How can I provide value to a mentor?

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How can I provide value to a mentor?

Devan M.
Investor · Oklahoma City, OK · Member since 2014 · 96 posts · 13 votes

I, like so many of us here, am a newbie when it comes to real estate investing and would love to have a mentor. The thing I am trying to wrap my head around is how can I make sure to provide value to a mentor since I am so green and have yet to do a deal? I would never expect someone to give me anything for free, especially time out of their day to advise me on REI aspects that may be elementary to them. Of course, if a potential mentor took me up on an offer for lunch I wouldn't hesitate to pick up the bill, but I would think that is only a start to the value I should be providing someone who is willing to mentor me. I know some of you might say I could pay them, but at the moment cash is not something I have in great supply. I work 40 hours per week at my job, but I was thinking I could do something with my time outside of that to provide value to them. The question is what. Should I just be straightforward and ask any potential mentor what value I could provide to them in my current situation? How have any of you found a mentor and what value did you bring to them?

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Michael Quarles
Flipper/Rehabber · Bakersfield, CA · Member since 2008 · 3k+ posts · 3k+ votes
12y

@Rick H. 

Of the people I have helped the common denominator between those who are successful and are still in the business buying homes and those who are not is, besides drive, the ability to perform.

Although one can buy a house without money this is not a no money business and the investors who are successful have waited to jump in until they were financially capable. 

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  • Jon Klaus
    Developer · Garland, TX · Member since 2008 · 8k+ posts · 4k+ votes
    12y

    Yes, ask how you can help them. One idea is to give them a cut of your first deal(s). 

    1Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    12y

    Everyone has needs. Just ask what theirs are.

    2Reply
  • Devan M.
    OP
    Investor · Oklahoma City, OK · Member since 2014 · 96 posts · 13 votes
    12y

    Thank you @Jon Klaus and @James Wise it's great to hear that from guys like you that seem to be doing a lot of deals and are those experienced investors getting approached by newbies all the time.  It seems like it should be more complicated than that, but I guess sometimes the simple approach is the best approach.  Cheers!

    1Reply
  • Rick H.
    Lender · Greater LA/Orange County area, CA · Member since 2012 · 3k+ posts · 3k+ votes
    12y

    Great question!  

    I'll turn this around slightly to ask, 'What qualities do seasoned, experienced investors want in someone that they might be willing to mentor?

    One of the things a younger investor starting out has that an older mentor may not have is an abundance of energy.

    Another is willingness. Be willing to run errands and check things out for the investor.

    A natural sense of curiosity.

    Initiative.

    A helpful, cooperative attitude.

    Who else cares to weigh-in? Lots of other qualities I have left out.

    1Reply
  • Michael Quarles
    Flipper/Rehabber · Bakersfield, CA · Member since 2008 · 3k+ posts · 3k+ votes
    12y

    @Rick H. 

    Of the people I have helped the common denominator between those who are successful and are still in the business buying homes and those who are not is, besides drive, the ability to perform.

    Although one can buy a house without money this is not a no money business and the investors who are successful have waited to jump in until they were financially capable. 

    3Reply
  • Ivan Burley
    Flipper/Rehabber · Nashville, TN · Member since 2013 · 76 posts · 3 votes
    12y

    @ Devan M. I'm in similar situation as you. I also work full time and I am looking to get some mentorship in my free time. I've thought of a few things to do such a bird dogging and cold calls. Maybe following up on leads that a mentor may not have time to get to. An issue I have is trying to locate a mentor to even offer these services to. I've been to one REI meeting a while back and plan to attend more. I'm hoping I will come across someone willing to give me a shot there.

    0Reply
  • Alejandro Sosa
    Fayetteville, NC · Member since 2013 · 14 posts · 4 votes
    12y
    @Devan M. Hey, I was I your shoes a few months ago. I came across a contractor with great reputation in the area and he gave me the name and number of the guy who is my mentor today. It took me 6 hours to figure out how to start the conversation. This is how I did it. I wrote the questions I wanted to ask him, what I wanted to accomplish, my short term goals and long term goals. So I called him but the voicemail came up. In the voicemail I introduced myself, told him why I was calling and that I understood if he didn't called back. Remember, I was a stranger at the moment. He called me a few hours later and we agreed to go out for lunch. At lunch, I talked about myself and the reason why I called him also, I asked him about his business and how he started. It sounds redundant but it's important that you express your intentions up front. After lunch (I paid for it as an appreciation for his time) he offer me to go to one of his houses that just happened to have an inspection that day and I agreed. Since then, I've been working with him on his projects also, he offered me an investment opportunity in his company. I think I was lucky or it just happened to be pure coincidence.. Do what you think will be best for you. I believe I didn't mention that I'm a full time service member and my time is limited. After all my scribble my advice to you is to be proactive, cooperative and respectful. Always be on time and keep a good communication line with him or she. You will be surprised how much they will be able to help. Also, listen to the podcast the first ones have good tips about how to approach and mentor. That's where I got my techniques from. Wish you the Best!!! A.
    1Reply
  • Ivan Burley
    Flipper/Rehabber · Nashville, TN · Member since 2013 · 76 posts · 3 votes
    12y

    That's a great plan @ Alejandro Sosa.  It's always good to jave you thoughts organized before hand.  Glad to hear you foind someone that could help you.  I hope to find my memtor soon.  In the mean time I'll keep plugging away.

    What kind of tasks are you performing with your mentor? In which areas has he helped you most?  Did you guys reach an agreement as far as compensation for his time and knowledge?

    0Reply
  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    12y

    Providing value is very important, but don't neglect the simple truth that most people like to feel important, smart and like they're helping others out. If you can make them feel genuinely appreciated, you will very surprised at how much most people will be willing to help you.

    Podcast Guest on Show #121
    0Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    12y

    You would be surprised at the many ways a mentor/mentee relationships can form. There are so many things related to real estate and not related to real estate that have value.

    For instance.

    I'm currently mentoring a local from my area. I mentor him in RE and he trains me at the gym. Unorthodox but its mutually beneficial for us both.

    1Reply
  • Ivan Burley
    Flipper/Rehabber · Nashville, TN · Member since 2013 · 76 posts · 3 votes
    12y

    @James Wise.  That's what I call a win win.  Health and prosperity!  I'm entering my second year of Electrical apprenticeship so once I become certified I'll have that to offer to other investors as well as contractors.  I guess I need to scour the members from Nashville and lookd for someone with experience.  

    Still getting familiar with the site!

    0Reply
  • Alejandro Sosa
    Fayetteville, NC · Member since 2013 · 14 posts · 4 votes
    12y
    @Ivan Burley I am the project manager for his Rehabs. I do it for free, the knowledge I've gained it's invaluable. But when I started I was just receiving the people who were going to measure the floors for carpets or the guys dropping off the appliances. I'm kind of a Swiss Army knife for him. I try to pay attention to detail in his projects and if I see something he hasn't I'll let him know. I share my ideas for example: He had a house in the market that had an ugly swing set on the backyard; I mentioned that was a good idea to get rid of it to make the yard more appealing. He told me that it was not a big deal so I let him think about that. After a week, he asked me to get rid of it. So I offered to the neighbors and they took that problem out of our hands. That's a way to provide value to a mentor, by fixing things they are to busy to tackle. Let me know if you have any other questions.
    0Reply
  • Rachel H.
    San Antonio, TX · Member since 2009 · 3k+ posts · 1k+ votes
    12y

    Most times, it's not always about the money - it's about the relationship. If you can find someone you can get along with who can teach and you can be loyal with, it's a win/win situation. Not every mentoring opportunity will pan out; it's all a matter of personality and finding the right person. Hope that helps! 

    0Reply
  • Jason Collins
    Real Estate Investor · Dundalk, MD · Member since 2014 · 12 posts · 1 vote
    12y

    Devan,

    I am in a similar situation of looking for a mentor.  However, I am going about it a little differently.  I know what I have to offer an investor, I just have to find the one that wants what I have to offer and our personalities match.  Now, don't get me wrong, I'm certainly not cocky about it by any means.  

    Here are a few things I know I can bring to the table for a mentor and maybe some of hem resonate with you too.

    Willingness to learn, available to do whatever is needed, appreciation for them giving me a task I can learn from, reliable, honest, passion for the business and excitement for what they are teaching me.

    Hope this helps you since your post has opened a great topic and reading the responses has helped me.

    Good luck-

    -Jason

    0Reply
  • Devan M.
    OP
    Investor · Oklahoma City, OK · Member since 2014 · 96 posts · 13 votes
    12y

    Wow, I didn't expect such a huge response, but I'm grateful all of you weighed in on the subject.  I have a much better idea now of how to go about finding a mentor and a little more confidence in doing so.  I'm also happy to see others benefitting from this post besides just me.  Best of luck to you all and I hope to continue seeing you around the site!

    0Reply
  • Ivan Burley
    Flipper/Rehabber · Nashville, TN · Member since 2013 · 76 posts · 3 votes
    12y

    @Alejandro Sosa.  That's a great place to start, project manager that is.  You'll gain some good insight as to how a project should and should go.  Once you start your own you'll be ahead of the curve.  Good job.  Best of luck with ot all.

    @Devan M.  That's the great thing about BP.  There's always opportunity to learn just from tuning on to other people's posts.  For the most part people here are extremely helpful.  I believe the long distances take the edge off of people natural inclination to be competitive and guarded. 

    0Reply
  • Joseph Ambrose
    Southington, CT · Member since 2017 · 25 posts · 3 votes
    8y
    This all very helpful information. I am in the same position being new to investing. It’s one thing to read a ton of books, listen to podcasts, and forum posts but another to actually go through the process of selecting and rehabbing a property. I feel like I’ve done enough background getting myself at least familiar with many of the concepts but want application!
    0Reply
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