David F. from Far Rockaway, New York posted about 2 years ago Hi there!I'm new at REI and I have a broker who would partner with me, but himself is overextended financially. How would I structure a deal/partnership so I can get the learning experience while he has an incentive to mentor and help me throughout the life of the deal?Thanks!
Steve Vaughan Rental Property Investor from East Wenatchee, WA replied about 2 years ago A broke broker? Brokers are incentivised by a commission earned at closing. You don't need a broke broker's mentorship 'throughout the life of the deal'. I rarely heed even a solvent broker's advice. They are just salespeople. A broke one? What is your planned niche? Flip? He'll get paid twice so plenty of incentive to help you. Buy and hold? Get help here or from meetups.
David F. from Far Rockaway, New York replied about 2 years ago Thank You :)He's been 'brokering' and managing for a little while and really just starting out as as investor. He just purchased 3 buildings so he's maxed out. My strategy would be BRRR, but it entails financing, evictions and rehab.