How do I find a wealthy mentor for buying and renting homes?

6 Replies

Hey,

So I have a plan that I want to get into motion asap.  

I have always wanted to buy and rent homes (the sky is the limit on the number).  I've been doing some serious research on how to do this and how to become a top dog in this area of real estate.  

Almost everyone who has been successful in this has said that they had a mentor that had already run the race and had become exactly what they envisioned for themselves.  

I wanna do this as smart and diligent as possible.  Do any of you guys know how I could meet and get to know someone like this?  I would even be willing to work for free for someone in exchange for knowledge and know how.  

Thanks,

Jamie

@James Edward Grohman this is easy. Never take no for an answer. Work hard and for free for anyone highly successful in the industry you want to master. Go get them coffee, take out their trash, clean their car whatever it takes.A busy successful person doesn't have the time to take you under their wing unless you bring value to their life.

You will absorb their knowledge and their habits and see what it takes to make it. Read the book "Think and grow rich" Ten times 

Alex Deacon, Real Estate Agent
412-613-4435

@James Edward Grohman - Go spend time where other serious investors spend time. A great place is local REIAs. Then, network. Keep in mind someone won't take you on as a mentor the first time they meet you. It's like dating, you need to build a relationship. After you have meet someone a few times at REIA, offer to to buy them lunch so you can pick their brain. Then at lunch, ask questions and let them talk, and talk, and talk. Learn their life story, find common grand. Continue to build the relationship.

Also, most of the time it is not something formal. My original mentor in real estate, was someone that gave me advice, someone I would have lunch with on a regular basis, and was someone that I could call or email for help. We never said yes I will now be your mentor and I will be your mentee. It tends to be more organic. 

Then, think about what you can add or how they benefit. Offer to bring them coffee every morning for two weeks. Offer to go do site visits for them and take pictures so they don't have to do as many site visits. Offer to do all their Home Depot shopping - they email you the pick list, you go and spend the two hours loading up all the carts so all they have to do is show up and pay. At first glance this seems like meaningless busy work, but by doing their shopping, you see the fixtures and materials they use, you learn the layout of the stores, you learn prices, all valuable stuff. Add so much value to them that you basically become part of their team, and the whole time you are learning.

Good luck!

Does the mentor need to lend you money? The entire key to building a RE empire is OPM. Look at these guys that have 2,4, 10 M in real estate. They didn't pull that money out of their pocket to buy. Do you own a house and owe the bank? That is OPM. Take calculated steps..looking at the possible outcomes BEFORE you make the move. Buy right. Have exit strategies. Have that plan..which you can amend as you go. 

John Thedford, Real Estate Agent in FL (#BK3098153)
239-200-5600
Originally posted by @Andrew Kerr :

@James Edward Grohman - Go spend time where other serious investors spend time. A great place is local REIAs. Then, network. Keep in mind someone won't take you on as a mentor the first time they meet you. It's like dating, you need to build a relationship. After you have meet someone a few times at REIA, offer to to buy them lunch so you can pick their brain. Then at lunch, ask questions and let them talk, and talk, and talk. Learn their life story, find common grand. Continue to build the relationship.

Also, most of the time it is not something formal. My original mentor in real estate, was someone that gave me advice, someone I would have lunch with on a regular basis, and was someone that I could call or email for help. We never said yes I will now be your mentor and I will be your mentee. It tends to be more organic. 

Then, think about what you can add or how they benefit. Offer to bring them coffee every morning for two weeks. Offer to go do site visits for them and take pictures so they don't have to do as many site visits. Offer to do all their Home Depot shopping - they email you the pick list, you go and spend the two hours loading up all the carts so all they have to do is show up and pay. At first glance this seems like meaningless busy work, but by doing their shopping, you see the fixtures and materials they use, you learn the layout of the stores, you learn prices, all valuable stuff. Add so much value to them that you basically become part of their team, and the whole time you are learning.

Good luck!

 Thank you lots!  Great advice.

Originally posted by @John Thedford :

Does the mentor need to lend you money? The entire key to building a RE empire is OPM. Look at these guys that have 2,4, 10 M in real estate. They didn't pull that money out of their pocket to buy. Do you own a house and owe the bank? That is OPM. Take calculated steps..looking at the possible outcomes BEFORE you make the move. Buy right. Have exit strategies. Have that plan..which you can amend as you go. 

Awesome!  Thanks 

Originally posted by @Andrew Kerr :

@James Edward Grohman - Go spend time where other serious investors spend time. A great place is local REIAs. Then, network. Keep in mind someone won't take you on as a mentor the first time they meet you. It's like dating, you need to build a relationship. After you have meet someone a few times at REIA, offer to to buy them lunch so you can pick their brain. Then at lunch, ask questions and let them talk, and talk, and talk. Learn their life story, find common grand. Continue to build the relationship.

Also, most of the time it is not something formal. My original mentor in real estate, was someone that gave me advice, someone I would have lunch with on a regular basis, and was someone that I could call or email for help. We never said yes I will now be your mentor and I will be your mentee. It tends to be more organic. 

Then, think about what you can add or how they benefit. Offer to bring them coffee every morning for two weeks. Offer to go do site visits for them and take pictures so they don't have to do as many site visits. Offer to do all their Home Depot shopping - they email you the pick list, you go and spend the two hours loading up all the carts so all they have to do is show up and pay. At first glance this seems like meaningless busy work, but by doing their shopping, you see the fixtures and materials they use, you learn the layout of the stores, you learn prices, all valuable stuff. Add so much value to them that you basically become part of their team, and the whole time you are learning.

Good luck!

 Thank you!  Lot of good points 

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