I'm meeting with a guy who made millions. What do I ask?

Rehabbing & House Flipping
7yFollow

I'm meeting with a guy who made millions. What do I ask?

Kenneth White
Rental Property Investor · Dayton, OH · Member since 2019 · 20 posts · 12 votes

Now I'm not a wealthy guy and I didn't come from wealth but my dad has a close friend who has made millions in real estate. Tomorrow I get to meet with this guy and pick his brain.

He's retired and said he will give me some of his old contacts, but what questions should I ask him? Also I. New at this

1Reply
25 views

Most Popular Reply

J ScottPro Member
Moderator
Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
7y

My recommendation would be not to ask him anything right now. Wait until you have a better understanding of the industry and what you're trying to accomplish, and then start asking questions. Otherwise, you're essentially just wasting his time asking questions that can be answered anywhere.

There are lots of people on this site who have made millions from Real Estate. If your goal is simply to ask questions of millionaires, you can ask them here and get just as good answers. Without wasting your one good connection by asking basic questions and potentially wasting his time.

Podcast Guest on Show #2024
16Reply
See this reply in the discussion

29 Replies

Jump to latestLatest
  • J ScottPro Member
    Moderator
    Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
    7y

    My recommendation would be not to ask him anything right now. Wait until you have a better understanding of the industry and what you're trying to accomplish, and then start asking questions. Otherwise, you're essentially just wasting his time asking questions that can be answered anywhere.

    There are lots of people on this site who have made millions from Real Estate. If your goal is simply to ask questions of millionaires, you can ask them here and get just as good answers. Without wasting your one good connection by asking basic questions and potentially wasting his time.

    Podcast Guest on Show #2024
    16Reply
  • John BucciPro Member
    Real Estate Agent · Tarrytown, NY · Member since 2016 · 149 posts · 63 votes
    7y

    Don't ask much...... Listen. His story should teach you a lot. 

    See how you can add value to his life or business. Build the relationship first.  

    [email protected]914-420-8497
    6Reply
  • Marci Stein
    Rental Property Investor · New York, NY · Member since 2011 · 956 posts · 510 votes
    7y

    ask him what you should be asking him . 

    2Reply
  • Matthew Paul
    Severna Park, MD · Member since 2013 · 7k+ posts · 7k+ votes
    7y

    Making millions is one thing , keeping millions is another 

    7Reply
  • Clifford Paul
    Rental Property Investor · Member since 2018 · 483 posts · 956 votes
    7y
    Originally posted by @John Bucci:

    Don't ask much...... Listen. His story should teach you a lot. 

    See how you can add value to his life or business. Build the relationship first.  

     I agree with John B. Get his story and start building a relationship but don't ask a lot of questions. @J Scott also has great advice, there's a lot of millionaires right here on BP. We answer questions and share our experience all the time. Build a relationship with him and maybe he will become a mentor. You have a great opportunity that few new investors will get. Don't muck it up.

    1Reply
  • Account Closed
    Lender · Pensacola, FL · Member since 2017 · 658 posts · 626 votes
    7y

    I agree with the other posts that it's best to listen and let him do the talking. You might need to help him figure out what to talk about. For example, it's OK to say you're not sure what you want to do yet, but you're thinking about X, Y, and Z. He might ask you why you are thinking about those areas so he can understand your motivations.

    0Reply
  • Greg Dickerson
    Developer · Charlottesville, VA · Member since 2018 · 4k+ posts · 4k+ votes
    7y

    One thing to keep in mind is perspective. The conversation will be framed very differently depending on three things. 

    How did he make it? Was he a slum lord? House flipper? Real Estate Agent? Spec Builder? Developer? Storage units? Apartments? etc You may or may not want to venture into these areas.

    How much did he actually make? Did he make $2 million, $20 million or $200 million? This is really important in terms of ROI over time.

    How long did it take? Did he do it in 5 years, 15 years or 50 years? Depending on these factors you may or may not want to follow his path. 

    That being said you always want to be a seeker of wisdom and you will always learn something from everybody you meet.

    And make sure you pay. Anytime you invite someone to meet you and give you advice pick up the tab. 

    6Reply
  • Max T.
    Investor · Philadelphia, PA · Member since 2015 · 3k+ posts · 3k+ votes
    7y

    @Kenneth White

    Ask him for 50 bucks

    6Reply
  • Dennis M.
    Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
    7y

    “ sir are you going to pay for this meal or am I ? ..cuz I’m a little short right now on cash”

    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    7y
    Originally posted by @Clifford Paul:
    Originally posted by @John Bucci:

    Don't ask much...... Listen. His story should teach you a lot. 

    See how you can add value to his life or business. Build the relationship first.  

     I agree with John B. Get his story and start building a relationship but don't ask a lot of questions. @J Scott also has great advice, there's a lot of millionaires right here on BP. We answer questions and share our experience all the time. Build a relationship with him and maybe he will become a mentor. You have a great opportunity that few new investors will get. Don't muck it up.

     also todays millionaire is not a 50s 60 or even 70s millionaire..  I mean in our markets there are real estate agents who make 1 mil a year just in brokerage fee's and or more.. its just not what it used to be.   Be that as it may most folks if they are taking a meeting like this like to talk about what they have done.. so just listen I am sure he will tell you all about his business life with very little prompting.. 

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    3Reply
  • Lynnette E.
    Rental Property Investor · TN · Member since 2018 · 2k+ posts · 2k+ votes
    7y

    I'd ask about things that he may like to share about his personal experiences and that also lets you learn.

    What was your most profitable deal?

    What do you wish you would have done differently?

    What was the deal you lost the most on  What would you do differently with what you know now?

    If you could go back in time what do you wish you could tell yourself when you were first starting out?

    Where do you time the future profit is in real estate?

    2Reply
  • Kenneth White
    OP
    Rental Property Investor · Dayton, OH · Member since 2019 · 20 posts · 12 votes
    7y

    Thank you all for your input! I'll take the advice and let you know how it goes

    0Reply
  • Andrew Flora
    Rental Property Investor · North Vernon, IN · Member since 2018 · 136 posts · 192 votes
    7y

    Buy the guy a beer, and say "tell me about your real estate journey". Like Jay mentioned above, if he is meeting with you it's likely because he is the type of guy that likes to tell the story of how he made it happen. Take it all in but dont annoy him with a million questions. The goal here is to build a relationship with him, buy him a beer two or three times per year as you become buddies, eventually he will grow to trust you, that's when you convince him you can bring value to him and allow him to passively invest in you while you swing the hammer and write him that 10% interest check.

    2Reply
  • Levi T.Pro Member
    Rental Property Investor · Tucson AZ / Nice FR / Washington DC · Member since 2016 · 1k+ posts · 1k+ votes
    7y

    Ask nothing, make a friend. It’s the little things that are valuable, and those little things are not just one or two details, but millions of them that you only get from years of conversations that you get from being friends with someone. To be a millionaire is not a one trick pony to becoming rich.. It’s millions of layers of winning at a micro level that makes millionaires successful. 

    4Reply
  • Lee Bell
    Real Estate Appraiser · Isabella lake, CA · Member since 2018 · 628 posts · 491 votes
    7y

    I like Andrews start.

    Buy the guy a beer, and say "tell me about your real estate journey".

    Say something along that line, then STFU and let him talk a bit.

    Make a friend.

    0Reply
  • Jason Graves
    Rental Property Investor · San Diego, CA · Member since 2018 · 242 posts · 234 votes
    7y

    @Kenneth White

    Ask him “ if you were starting out again and wanted to make millions in today’s real estate cycle. What 3 books would you read?”

    At the end ask him if you can check in with him in 3-6 months.

    1Reply
  • Michael T.
    Los Angeles, CA · Member since 2018 · 326 posts · 279 votes
    7y

    I agree with @Lee Bell enjoy listening to the guy, he probably has a few good stories and can help you along the way but it's too early to ask too many questions, guidance or favors.  

    Become his friend and let him know you're excited to be a part of this new journey your on and then at the end of the conversation ask if you can meet with him again in the future to buy him lunch or a beer.

    1Reply
  • Steve K.
    Honolulu, HI · Member since 2017 · 247 posts · 315 votes
    7y
    Originally posted by @Jay Hinrichs:
    Originally posted by @Clifford Paul:
    Originally posted by @John Bucci:

    Don't ask much...... Listen. His story should teach you a lot. 

    See how you can add value to his life or business. Build the relationship first.  

     I agree with John B. Get his story and start building a relationship but don't ask a lot of questions. @J Scott also has great advice, there's a lot of millionaires right here on BP. We answer questions and share our experience all the time. Build a relationship with him and maybe he will become a mentor. You have a great opportunity that few new investors will get. Don't muck it up.

     also todays millionaire is not a 50s 60 or even 70s millionaire..  I mean in our markets there are real estate agents who make 1 mil a year just in brokerage fee's and or more.. its just not what it used to be.   Be that as it may most folks if they are taking a meeting like this like to talk about what they have done.. so just listen I am sure he will tell you all about his business life with very little prompting.. 

    when I met one of the most experienced and helpful BP members in person, my first question was, "I've read a lot of your posts explaining all the things you have done thus far in RE- what HAVEN'T you done?"

    :)

    2Reply
  • Account Closed
    Realtor · Chattanooga, TN · Member since 2018 · 1 post · 0 votes
    7y

    @Kenneth White

    I love the advice these guys are posting. And thank you for asking the question! Just the other day I was parking my car (in the pouring rain in downtown Chattanooga) and I saw someone refilling or emptying the box you pay at in the parking lot. My family went on ahead of me, but I went over, introduced myself, and asked him if I could have his contact info so I could buy him a cup of coffee and pick his brain.

    This helps me so much. I don’t want to show up and waste an amazing opportunity, trying desperately to think of questions. At the same time, this thread of posts has given me an incredible thing to think about; do I want to gain some points of information, or do I want to nurture a potential contact in the RE world?

    So so good guys! I can’t wait to hear how your meeting goes Kenneth!

    0Reply
  • Erik W.
    Real Estate Investor · Springfield, MO · Member since 2017 · 1k+ posts · 2k+ votes
    7y

    I agree with others who say just ask one or two open-ended questions and let him talk...do that at the beginning, then be silent and absorb everything.  The only other question I might ask up front is, "May I record our conversation for later review?" or if that's uncomfy at least bring along a note pad and several good pens.
    .
    At the end, I'd ask these two things:
    .
    1) What kind of investing activities are you still active in?  He will hopefully answer, "Yes, I'm doing X".
    .
    2) Can I work for you for free helping you to do X?
    .
    Work + learning + experience = gold!  Good luck.

    0Reply
  • Adam Mittermeier
    Specialist · Little Rock, AR · Member since 2018 · 148 posts · 71 votes
    7y

    @Kenneth White come up with at least a few questions that he will easily be able to elaborate on. The biggest advice... Listen!

    Soo many people want to talk about what they know.... And it makes them sound very ignorant to the guy across the table that knows a lot more about the subject. It's ok to share what your doing, but make sure he remains the teacher in the meeting, with a very eager student.

    1Reply
  • Kenneth White
    OP
    Rental Property Investor · Dayton, OH · Member since 2019 · 20 posts · 12 votes
    7y

    The meeting went well. He talked and I listened. I learned a lot about the local areas and the risk/ regards that go along with them. Scored his realtors number and he wants to talk again.

    Thank you all for the advice. That talk would have gone a lot differently without you guys!!!!

    7Reply
  • John Barrett
    Rental Property Investor · Denver, CO · Member since 2017 · 17 posts · 8 votes
    7y
    @Kenneth White I agree with John B...ask him to tell you his story and listen
    0Reply
  • Adam Mittermeier
    Specialist · Little Rock, AR · Member since 2018 · 148 posts · 71 votes
    7y

    @Kenneth White Awesome!! Glad it went well!!

    0Reply
  • Kyle Shankin
    Rental Property Investor · Oakland County · Member since 2018 · 151 posts · 97 votes
    7y

    @Kenneth White

    Any idea WHAT this guy did in real estate?

    You said you're just getting started, how much do you know? If you're not aware of the different types of real-estate investing or the different jobs that play a role in those types of deals, then I would recommend researching those to the point where you have a high-level understanding. That way, you won't be completely overwhelmed with whatever this guy tells you.

    If he starts to tell you stories about his journey make sure you're listening. Bring a notepad and take notes.

    Also, go in with the understanding that one meeting with this investor isn't going to give you the proverbial golden ticket; there's simply too many aspects of real estate to cover in one visit. Not to mention, all of his advice won't be worth anything unless you take action.

    As for a specific question,you could ask Him how he got his start and what his favorite parts of real-estate are. That could at least give you a direction.

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free