Hello Bigger Pockets! I am 22 yrs old and actively trying to expand my knowledge in Real Estate Investing. I am just getting started and have learned much on my own so far. Many podcasts i have listened to, recommend that a mentor is very important when starting out. I have attended meetup groups, but based on my experience it doesn't seem like I am taken serious. This is something I have very passionate about. Any advice for beginners looking for a mentor?
@Terra Smith Good question!! The problem why people don't take you serious is that there are so many people want to get in to real estate investing. Many experienced investors don't have time to help each and every one and surely in the past they might tried and people just vanish and don't even respect their time and acknowledge. That's why many experienced investors stay away from mentoring because it's time consuming and at the end the investor just drops out and do nothing. Why should I spend so much time for nothing?? Many investors never take their first, they are stuck in analysis paralysis mode and keep waiting for their first great deal which will never happen.
Question is WIIFM - What is init for me?? That's what the question you need to think from their perspective.
Few smart enough to do mentorship by subscription but not many sign up because it's investment involved. I am not saying pay $25k and wait for magic to happen. If it's reasonable, try it out.
We had similar thread about few months ago. Why should experienced investors even want to spend time when they know they are not going to get anything in return? Also many new investors will say let's pick your brain, go for coffee.. That's not going to work.. They don't have time to take each and every one to coffee and see who is right to help..
My suggestion, You gotta to prove yourself that you are passionate, motivated and willing to take risk, ready to get your feet wet. I know it's harder than said and done. You can work for investors for free or intern or something. I had opened up such opportunity and able to help out one investor few months ago. She had to move out of my area so that position still open. Try something like that in your area and might have luck.
Hi @Terra Smith . Welcome to the community.
I agree with @Vijaianand Thirunageswaram ...it's one thing to be passionate, but it's another thing to provide value first before you expect anything in return. That's the modern version of apprenticing.
Figure out what investors need, or where their frustrations lie. That can range from:
- Lack of time
- Lack of resources
- Lack of connections
- Need tenants
- Need better tenants
- Need someone to run errands
- Need someone to find leads
- Need someone to follow up on leads
- Need processes defined
- Need new territories defined
- Need job sites checked on
- Need materials at lower prices
That list could easily be expanded to 100.
Bottom line is this...find ways to help people who know more than you, and not only will you build a network, but you'll learn how to be an investor in the process.
Yeah, going out for coffee is so cliche...you need to take people to honky tonks with gravel parking lots and super crews and test their reaction when a pit pull comes running up upon entry...only the best real estate investors can cut it...right @Benjamin Portnoy ? Haha...inside joke.
Seriously, the guys are right. Brandon & David talk about it all the time on the podcasts. Don’t even ask the open ended “how can I help you” as it puts the pressure on the prospective mentor to “come up with something”. Rather, try to identify what they might need and offer something specific. For example, right now I am renovating a 20-unit apartment complex...we are pulling out a lot of old appliances and I want to donate for the tax write offs. It’s alot of coordination between my contractor (when and how many will be available and where to store them) and the charity facility who comes to pick up. It doesn’t take a whole lot of experience...just good organization and communication. I’d love for someone to offer to help me manage that. This puts you right in the middle of things and naturally I’d want to return the favor. Btw...I am not soliciting here...just an example.
@Tony Castronovo hit it right. The best meeting place for true investors is one where you question whether you're going to make it out alive. :)
That pit bull was awesome.
Everything starts with a relationship. Relationships are built with time, the more RE meetups you go to the more people you will meet, like-minded people who also want to grow in real state. Develop the relationships and grow together.
Thank you @Dave Chapa I totally agree!
@Terra Smith I did send you message about internship opportunity. Check out.
@Terra Smith i would hang out at least 1/2 time a weeks to local events (agreeing with @Dave Chapa ). If you can manage to attend continuously 2-3 months ... it will open doors for you beyond you can image .
Hint: You might want to prepare a deal analysis as if you are to buy that (landlord perspective) and take that sheet of paper with you. If you meet anyone as buyer then go over that with you to identify all cost allocations and if you meet anyone as seller then go over that with them as well to identify a good buying price.
Last but not the least, make sure to continue your college education and/or professional day job. Continuous cash flow will win anytime over sexy infrequent check.