BRRRR and learn or find a mentor first?

Question

Hi, "I am a real estate investor (who hasn't done any real estate transactions) and part-time PA (physician assoc).

I have an $85K HELOC and $10K cash and would like to invest in a Class C SFH in Jacksonville, FL. I have read many BP books, listened to podcasts, watched webinars, videos, etc. Most advise to associate yourself with the people you want to become, but I currently don't know any full-time investors. When I read these posts, I realize how much I don't know. I also realize you learn best by trial and error (hopefully it's not a very expensive error). Would you recommend finding a partner/mentor first (and if so, how do I go about doing that and not getting taken advantage of due to my lack of knowledge) -or- just going for it with what I have learned on my own?

Nancy Stark · Answer

@Jack Bobeck You are right about it being hard to find a female mentor. I have tried reaching out to several and no one has responded. So I REALLY appreciate everyone who has posted on this thread. Also, @Lesley Resnick has already reached out to me, which speaks to her efficiency. Thanks!

Brendan F. Nagle · Answer

@Nancy Stark

I will recommend two. Both not real estate. The immortal Irishman, and the 4 hour work week. Real estate changes, but motivation, finding it and keeping it is more important. Working smarter and automation will keep you sane while you grow.

Nancy Stark · Answer

@Brendan F. Nagle - Thank you, I think you are right. What other books would you recommend? Outside of BP books, I have read Rich Dad (of course), and some mindset books like Think & Grow Rich, but if there are specific business/real estate books you recommend, I am all ears.

Brendan F. Nagle · Answer

Pull the trigger and go. Understand that you will make mistakes. But staying on the sidelines forever isn't a good option either. Please find non BP books too. Don't get all your information from one source even this one. You will make mistakes. They come in 10,100,1000, and 10,000 dollar varieties. Hopefully, you learn from your mistakes and you end up with a Cash flowing rental. Once you have done something once you can repeat or improve the process. Good luck on your journey.

Orlando Spencer · Answer

@Nancy Stark

Hello Nancy, I’d be interested in working with you based on the level of research you’ve done in advance. I invest throughout the Jacksonville (+30 properties since 2012) and have sold around 150 properties. I’d enjoy conversing with you about your goals and how much work you’re willing to put in to succeed.

There it is, full transparency... verify most of this info on Zillow if interested. Happy investing!

Jack Bobeck · Answer

@Nancy Stark It is damn hard to find a good female mentor in Jacksonville. There are many good "gurus" that are women, I love Wendy Patton as well as Robyn Thompson, but in Jax, I would reach out to @Lesley Resnick. She is a Realtor, Investor and could be a great mentor for you. She has done the Buy, Fix and Flip as well as Buy and Hold route. She's been through the highs and lows in real estate. I would recommend you reach out to her, she lives at the beach and you could at least get a start with Lesley and she could point you in other directions. Best of luck to you and welcome to real estate! Best thing to do is ASK THE QUESTION. - Jack

Jay Helms · Answer

congrats on getting started @Nancy Stark! and realizing that you need to surround yourself with like minded people. I'm starting to  look for multi-families in Jacksonville, 15-200 units, in class B-C. If you find any, send them my way and I'll be happy to mentor you on MF, which is typically the next step most people take once they get a SF buy and hold under their belt.

Kody Thompson · Answer

Shoot me a message, Id be more than happy to mentor you and invest In Jacksonville as well.