New? Or Struggling? Sometimes A Mentor Makes All The Difference, Here's Why
Before you buy into the concept that "investors" will mentor for free, think about it. Investors are "money aware". They won't give what is needed out of the goodness of their heart. Training someone takes time and expertise. Here is a list of what you need to know to be successful. Or you can reach me at [email protected] I look forward to talking with you. Ken
A good mentor has made his way, will provide two personal hours a week in training, one on one, and unlimited phone calls and will know what he is talking about.
Now, can an average investor, over enough time, cover most of what you need, sure, but there is a down side to investing and that needs to be covered too. The thing is, everybody can share what they know, it's just that some know a whole lot more than others. And knowing "most" won't keep you from getting sued.
For instance here is a list of things you should learn to do legally, and they should offer 100% refund if you don't buy a property under their training.
Learn 10 Low Cost Ways To Buy A House.
- 1. Subject To (Subto) (Take over the mortgage & own the property)
- 2. Land Contract (deed transfers when last payment is made)
- 3. Wrap (seller sells with mortgage that mirrors their mortgage
- 4. Wholesale (buy below market value)
- 5. Abandoned/Zombie /Neglected (buying properties “off market” that others don’t know about, cheaply
- 6. Seller Financing (Seller becomes your bank)
- 7. Lease Option (Test the property before you buy)
- 8. Foreclosures/Probate /Distressed (Buying properties at a discount below market)
- 9. Assumption (taking over the loan of a specific property)
- 10. Joint Venture with seller or investor (buy with a partner to cut costs and risk)
| Subject To | Multifamily | Pre-Foreclosures | Buy a Property |
| Finding Sellers | Cap Rates | Pre-Foreclosure Websites | Location |
| Structuring | Cash Flow | Marketing | Type |
| Negotiating | C On C | Methods | Exit Strategy |
| Contracts | Locating | Contracts | Mortgage |
| Processes | Inspections | Processes | Maintenance |
| Structure | Rent Rolls | Legal | Escrow |
| Paperwork | Sources | Sources | |
| Agreements | Seller Financing | Problems | Good Deal |
| Disclosures | Finding Sellers | Solutions | Comps |
| Pitfalls | Contracts | Contracts | |
| Recording | Processes | Spreadsheets | Negotiating |
| Escrow | Structure | Figuring Deals | Making Offers |
| Insurance | Paperwork | Tracking Leads | |
| Agreements | Sorting Data | Wraps | |
| Marketing | Disclosures | Creating Labels | Contracts |
| Mailers | Pitfalls | Payments | |
| KPIs | Buying – General | Payoffs | |
| Skiptracing | Financing | Negotiations | Insurance |
| SMS | HML | Appraisals | |
| County Records | Private Money | Contracts | STRs |
| Scripts | Gap Funding | Escrow | Acquiring |
| Cold Calls | Bridge Loans | Location | |
| Meetups | Credit | Analysis Paralysis | Financing |
| Charts | Bank Lending | Getting Started | Numbers |
| Tracking Leads | SDIRA / 401(K) | Deciding Direction | Furnishing |
| Local Vs Out of State | Cleaning | ||
| Comps | Fix & Flips | Having A Website | Permits |
| Redfin | Contractors | Selecting A Market | AirBNB |
| Zillow | Inspections | Neighborhoods | VRBO |
| Realtor | Zoning | Crime | Atmosphere |
| Propstream | Permits | Vacation | |
| How To Comp | Best Use | Title | Travel |
| Escrow | Biz | ||
| Wholesaling | Probate | Insurance | |
| Acquisitions | Paperwork | Closing | Rentals |
| Dispositions | Process | Liens | Landlord |
| Assignments | What to expect | Rent Rates | |
| Finding Sellers | Timeline | MLS | Rental Checklist |
| Finding Buyers | Pesonal Representative | Dealing With Agents | Rentometer |
| Contracts | Buying Properties | Leads | Tenants |
| How Transaction Flows | Marketing | What To Look For | Security |
| Problems | Expireds | Cap Ex | |
| Solutions | Taxes | Limitations | Reserves |
| 1031 Exchange | Maintenance | ||
| Land | Depreciation | Legal | Taxes |
| Locating | Dealer Status | Lawsuits | |
| Selling | Investor Status | Things To Avoid | Joint Ventures |
| Acreage | Attorneys | Partners | |
| Tax Deeds | Asset Protection | Partnerships | |
| LLCs | Systems | Joint LLCs | |
| Deeds | Operating Agreements | Procedures | What To Know |
| Contracts | Insurance | Resources | What To Avoid |
| Ownership Transfer | Hired Help | Set Up | |
| Lease Options | Finance | Goal | |
| Exit Strategies | Finding Buyers | Team | |
| Lease Options | Structuring | Goals | Videos |
| Land Contracts | Negotiating | Best | |
| Wraps | Contracts | Lending | Basics |
| STRs | Processes | Becoming a lender | Sources |
| Rentals | Structure | Contracts | |
| Residence | Paperwork | Notes | REOs (Bank Owned) |
| Agreements | Deeds | Short Sales | |
| Disclosures | Assignments | Auction | |
| Pitfalls | Performing | ||
| Recording | Non-Performing | ||
| Escrow | |||
| Insurance | |||
| Setting Prices |
When you are new, looking for lenders & considering Fix & Flip, BRRRR, or rental, as a buyer, I’d ask the owner/seller to be one of my private lenders with creative financing. This works in Southern California (CA), AZ, WA, and TX and everywhere else.