Looking for a mentor near Dothan, AL

Dothan, Alabama
General Real Estate Investing
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Looking for a mentor near Dothan, AL

Athena Hart
Member since 2023 · 4 posts · 1 vote

Hi! I’m curious if there are any real estate investors near the Dothan, Alabama area that would be willing to mentor my husband and I? I have had one successful flip a few years ago before we got married and my husband is very driven to build a portfolio as well. We’ve been able to find properties, but have been unable to secure financing. The PML I used at 100% has had his money tied up since as well. We have tried to educate ourselves as much as possible and gather advice from people but we want to actually implement that and not just say “one day”. I’d really love to find someone who is experienced in this market who can guide us and help us look at things the right and smart way. As well as more way to find properties. We are determined to grow our portfolio and do the work. I am currently a licensed transaction coordinator and my husband is a home inspector.

Thank you for your time!

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Harrison C.
Member since 2017 · 26 posts · 9 votes
20h

Athena, totally fair. Four kids and roommates dont mix lol, so scratch that one.

Then the first thing I'd do is get a lender to tell you exactly why its a no right now. Credit, income history, or debt? Each one has a different fix and a different timeline. Until you know which one it is, every property you find runs into the same wall, and a mentor cant get you past it either.

Worth asking a local bank or credit union too, not only the big online lenders. Rooting for you two.

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  • Harrison C.
    Member since 2017 · 26 posts · 9 votes
    23h

    Athena, I'm not in Dothan so I cant be the local mentor, but one thought on the financing wall since nobody's answered yet.

    A flip needs someone else's money every single time, and thats right where you're stuck. A house you live in doesnt. An owner-occupant loan gets you in with a small down payment, and if the place has a couple extra bedrooms, renting those out covers a big piece of the payment. You learn landlording on one house before you try to scale it.

    Your husband being a home inspector is a real edge there. He can buy the house everyone else is scared of.

    Do you two own your home now or rent? That changes the answer a lot.

    0Reply
    • Athena Hart
      OP
      Member since 2023 · 4 posts · 1 vote
      20h

      We currently rent a house on my parent’s property. I do like the idea of house hacking, however, we aren’t able to secure a traditional loan at the moment and we also have 4 kids so renting out rooms is a bit difficult! Thank you so much for your advice and suggestions though!

      0Reply
  • Arman AhmedPro Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2024 · 2k+ posts · 928 votes
    20h
    Quote from @Athena Hart:

    Hi! I’m curious if there are any real estate investors near the Dothan, Alabama area that would be willing to mentor my husband and I? I have had one successful flip a few years ago before we got married and my husband is very driven to build a portfolio as well. We’ve been able to find properties, but have been unable to secure financing. The PML I used at 100% has had his money tied up since as well. We have tried to educate ourselves as much as possible and gather advice from people but we want to actually implement that and not just say “one day”. I’d really love to find someone who is experienced in this market who can guide us and help us look at things the right and smart way. As well as more way to find properties. We are determined to grow our portfolio and do the work. I am currently a licensed transaction coordinator and my husband is a home inspector.

    Thank you for your time!

    You two already have a great foundation with your transaction and inspection experience. Since financing seems to be the main roadblock, I’d spend some time building relationships with a few investor-friendly lenders and getting very clear on the numbers they want to see. I’d also keep your options open beyond Dothan. If you’re willing to invest out of state, some Midwest markets can offer lower entry prices and more room for deals to cash flow.

    [email protected]614-418-6081
    0Reply
    • Athena Hart
      OP
      Member since 2023 · 4 posts · 1 vote
      20h

      Thank you for the advice! We are willing to invest out of state! We have been trying to network and make connections, and have found a few. Most require a bit out of pocket which unfortunately we don’t have at the moment. I was lucky enough to find a PML who provided 100% of the purchase and rehab when I did my first flip and trying to find someone who would be willing to do that again. We are trying to build a better life for our children and ourselves through investments and we are working hard to try to achieve that. I think the biggest thing too in wanting to find a mentor is having someone who has the expertise to guide us when looking at different markets and how to navigate our own or out of state. I want to be so knowledgable in this process that we are able to look at it from all angles confidently. Also, having that additional set of eyes to ensure we aren’t pulling the trigger on something that is a bad idea and to make sure we aren’t hesitating or saying no to a good deal out of fear.

      0Reply
  • Harrison C.
    Member since 2017 · 26 posts · 9 votes
    20h

    Athena, totally fair. Four kids and roommates dont mix lol, so scratch that one.

    Then the first thing I'd do is get a lender to tell you exactly why its a no right now. Credit, income history, or debt? Each one has a different fix and a different timeline. Until you know which one it is, every property you find runs into the same wall, and a mentor cant get you past it either.

    Worth asking a local bank or credit union too, not only the big online lenders. Rooting for you two.

    1Reply
  • Darrell Bratton
    Rental Property Investor · Dothan Alabama · Member since 2017 · 162 posts · 97 votes
    13h

    If you are near Dothan, we meet at the Thirsty Pig on the second Thursday of the month. I live in Dothan and use local banks and credit unions. You can try to email me in the BP Email.

    0Reply
  • Ashish AcharyaBusiness Member
    CPA, CFP®, PFS · FL · Member since 2017 · 5k+ posts · 3k+ votes
    4h

    Athena, you already have a pretty strong foundation between your previous flip experience, your transaction coordination background, and your husband being a home inspector. That combination can be a real advantage when evaluating properties and controlling some of the risks on the construction side. If financing is what has been holding you back, I’d spend some time understanding why the previous private money lender had so much capital tied up and what your next lender would need to see differently. Building relationships with local banks, private lenders, hard money lenders, and investors before you have a property under contract can make a big difference.

    I’d also make sure you are underwriting the deal based on realistic financing costs rather than finding a property first and trying to make the financing work afterward. From the tax side, I’d also get your structure and bookkeeping organized before you start scaling. The tax treatment can be very different depending on whether you are flipping properties or holding them as rentals, so deciding how you want the business to operate before you have multiple properties can save headaches later.

    You already have some useful skills in house. Now it’s really about building the financing and investor network around them.
    Happy to connect!

    [email protected]941-914-7779
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    • Athena Hart
      OP
      Member since 2023 · 4 posts · 1 vote
      3h

      Thank you so much! That is helpful advice!

      0Reply
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