I always hear to grab a mentor, well I have this idea for something and I was wondering if there's already a process in place for it. It ensures competency and confidence in learning the trade. I can and have read many real estate investing books and could all day but being a very visual learner, context comes to me with live examples.
Concept: Basically shadowing an investor in All aspects of a deal, from exploration to first tenant using the mentee's(me) money.
This could happen one of two ways:
I am the billfold. An experienced investor takes me along for the ride of finding me a worthy deal, from talking to agents, talking to lenders, making offers, doing the rehab (talking to contractors/handymen) find the PM/tenants... Beginning to end just so I can see a live yet somewhat controlled example of the process through the actions of an experienced investor on my first property. Of course to add value to the transaction betwixt the two, we could agree before hand on a 1-3% of the valuation of the home at closing or at ARV as an incentive for their trouble.
For a fee someone let's me tag along to on one of their own deals beginning to end, ins and outs like above to see the live process of acquiring a property.
Yes I lose out on some extra change in the end but the live experience to me would be so worth it going forward
Does this process make sense and are people already doing this?
Originally posted by @JM Payne :
Okay! This is great to hear! I will continue to look at REI groups. I might have to shift to Atlanta as I'm seeing more people active in that area than where I am.
Thanks so much for your reply!
@JM Payne This a great post! People do not talk about paid mentorships enough. I believe they can really shortcut your learning curve in real estate investing.￼
I am currently paying a local mentor￼ a monthly fee, and that allows me to pick their brain 24/7, shadow any current deals they have, and have them accompany me when I’m evaluating a deal.￼
This monthly investment has already saved me thousands in mistakes I would have made without it. I don’t know if I’ll continue this paid mentorship forever, but it’s been definitely worth it so far.
As far as finding the right person, that’s the tricky part. They have to be willing to teach and have the time to do it. I would pick someone who is already moderately successful, but maybe not at the very top.
Best of luck to you!￼
@Dalyn Hazell Thanks so much for your response! It's really great to hear of your experience for that is exactly what I'm looking for! Thanks for the tips on finding a great mentor!
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