I'm a Newbie in South Florida that's looking for great a Mentor.
Fort Lauderdale, FL · Member since 2016 · 4 posts · 1 vote
I'm a Newbie in South Florida that's looking for great a Mentor.
Most Popular Reply
Welcome @Lavonn Lewis! What is your credit score? What's your reported income? Any debt you have to pay monthly? I wouldn't worry too much about not having assets when it comes to qualifying for a mortgage, that's doesn't factor into the equation, with some readily available conventional loans. You might try searching "house hacking" here on Bigger Pockets, that's a great way to get started with limited funds. It's likely a good idea to attend real estate investment group meetings in the area, and read the heck out of bigger pockets. I also can't see any downside in taking the course to become a realtor, it's only a few hundred bucks and will give you some decent background. Steer clear of any costly seminars or training (or ones you think ae just teasers for expsnive programs down the road) for now, there's plenty of learning to be done for free, and you can always sign up for them later after you've soaked up lots of free knowledge, if at that time you think they are worth it.
9 Replies
- 10yTrexie E.Pro MemberBiggerPockets Support · Davao, Davao del Sur · Member since 2015 · 937 posts · 163 votes
Hello @Lavonn Lewis
Welcome to BP! You can go through the "Education" tab under your account's main page. That has some valuable links. Further more, you can go through our forums https://www.biggerpockets.com/forums and you can find some helpful advises there or can post your queries there so potential members can answer to you. Also, find and connect with other BP members that are in your area, here: http://www.biggerpockets.com/meet
Please don't hesitate to reach out if you have any questions or clarifications. We are always happy to help!
- Investor · Indianapolis, IN · Member since 2014 · 2k+ posts · 601 votes10y
Hi @Lavonn Lewis,
Glad to hear that you're interested in mentoring as I believe it's one of the biggest keys to achieving your goals. Hopefully you don't mind me doing this, but here's a suggestion of what I've found to work well in getting one.
1. Set up a keyword alert for your specific area.
2. I'd then create a post on BiggerPockets saying where you are from and that you're looking for advice on how to find an ethical mentor in your area.
^This will help promote you with other people who have keywords set up for your area. (But make sure you don't say, "I'm looking for a mentor in my area, any takers?" As that will get you kicked off for solicitation)
3. Then I'd be on the lookout for established wholesalers and investors in your area that pop up from your keywords.
4. Once you find a few that look interesting, take them out to coffee. Make sure you interview them and see if you'll enjoy connecting in a mentorship. (working with them is a mutual agreement)
5. If you like them, and they seem like a good fit, then ask if you were to find some deals, if you could bring the deals to them for them to buy and then offer a 60/40 split (they get 60%) if they'll agree to walk you through the process of closing on it/selling it. And state that you'd obviously do a lot of the leg work, you'd just need to be shown what to do.
6. Then offer, if they have any other needs in their business, that you're really hungry to get involved and to learn the business, so if they needed help answering phones, cleaning toilets or whatever, that you'd love an opportunity to work with them and help out.
7. Then actually do it, if they offer you something.
8. Begin looking for deals via free resources, (here's a good guide to get you in the right direction: https://www.biggerpockets.com/renewsblog/2014/04/2...). Also consider driving for dollars, posting signs at coffee shops, etc.
9. Learn how to run comps and analyze deals the best you can (search on the BP blog for 65% rule for wholesalers) and then when you think one might be a good deal, bring it to the investor who has agreed to purchase the property, and ask him to confirm your comps and give you feedback.
10. Then if he likes it, boom: you now have a real estate mentor and you just rinse and repeat moving forward.
Hope that gives you an idea of how to move forward. Happy Hunting!
Welcome @Lavonn Lewis! What is your credit score? What's your reported income? Any debt you have to pay monthly? I wouldn't worry too much about not having assets when it comes to qualifying for a mortgage, that's doesn't factor into the equation, with some readily available conventional loans. You might try searching "house hacking" here on Bigger Pockets, that's a great way to get started with limited funds. It's likely a good idea to attend real estate investment group meetings in the area, and read the heck out of bigger pockets. I also can't see any downside in taking the course to become a realtor, it's only a few hundred bucks and will give you some decent background. Steer clear of any costly seminars or training (or ones you think ae just teasers for expsnive programs down the road) for now, there's plenty of learning to be done for free, and you can always sign up for them later after you've soaked up lots of free knowledge, if at that time you think they are worth it.
Welcome to the site @Lavonn Lewis
There is so much information here, between the blogs, podcasts, and ability to reach out to more experienced investors.
I was in your shoes about 18 months ago, with my credit subpar & not much money saved. I was able to turn that around rapidly by paying off all my debt & saving aggressively. I watched videos by real estate mentor Jay Morrison & used Dave Ramsey's "7 Baby Steps" method to get in the mindset of using money as a tool, not being used by it. Those resources changed my life, now I'm in a position to start buying Real Estate.
No matter where you're starting from, your vision is possible. Get the right resources to have a good plan and stick to it! All the tools you need are right here at BP and elsewhere online. Good luck with your business plans. I hope to see you around the site.
- Real Estate Agent · Miami, FL · Member since 2016 · 26 posts · 10 votes10y
Welcome Lavonn! If you need a licensed realtor to help you find investment properties, I would gladly assist.
Regards,
- Real Estate Investor · Sunny Isles Beach, FL · Member since 2013 · 788 posts · 333 votes10y
Welcome @Lavonn Lewis! lots of great advice on this thread already. My suggestion is to start doing something...anything! Don't be paralyzed by fear or not knowing exactly what the right next step is...You will only figure it out by going through the motions.
- Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes10y
Welcome. Fill in the foundation below.
Check out the Start Here page http://www.biggerpockets.com/starthere
Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.
Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 100 past ones to catch up on.
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com
Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
Good Luck
Paul
- Lender · Fort Lauderdale, FL · Member since 2016 · 40 posts · 7 votes10y
Feel free to contact me on advice or our loan options. Will be happy to help if I can!
- 10yJill DeWitPro MemberInvestor · Scottsdale AZ · Member since 2015 · 1k+ posts · 423 votes
Hello @Lavonn Lewis and welcome to Bigger Pockets. At BP, not only can you network with other investors, you can get the information and answers you are looking for on REI! You came to the right place and I wish you best of luck.
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