Military Investing

User Stats

1
Posts
3
Votes
Eric Wakefield
3
Votes |
1
Posts

Looking for a mentor

Eric Wakefield
Posted Aug 2 2022, 17:17

Looking for a mentor/network of individuals in the Baltimore area to share knowledge of moving into small multifamily asset class(house hack) Current portfolio 2 SFH, Harford County and Canton Baltimore.

Baltimore, Maryland

User Stats

19,475
Posts
29,945
Votes
Nathan Gesner
  • Real Estate Broker
  • Cody, WY
29,945
Votes |
19,475
Posts
Nathan Gesner
  • Real Estate Broker
  • Cody, WY
ModeratorReplied Aug 3 2022, 05:23

Go to NETWORK at the top of your screen and you can search for other investors and investment groups in your area. You can also check meetup.com or search facebook for real estate investment groups, clubs, or meetings in your area.

A mentor can really accelerate your growth, no matter what level you're currently at. They can sharpen skills you already have, or expose you to things you've never even thought of. Unfortunately, a good mentor isn't always easy to find.

Think about it. You're asking someone to spend a lot of time and energy to share what they've spent years - maybe decades - learning and developing. That's a lot to ask of a complete stranger! Why would they want to invest in you? How do they know their investment will not be wasted? What can you offer in return?

You are far more likely to find a mentor through in-person networking and building relationships. The mentor will have an opportunity to know you, see your determination and will, and then decide to pour their time and energy into helping you develop. Go to NETWORK at the top of your screen and search for other investors and investment groups in your area. You can also check meetup.com or search facebook for real estate investment groups, clubs, or meetings in your area. Start building relationships and looking for someone to partner with.

How to find a mentor
Not every successful person will make a good mentor. Not every good mentor is a good mentor for you. Here are a few things to look for:

1. They should have current experience and plenty of it
2. A love for real estate investing
3. A desire and ability to share their knowledge
4. The ability to speak the hard truth with empathy

It doesn't matter how good a mentor is: if they don't mesh with you personally, it's going to be a disaster. That's why I stress the importance of building a relationship first. You need someone that clicks with you personally before engaging in a mentor/mentee relationship with the dedication and stress that may be involved.

Where to find a mentor
Start by looking within your existing network. Do you have a family member or friend that's achieved what you want to achieve? Remember, it doesn't need to be Grant Cardone! As a beginner, you can learn a lot from your uncle with a few rentals in another state or a co-worker that's on their second house hack. Make a list and start looking closely at each one to see if they are an option.

If you can't find someone within your network, expand your network. This entails building personal / working relationships with people successful in the field. You could do this in the BiggerPockets forum, but it's hard to build relationships with people from other states behind a keyboard. Get out and rub elbows with local investors by joining a real estate investor group in your area. Even if you have to travel a couple hours, you have a much better chance of finding someone.

How to approach a mentor
Once you've found a likely candidate, it's time to reach out and ask. Some tips:

1. Have a goal. Let them know - as specifically as possible - what you are trying to achieve. If you walked up to Michael Jordan and said, "I want to be learn sports" he would walk away. If you told him you have been playing pickup games for the past year and need help improving your jump shot, now he has evidence you're motivated and a specific goal he can quickly help you work towards. Example: "I would like to build financial independence through real estate investing. I'm not sure what the right path is, but I've been reading about investing in owner-occupied, multi-family properties. I've crunched the numbers and if I could purchase three four-plexes in the next ten years, that would give me the financial independence I'm looking for."

2. Make a short list of questions to ask. Even though they are the expert, you still need to ensure they are a good fit for you. This is an opportunity for you to confirm they have the expertise you need. You don't want to start a relationship to learn about storage units and then find out they only invest in single-family homes.

3. Practice your pitch! How you approach the mentor demonstrates how you will approach real estate investing. If you don't do the homework, you will give them the impression you may not be up to the task of doing the homework with real estate investing. You should be able to express your goal in one minute and then expand if questions are asked. It sounds cheesy, but the best way to prepare is to work with a friend or two and role play. Think about what questions the potential mentor may ask and how you would answer. Practice these answers until they roll of the tongue. Be prepared to demonstrate what you've learned so far and how hard you will work to put their advice to work. This is a two-way interview, so have a short list of questions to ask the mentor (What books do you recommend I read to gain a better understanding? What, specifically, would you recommend my first step be? How can I help you achieve your goals in exchange for you helping me?)

4. Know how to take constructive criticism. A smooth sea never produced a skilled sailor (Franklin D. Roosevelt). You will make mistakes. You won't understand something and need it beaten into your head ten times. If you feel they're being too harsh, think about their intent. Maybe they communicate differently but have good intentions. If they're not challenging you, or your personalities just don't mesh, be prepared to give them honest feedback. Let them know if they're not a good fit and you need to move on.

5. Pay them back. A successful investor's time may be worth hundreds of dollars per hour. They're willing to share it with you for free, so try to find ways to pay them back. I've heard of mentees that started out cleaning up construction areas on a flip at the end of each work day or picking up supplies at Home Depot and delivering them to the job site. Some mentees will act as a bloodhound for the mentor, knocking on doors, driving for dollars, scouring the internet, making cold calls, or performing other services that help the mentor find new deals. Your mentor has needs; try to meet them and develop a mutually beneficial relationship.

A mentor can be very beneficial to your growth, but it's not as simple as one post on a forum full of strangers. Put in the effort, build relationships, prove your value, and improve your odds of finding someone to help launch you on your path.

User Stats

10
Posts
3
Votes
Eric Reed Gustavsen
  • Real Estate Agent
  • Howard County, MD
3
Votes |
10
Posts
Eric Reed Gustavsen
  • Real Estate Agent
  • Howard County, MD
Replied Aug 25 2022, 13:11

you are invited to attend our Central MD REI held in Laurel - https://www.biggerpockets.com/...

typically 10-18 people, grab drinks and share the latest on projects or ask the questions google hasn't provided

User Stats

5
Posts
4
Votes
Shaheen H.
  • Investor
  • Herndon, VA
4
Votes |
5
Posts
Shaheen H.
  • Investor
  • Herndon, VA
Replied Nov 14 2022, 16:41

Would love a mentor around Baltimore Area for Multifamily investment. --- Shaheen Hossain, NoVA

User Stats

795
Posts
970
Votes
Patrick Drury
  • Real Estate Agent
  • Columbus, OH & Cleveland OH
970
Votes |
795
Posts
Patrick Drury
  • Real Estate Agent
  • Columbus, OH & Cleveland OH
Replied Nov 14 2022, 17:28

@Eric Wakefield  
Keep in mind you need to add value to this potential mentor in some way. One of the best examples is if you are young and hungry, hop on phone and start cold calling property owners and find some deals. Another one could be working for free doing manual labor painting and turning units for them. 

 

  • (614) 412-4565

User Stats

264
Posts
213
Votes
Jack Seiden
  • Real Estate Agent
  • Washington DC
213
Votes |
264
Posts
Jack Seiden
  • Real Estate Agent
  • Washington DC
Replied Nov 14 2022, 18:04
Quote from @Shaheen H.:

Would love a mentor around Baltimore Area for Multifamily investment. --- Shaheen Hossain, NoVA

 As @Eric Reed Gustavsen mentioned, I’d strongly encourage you to come to see meetup’s, I also go to the Laurel one, it’s the best opportunity to meet different people doing different investments in your area!

User Stats

99
Posts
51
Votes
Chris Mcdonald
  • Real Estate Agent
  • Arbutus, MD
51
Votes |
99
Posts
Chris Mcdonald
  • Real Estate Agent
  • Arbutus, MD
Replied Nov 17 2022, 05:19
Quote from @Jack Seiden:
Quote from @Shaheen H.:

Would love a mentor around Baltimore Area for Multifamily investment. --- Shaheen Hossain, NoVA

 As @Eric Reed Gustavsen mentioned, I’d strongly encourage you to come to see meetup’s, I also go to the Laurel one, it’s the best opportunity to meet different people doing different investments in your area!


 When is the next Laurel meetup?

Log In or Sign Up to Reply