What are some good questions to ask my local mentor?

6 Replies

I am a first time investor and I am meeting with my mentor for the Kansas City market. What are some good questions to ask about the KC market?

What are some good questions to ask...?

That is the perfect question to ask, and honestly the reason that you're asking it. you need to know what they know, so ask them that question. 

i would start with some other simple questions that would provoke them to want work with you.

such as:

  • What can i do to help your business?
  • I bring x,y,z to the table, can these help you?
  • If i bring you a deal, what would it take to partner with you?

Then get ask the other questions like

  • how did you get started? should i follow that path?
  • can i follow you around and see what a typical day looks like?
  • can i pick up the check for lunch?

before you even get this far you need to know why you're doing this.. if it is for quick money, you're going to be out of the game before you even get started. a few people get lucky and get a meal ticket quickly, but it takes perseverance to keep going. 

show a mentor that you're hungry for information and they'll keep feeding you all you can take.

thoughts?

B

When you say mentor, is this someone you hired or someone you have built a relationship with who'd like to see you be more successful? Having done both, there is a HUGE difference between the two.

If you want to be more successful, I suggest finding people whose success you would like to mirror. Once you become friends with these people, they will want to do things with you. In order for that to happen, your success level (read that as net worth and cash flow) will have to increase. They will help that to happen for you so you can do the things they do together. This is a fact of life and business. I can give you firsthand proof of things people have done for me and I've also helped my lesser successful friends with their businesses so we could hang out more.

If you're paying someone, they stop answering the phone and returning your messages when you turn the money faucet off.

I hate to hijack this thread but @Aaron Mazzrillo your new avatar is killing me hehe.

@TJ Steinkirchner there are so many questions.  You need to educate yourself about as much as you can then have the mentor answer what you cannot understand from your reading.  The education section above is loaded with tons of great information.  Have your mentor explain and give practical insight on your plans to invest.

@Aaron Mazzrillo I would love a few examples of the things people have done for you and things you've done for others to increase there social horizons.

@Jerry W. - I think I swiped it from Skype. I saw it on there and it was killing me to so I thought I'd share the humor of it.

@James Black - My buddy wanted to go on a fly fishing trip with me. He consistently does 7 figures in profits year after year flipping high six figure houses. Unfortunately, money was a bit tight on my end at the time. He passed along a wholesale deal to me and told me to find a buyer and we'd split the fee. I sold it for $10K giving us each $5K, more than enough for a great trip. Another buddy had a wholesale deal and told me he had a buyer at a certain price, but said if I could find a buyer willing to pay more, he'd split that upside with me. Those are just two of many more instances of much more experienced investors assisting me.

I helped my college buddy, who had rented the same house for over 10 years, finally get out of there and into his own house. It took years of him emailing me addresses and looking at houses whenever I visited him before he finally found something he closed on. Within a year of buying that house, I then helped him do a probate deal that he purchased for over $100K discount so he could have his first rental house. About 8 years ago I started a private Google group and invited a few investor friends in to share resources and answer questions. A week doesn't go by that someone isn't looking for some assistance. Another guy that I had met at a lunch meeting several times and who was a total newbie wholesaler thought he put his first deal together. I took a look at the numbers and it wasn't anything near a deal. Every other investor he had presented it to passed on it. I asked him if I could talk directly to the seller and negotiate a better deal. He consented. I put together an excellent seller financed deal and kept the property. I think this would be considered more of a referral which is about $1,000 fee in my book, but he was getting married and really needed the money. I paid him $5,000 on a deal he did nothing more than give me an address and phone number. That was his first deal and it paid for his wedding. He's now a successful wholesaler and I still run into him at that same lunch meeting.

This is a great thread. I love the information sharing with this question and as a Pit Bull owner I can clearly see the "Hateration" effect that the media spins out against this lovable breed but thanks everyone for sharing.

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