Investing Out-of-State Mentors

6 Replies

Hi Everyone -

I've been eyeing a few multi-family deals out-of-state (CA) and I've found some where the numbers work. I've never invested out of state and was wondering what the best strategy would be to locate and approach possible mentors who have done this before? 

Jason

Figure out the questions you have, then find someone who's done what you're trying to do....and ask for feedback on the answers you came up with.

If you take the initiative to try and solve your questions it shows you're trying. If you ask to be spoon-fed people (at least the successful ones) are more likely to blow you off because they are busy. As you network and figure out who can help you achieve your goals then you start asking for refferals and getting things rolling.

@Jason Scott Miller My only advice to you would be to be specific.  Like @Matt K. is saying, very few (if any) will want to spoon-feed someone.  And the person that knows about finding, managing, and handling a duplex in Akron probably isn't the same person that's buying 20 unit apartment buildings in Boise.  If I was looking for a mentor I'd expect that 1.) I'd have to bring something to the table and 2.) I'd definitely want a subject-matter expert in what I was planning to do.  And don't underestimate the value of having someone else tear your deal to shreds and point out all of the risks.  Odds are that you've thought of some of them but not all of them.  

As for finding them, start going to meet-ups and places like that.  Odds are you'll bump into someone that's done what you'd like to do.

reach out to everyone. Spend lots of time active networking.

I help people buy OOS, it's not so hard. The real key is building your network of people on the ground. a GREAT team cannot be understated, this is what you need.

@Jason Scott Miller id recommend getting in touch with @David Greene  ....he wrote a book on Long Distance Real Estate Investing for Bigger Pockets and is a great guy. He could certainly help. 

You could also start by posting a couple/few specific questions you have regarding the out-of-state investing and not only will you get answers that might help, you might start being able to establish relationships with some of the people posting and ask them further follow-up questions and maybe get to the point of ending up with a mentor.

I can tell you from the other side of the equation....the person that a lot of people message asking if I can help them...it is extremely helpful to me when they just ask me specific questions they need help with to start. First, that gives me an idea if I can even be of help to them so neither of us are wasting each other's time. Second, it shows me they are more serious (at least they have some background knowledge and perseverance) and won't just waste my time trying to suck out everything I know. Like when they say "can you tell me your story of how you got into REI and can you tell me step-by-step how to accomplish x, y, or z"... I can promise you I not only won't answer either of those two questions (can you imagine how much I'd be typing every day of my life?) and I will also assume you aren't that serious. But when people are nice, introduce themselves, and say hey can I ask you a couple questions if you don't mind, and then they state out a couple intelligent questions, we usually end up in additional conversation over and above just my answering and we start to establish a relationship.

Hope that helps!

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