posted Jul 21 2022, 12:02

Hello,

I am looking to jumpstart my career in real estate investing. I’m interested in learning from someone that is experienced and well knowledges. My goal is to purchase short term and fixer uppers. Please point me in the right direction. Where do I start? Should I obtain my real estate license?

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Bolanle Ogunmakin
  • Rental Property Investor
  • Atlanta, GA
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Bolanle Ogunmakin
  • Rental Property Investor
  • Atlanta, GA
Replied Aug 7 2022, 09:29

Hi @Christian Francois! You're already her on BP so that's a great start. There is a forum for "Starting Out" where you can get a lot of information and guidance. I'd say consume as much of the information here on BP as possible. The next step would be to attend local meetups, that's where you'd be able to meet and interact with others that are already doing this locally. There are several in the Atlanta area, go to meetup.com and search for them.

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Replied Aug 7 2022, 16:31
Thank you! I definitely will!

Quote from @Bolanle Ogunmakin:

Hi @Christian Francois! You're already her on BP so that's a great start. There is a forum for "Starting Out" where you can get a lot of information and guidance. I'd say consume as much of the information here on BP as possible. The next step would be to attend local meetups, that's where you'd be able to meet and interact with others that are already doing this locally. There are several in the Atlanta area, go to meetup.com and search for them.


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Brenden Mitchum
  • Rental Property Investor
  • Atlanta, GA
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Brenden Mitchum
  • Rental Property Investor
  • Atlanta, GA
Replied Aug 8 2022, 05:24

Hey @Christian Francois

I promise, you do not need a mentor! If you want a mentor, there are plenty of paid options out there. However, you will not find a "free" one by posting on sites like this. You best bet would be to network you but off, both online and in person. Eventually you will find someone who is experienced and looking for help in their business. If you can show them that you have value to add to their business, they will likely take you under their wing to a certain extent. Many of us have had "mentors" like this in the beginning that have helped us get to where we are today. Many of us still have mentors and always will. However, I doubt any of us found mentors by asking for them, unless we were also prepared to pay for it. 

There are so many resources online, in books, at networking events, etc. that, honestly, you really don't need a "mentor," at least not in a traditional sense. Let the wealth of information out there be your mentor. You'll likely end up more well-rounded and unbiased that way too. That's where I would start; that's where most of us started - Learning. Trust me, if you've digested enough information, a path will begin to emerge. If you have no clue how to start, you likely just haven't educated yourself enough.   

And remember, you always have crowdsourced mentorship like BiggerPockets to ask questions. You won't always get an answer or at least not the one you were expecting, but it's a low-cost way to find answers to specific questions. 

Hope this helps a bit. Please, feel free to reach out anytime if you have other questions or just want to chat!

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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
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Nathan Gesner
  • Real Estate Broker
  • Cody, WY
ModeratorReplied Aug 8 2022, 07:05

I agree with Brendan. Everything you need to get started is available in books, the forum, blogs, and podcasts. I'll share my generic "getting started" advice, followed by mentor advice.

1. Start with BiggerPockets Ultimate Beginners Guide (free). It will familiarize you with the basic terminology and benefits. Then you can read a more in-depth book like The Book On Rental Property Investing by Brandon Turner or The Unofficial Guide to Real Estate Investing by Spencer Strauss.

2. Get your finances in order. Get rid of debt, build a budget, and save. The idea that you can build wealth without putting any money into it is a recipe for disaster and the sales pitch of gurus trying to steal your money. A wise investor will not try to get rich quick with shortcuts. If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing. Check out my personal favorite, Set For Life by Scott Trench , or The Total Money Makeover by Dave Ramsey.

3. As you read these books, watch the biggerpockets podcasts. This will help clarify and reinforce what you are reading. You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.

4. Now you need to figure out how to find deals and pay for them. Again, the BiggerPockets store has some books for this or you can learn by watching podcasts, reading blogs, and interacting on the forum. There is a handy search bar in the upper right that makes it easy to find previous discussions, blogs, podcasts, and other resources. Biggerpockets also has a calculator you can use to analyze deals and I highly recommend you start this as soon as possible, even if you are not ready to buy. If you consistently analyze properties, it will be much easier to recognize a good deal when it shows up. Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice. It doesn't take long to learn how to spot a good deal.

5. Study the market. You can learn to do this on your own or get a rockstar REALTOR to lead the way. I highly recommend a well-qualified REALTOR that works with investors and knows how to best help you.

6. Jump in! Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started. The truth is, you could read 100 books and still not know enough because certain things need to be learned through trial-and-error. You don't need to know everything to get started; you just need a foundation to build on and the rest will come through experience and then refining your education.

You can build a basic understanding of investing in 3-6 months. How long it takes to be financially ready is different for everyone. Once you're ready, create a goal (e.g. "I will buy at least one single-family home, duplex, triplex, or fourplex before the end of 2019") and then do it. Real estate investing is a pretty forgiving world and the average person can still make money even with some pretty big mistakes.

MENTORS

A mentor can really accelerate your growth, no matter what level you're currently at. They can sharpen skills you already have, or expose you to things you've never even thought of. Unfortunately, a good mentor isn't always easy to find.

Think about it. You're asking someone to spend a lot of time and energy to share what they've spent years - maybe decades - learning and developing. That's a lot to ask of a complete stranger! Why would they want to invest in you? How do they know their investment will not be wasted? What can you offer in return?

You are far more likely to find a mentor through in-person networking and building relationships. The mentor will have an opportunity to know you, see your determination and will, and then decide to pour their time and energy into helping you develop. Go to NETWORK at the top of your screen and search for other investors and investment groups in your area. You can also check meetup.com or search facebook for real estate investment groups, clubs, or meetings in your area. Start building relationships and looking for someone to partner with.

How to find a mentor
Not every successful person will make a good mentor. Not every good mentor is a good mentor for you. Here are a few things to look for:

1. They should have current experience and plenty of it
2. A love for real estate investing
3. A desire and ability to share their knowledge
4. The ability to speak the hard truth with empathy

It doesn't matter how good a mentor is: if they don't mesh with you personally, it's going to be a disaster. That's why I stress the importance of building a relationship first. You need someone that clicks with you personally before engaging in a mentor/mentee relationship with the dedication and stress that may be involved.

Where to find a mentor
Start by looking within your existing network. Do you have a family member or friend that's achieved what you want to achieve? Remember, it doesn't need to be Grant Cardone! As a beginner, you can learn a lot from your uncle with a few rentals in another state or a co-worker that's on their second house hack. Make a list and start looking closely at each one to see if they are an option.

If you can't find someone within your network, expand your network. This entails building personal / working relationships with people successful in the field. You could do this in the BiggerPockets forum, but it's hard to build relationships with people from other states behind a keyboard. Get out and rub elbows with local investors by joining a real estate investor group in your area. Even if you have to travel a couple hours, you have a much better chance of finding someone.

How to approach a mentor
Once you've found a likely candidate, it's time to reach out and ask. Some tips:

1. Have a goal. Let them know - as specifically as possible - what you are trying to achieve. If you walked up to Michael Jordan and said, "I want to be learn sports" he would walk away. If you told him you have been playing pickup games for the past year and need help improving your jump shot, now he has evidence you're motivated and a specific goal he can quickly help you work towards. Example: "I would like to build financial independence through real estate investing. I'm not sure what the right path is, but I've been reading about investing in owner-occupied, multi-family properties. I've crunched the numbers and if I could purchase three four-plexes in the next ten years, that would give me the financial independence I'm looking for."

2. Make a short list of questions to ask. Even though they are the expert, you still need to ensure they are a good fit for you. This is an opportunity for you to confirm they have the expertise you need. You don't want to start a relationship to learn about storage units and then find out they only invest in single-family homes.

3. Practice your pitch! How you approach the mentor demonstrates how you will approach real estate investing. If you don't do the homework, you will give them the impression you may not be up to the task of doing the homework with real estate investing. You should be able to express your goal in one minute and then expand if questions are asked. It sounds cheesy, but the best way to prepare is to work with a friend or two and role play. Think about what questions the potential mentor may ask and how you would answer. Practice these answers until they roll of the tongue. Be prepared to demonstrate what you've learned so far and how hard you will work to put their advice to work. This is a two-way interview, so have a short list of questions to ask the mentor (What books do you recommend I read to gain a better understanding? What, specifically, would you recommend my first step be? How can I help you achieve your goals in exchange for you helping me?)

4. Know how to take constructive criticism. A smooth sea never produced a skilled sailor (Franklin D. Roosevelt). You will make mistakes. You won't understand something and need it beaten into your head ten times. If you feel they're being too harsh, think about their intent. Maybe they communicate differently but have good intentions. If they're not challenging you, or your personalities just don't mesh, be prepared to give them honest feedback. Let them know if they're not a good fit and you need to move on.

5. Pay them back. A successful investor's time may be worth hundreds of dollars per hour. They're willing to share it with you for free, so try to find ways to pay them back. I've heard of mentees that started out cleaning up construction areas on a flip at the end of each work day or picking up supplies at Home Depot and delivering them to the job site. Some mentees will act as a bloodhound for the mentor, knocking on doors, driving for dollars, scouring the internet, making cold calls, or performing other services that help the mentor find new deals. Your mentor has needs; try to meet them and develop a mutually beneficial relationship.

A mentor can be very beneficial to your growth, but it's not as simple as one post on a forum full of strangers. Put in the effort, build relationships, prove your value, and improve your odds of finding someone to help launch you on your path.

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