How to find RE Mentor & Cost ?
I have been wanting to purchase a property for several years now and perhaps the many reasons for delay have been a blessing in disguise, as over the past 3 months my eyes have been opened to the many RE Investment options and I'm ready to put things into motion.
I'm very much a beginner, but I've decided what type of properties I'm willing to consider (e.g. consumer-multi unit), what location (Central/South Florida), and a handful of other preferences, I know that I will need partners (property manager, maintenance/handyman, lender, realtor, etc). I NEED to buy my first property (FHA) this year. I could sit and continue to read, watch, listen, but I feel the hours, days, weeks, months slipping by. I feel like only people with 10yrs experience have the adequate know-how to pick the right properties and know what to look for, I will never catch up to that.
I've been searching trying to find a mentor that could help me, but I don't know what price or cost structure is reasonable. One coach/mentor wanted $15k w/guarantee to purchase my first property in 90 days and stick with me for 1 year. I've reached out to an REIA in my state who offers to pay 100% the costs, I'm told REIAs are legitmate source and this one has great reviews.
As a newbie, I don't know what to trust and what's reasonable, but I also know I need guidance. I don't have $15k to give to someone, not because I don't believe in their value, but I don't want to put myself at-risk and wipe myself out trying to get into a 1st investment. I also don't need someone to front me 100% cost nor do I want them to. I'm not destitute, but also not in abundance.
Here are my Asks....
How to find a real estate mentor to guide me in my first purchase?
What is reasonable cost ?
Should a mentor be in my city/region/state?
If a mentor is in the tens of $k, creative ways to make it work (I guess kind of like creative funding for RE?)?
Ideally (and someone tell me if I am wrong for this) I mainly would like for someone to coach me along to acquire my first property and set up. Then as I am reducing my expenses/generating income with this property I can say OK, I want to use this money to re-invest in myself and get some long-term mentorship to continue RE investing, additional education, etc.
I'm open to feedback, insight, suggestions, etc.
Thank you
Hi @Ashley Hall, welcome to biggerpockets and congratulations on doing the work!
I think you are on the right track! You are reaching out to the right community and asking for help. That’s more than a lot of people would to get started.
Like most things in real estate, it depends and what I say here is just my opinion. I am not saying I am right or wrong, and every person you interact with will likely have a different opinion.
There are so many coaching/mentoring/courses out there that you can choose from. A lot of them have tons of value. A lot of them are scams, in my opinion.
It also depends on what you are looking to do and how much you are looking to do work and learn yourself vs delegating “the work” to someone else. I say that simply because the options can vary from a self-taught online program that teaches you everything but where you have to practice, to you engaging with a turnkey provider in your market that will do everything for you from finding to managing the property.
I personally believe one has to do the work to truly understand the space and be successful in it. With that said I personally prefer lower-cost options where you can learn the basics and learn what to do vs paying “a guru” thousands of dollars. There are so many options out there that are free or in the hundreds of dollars. I would always do that with the associated work over paying someone I do not know who is trying to sell me something.
When I started, my favorite course, which lead me to buying 3 properties in my first year, was around $300. I think that course today is about $400.
They’re also people out there that are just willing to help at no cost. You find them by building relationships and finding how you can provide them with value.
We spend a few hours each week helping people out who are getting started mainly because we want to give back to the community. I have nothing to sell.
I am happy to share my experience, tools, tips, tricks, mistakes, etc. If you want to chat more, I am happy to. Do not hesitate to reach out, connect and DM me.
Good luck with everything and let’s make 2023 the year you start!!!
What helped me to find mentors was to reach out to people and ask questions. Be friendly. Don't ask someone "will you mentor me?".
I found people crushing it and I'd connect with them or send them a friend request.
"Hi X, saw your post on Y. That's awesome the kind of projects you're putting together. It's something I want to get into down the road. Are you ever taking partners for your deals?"
Quote from @Joseph Crunkilton:
What helped me to find mentors was to reach out to people and ask questions. Be friendly. Don't ask someone "will you mentor me?".
I found people crushing it and I'd connect with them or send them a friend request.
"Hi X, saw your post on Y. That's awesome the kind of projects you're putting together. It's something I want to get into down the road. Are you ever taking partners for your deals?"
Thank you, I am working on taking this approach, though I think asking to be a partner insinuates I am more educated in the field than I am. I've made a couple attempts to drop that I'm looking for a mentor to a couple people in the industry and didn't get any feedback from that, but I'm not giving up and will continue to educate myself and network to the best of my ability regardless.
I appreciate your comments, thank you!
Quote from @Nathan Murith:
Hi @Ashley Hall, welcome to biggerpockets and congratulations on doing the work!
Thank you so much for taking the time to comment. I would like to definitely reach out. It's been a couple weeks but during that time I've been juggling many things and trying to push the needle forward little by little, eventually baby steps will lead to bigger traction. And yes, I'm not unwilling to pay for educational materials and resources and not afraid of work.
Quote from @Ashley Hall:Reach out connect and DM me whenever you want. Here to help!
Quote from @Nathan Murith:
Hi @Ashley Hall, welcome to biggerpockets and congratulations on doing the work!
Thank you so much for taking the time to comment. I would like to definitely reach out. It's been a couple weeks but during that time I've been juggling many things and trying to push the needle forward little by little, eventually baby steps will lead to bigger traction. And yes, I'm not unwilling to pay for educational materials and resources and not afraid of work.