Why is it so hard to find mentors in the PG County , Baltimore MD area?
I'm looking to get started in the business and I'm actually reaching out offering lunch for Investor's and Wholesalers time, and search deals for them yet I'm getting little to no feedback. Am I doing the approach wrong?
Start going to the local meetups and joining the active FB groups. The reality is there are 100 people like you offering the same. Show them that you are motivated, what value you can bring and most of all be persistent. There are people everyday who say they want to get in the game and are never heard from again. The longer you hang around and continue to network the better chance of finding your path and people to mentor you.
I do what you are looking for - but can't service your needs at this time - however I will give you some suggestions when considering a MENTOR in real estate: some so called mentors are not really mentors - they may have lucked in to a few equity deals or flipped a few, but now running out of deals and needing some cash - the desperate investor becomes a mentor.
- Ask to see a list of their properties
- What is their net worth - can they show you a P&L?
- Explain the negotiation of Nothing Down transactions
- Have they done a Control & Roll, right of possession or study period offers
- How long have they been an investor, where did they train
- Can they give you examples of creative financing clauses
- Will they give you a curriculum of subject they will train you in
- Can you look at their contract offers, does it have the clauses to protect you, allow you to assign, built-in extensions, discount clauses, hybrid agreement, substation of collateral language and other terms to further your investment career.
- What's your mentor drive, where does he live, rents or owns
- How many tenants does he have
- Who are some of his past clients
All I am saying is be careful who you decide to give your good money to. A BIG HAT and NO CATTLE mentor is not the one you want to trust to get you to where you want to be educationally or financially.
@Cynthia Wright you have to figure out a way to bring value to the person you want to take to lunch. The way I feel (and what I've heard from others) is when someone offers to take me to lunch to talk about real estate, it is usually not appealing because it's not worth taking an hour or more away from my work to save $5-$10 on lunch. There's a gold mine of knowledge in the area. Try meetups like Mark Owens' free lunches in baltimore on Fridays. The key is to provide value, which is why a lot of the big players will offer coaching, because what you pay them is the value you provide. If you don't want to have to pay for their time, you have to figure out another way to add value to that person's life/business
@Stephen Lee Thank you for that advice sir. Well put and taken. I will definitely keep that in mind before approaching an investor!
@Cynthia Wright , I would second @Stephen Lee comment. Also, adding value sounds like such a mystical thing but really it can be accomplished in the most easiest ways so here's a list of things that you can do to add value:
- If you find something that looks like a really good deal, send it to an investor you're looking to connect with. They will appreciate it and you'll gain a bunch of kudos points in developing a relationship with that investor (keep in mind that it can be a double edged sword because if it is not a somewhat good deal and you sent that investor a timewaster, then they may not want to keep listening to what you got to say).
-If you have a unique skill (IE: Photography, webdesign, marketing, graphic design) then see how you can use those skills to help that investor out. For example, if you see that the investors website looks like it should be in the Smithsonian and you know how to design websites, sending him a quick sketch or preview of a better website will instantly get you a ton of points.
-If you know someone that can help or assist that investor, putting them in touch adds a ton of value. Say for example that you notice that the particular investor you want to talk to is doing a rehab and you happen to know a really affordable and excellent flooring guy, sending him a quick message saying "hey, saw you are doing a rehab and I think you might find this guy helpful" will 100% put you on his/her radar.
these are all examples and there are a gazillion ways more of adding value or helping out but just know that it's all about creating a relationship with that person. You wouldn't ask a total stranger to marry you (unless that's your thing), it's the same way with networking and mentors. You want to get to know them and them to know you and eventually the mentorship aspects grows.
@Gabriel G. Thank you Thank you Thank you for that awesome advice!!
I have already applied it to an investor I hope to work with soon! That's some of the best advice yet!
@Cynthia Wright Yes, it's tough to get started. I see you've already received a ton of tactical things to do to help you.
Now, I'm going to give you a mindset tip: Stay persistent and eventually you would be that person crushing it in PG County. Good luck and hope to see you crushing it in the future! :)
Your line about “crushing it” appealed to me. The real estate market has been on a roll in the last 7 years and every who has been in this market has crushed it. I am one of them but frankly it has been luck more than skill. I am happy to admit that but most people especially those who call themselves “mentors” won’t. I think you would be better of trying to meet as many people in the industry as possible rather than relying on one or two mentors. People know people so you will only multiply your reach. Also people forget the power of a quick 15 minute phone call versus a 1 hour lunch to interact. So try to use that option if you do choose to.
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