I'm new to the REI world and after reading / listening to tone of materials I think I'm ready to do my first practical steps.
For that matter, I think having a mentor would serve me best going on my first couple of deals.
My criteria for mentor selection are:
- Experience with "basic" real estate (flips / SFH) as well as advanced investing (MFH / BRRRR)
- Out of state investment experience
- Can provide reference of previous mentees (first option: foreigners, second option: out of state)
- On-demand availability (within reasonable hours) to support decision as deals progress.
Is this realistic? WDYT?
This isn't really realistic unless you want to pay someone, which I wouldn't recommend, if you lowered your availability demands there are plenty of people willing to share their knowledge
Hi @Aaron K.
I don't mind paying someone. I know experienced investors' time is precious and I respect that.
In addition, I'm not sure a tip once in a while from different professional would be enough as I'd prefer a more hand-in-hand approach.
Make sense ?
@Benny Gelbendorf if it makes sense for you then go for it, to me it seems like you won't get very much out of it, you'll probably find someone who's primary income comes from "coaching"
From my experience no good mentor or investor who reads this post will just reach out and say "Yes use me for all your criteria below". I would also veer away from paying someone because you will not get the people that are in it for the right reason. I would do your due diligence, spend a lot of time finding someone in your area or not in your area that fits most of what you want. At that time reach out to them. Don't ask for their help but offer something instead. I got this from one of the podcast. "Ask them what you can do for them to have 15 minutes of their time to talk". Any good investor or successful person is not just going to have time to answer all your questions and be there when you need them.
There are plenty of investors who want to give back and help the newbies but they are going to put their time and energy into the ones that are willing to put in the sweat equity and provide something in return. I like to say nothing comes free in life.
Hope this helps a little.
@Benny Gelbendorf , I'm going to have to second and third what the others have said already. I wouldn't trust anyone who actively reaches out and offers to mentor you. I also wouldn't trust most of the guys who run local REI meetups who happen to also have all these great deals that they're willing to let newbies partner with them in. There are a bunch of threads on BP from newbies who have been conned by exactly this type of individual. Maybe there are some legitimate ones out there, but unfortunately they're lost in the sea of con artists.
I wish you luck. I never really found a mentor, but I suppose if I had wanted one, I would have gone with a local realtor or PM. Perhaps a part time job and mentoring the old fashioned way... by doing the actual work.