Recommendations for Mentorship/training

23 Replies

Hey everyone! I'm just starting out. I'm going to be doing some wholesaling. I've learned quite a bit on my own but it would be nice to have some coaching before I begin. I'm the type of person that will be ALL in when I start. It would be nice to have some applicable knowledge. I may just need to dive in and start but I thought I'd ask about people's opinions/experiences with mentorship or training? Did you just jump in or did you have a coach?

@Jasmine Russell I'm the same way! my coaches were books, podcasts, and real estate meetups. From there I jumped into house hacking and rehabbing my first property. This forced me to apply any knowledge I gained from my "coaches", and to learn anything new along the way. The sooner you start, the better. If you get cycled into the vicious cycle of analysis paralysis...who knows when you might start investing! 

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Originally posted by @Jasmine Russell :

@Grace Wang thank you so much! Great advice! I'm not sure I NEED a mentor but I definitely wouldn't turn one down!

 Everyone needs a mentor.  A mentor is your talking, thinking, human resource.  Books and tapes are great, but you can't ask them questions, and they are of no help when a deal isn't a one size fits all.  I've been doing this for at least %$ years, and I still discuss things with almost all of my mentors...yes, that's mentor$...as in more than one.

You shouldn't pay for any of that right now, it's too early. Networking and relationship-building is key in the beginning because too many new investors get sold on a class or a program without vetting it and spend a bunch of money to learn what they could for free on YouTube or in forums. Once you figure out your niche and what you like, then taking an existing business to the next level is what coaching and a paid mentor is for. To get a mentor when you are new, you have to have something that you are bringing to the table. Maybe it's your acquisition arm, finding properties, maybe it's contracting, design, list-vetting, has to be something so it's a win-win for someone who agrees to act as a quasi-mentor when you are new.

Originally posted by @Jasmine Russell :

@Joe Villeneuve But you started without any mentors right? How did you accumulate mentors? What did you exchange for their mentorship?

No, it was my first mento that got me moving.  I was interested before, but what got me past the "non-action" stage was him.  

As far as what I exchanged, it depended on when, what and who.  Some I traded work (I'm an Architect by trade), some I partnered with, and some I paid for.  The best, more detailed knowledge came from the ones I paid.  At first I resisted them, but I soon realized you got what you paid for, and you should also expect to pay for what you get.  Knowledge is power, and I expected my heart valve to be replaced by a Doctor trained to do that type of surgery, and I wanted one that went to formal school (paid for), and didn't rely on videos, tapes of books to learn.

I also expected to get my best, and most important knowledge from mentors I paid. I figured if I was going to be responsible for handling multi-billions of dollars over the course of my REI career, I had no problem paying for it from those that are/were the best. I did learn a lot from, and still do, the non-pay methods, but the best came from the ones I paid/pay for.

Also, just jumping in doesn't teach you anything but what not to do.  Although that is important, it's not nearly as important is what to do.  You only know what you know, and you don't know what you don't know.  Trouble is, since you don't know what you don't know, the things you don't know you won't know you don't know it.

My only regret, is I didn't pay for my training sooner than when I did.

@Jonathan Greene that's why I was asking. I see people get tricked into all these programs in the beginning. I wondered what everyone's experience was. But thank you. You confirmed what I was thinking. Relationship building is FIRST. Do you have any suggestions in that area? I know there are meet ups in bigger cities, Facebook, this platform. Any other ways you can think of? Did you have a strong network support right when you started? Or is it something that will naturally grow (if you develop a good reputation anyway). I understand promoting myself and relationships are a big key....I'm just wondering how much of that I need to have in place before I begin.

@Jasmine Russell look for local reas I your area. I've heard it recommended if there is not one, start one... I just joined in my area and my first meeting was so encouraging. I just watched and listened at the first meeting, but I plan to stick around next time and begin getting to know some people. Super successful and inspiring group!

@Jasmine Russell

Why wholesaling as your start-off point? Why have you decided on that? The reason I ask is that a whole lotta gurus tell you that you can start with no money successfully from wholesaling, and the truth is, it's damned hard.

@Jim K. Because I have no choice but to work my way up from nothing. I mean I'm saving as much as I can for investment but at the moment it's not enough. With my situation do you have a different idea? How did you start?

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Originally posted by @Jasmine Russell :

@Jim K. Because I have no choice but to work my way up from nothing. I mean I'm saving as much as I can for investment but at the moment it's not enough. With my situation do you have a different idea? How did you start?

I don't know your situation, of course, but can you find a duplex, buy it, and live in one side or floor while you rent out the other to help pay for your mortgage and living expenses?

Wholesaling up in Corning to start with sounds like an incredibly hard, low-probability row to hoe.

@Jasmine Russell

My recommendation is to definitely learn as much as you can at first, once you feel you have a good base (don't spend forever on this but understand the basics, strategies, and terminology). Then start working at doing what you are planning and also connect with people that are doing what you want to do, try to connect with them and try to find ways you can help them out. Having an experienced mentor is invaluable but don't directly ask them to 'mentor' you but do ask for help with small requests, running a deal by them etc. Then go from there and crush it!

Hello Jasmine, I just wanted to stop and say hello and let you know that I am actively investing in real estate in Corning. I currently own 4 doors and property manage an additional 4 doors for two other owners. I am in the middle of two rehabs on the 4 doors I own, the city of Corning is particularly challenging when it comes to acquiring a building permit. I have also dabbled in the thoughts of wholesaling, but I think the market here is so small that it doesn't really make much sense. I have found both of my deals on the MLS for less than $40k each. If you were to get something under contract your margins would seem razor thin. Good luck!

-Krys

@Krystopher Sullivan hey krys! It's nice to meet you. I'm actually not attempting to do any wholesaling here. NY, in particular, is pretty strict with real estate laws so I've heard that it's much harder to make money here in that way. I live in corning and would be interested in owning property here for sure but I'm starting in PA with this wholesaling gig. I haven't quite figured out where I will focus quite yet. I'm looking for some insight from investors. I'm thinking Scranton or Williamsport. Some people wholesaling only virtually! I don't feel quite comfortable with that yet. I'm going to be moving to NY at some point but starting in PA for now. If you ever want to talk connect with me! It's always good to have connections and even work together on deals sometimes. I have 1 other wholesaler who I'm planning on partnering with on some deals. I'm always open to discussing this as I'm still learning.

@Krystopher Sullivan @Jasmine Russell

Yes, Corning can be a difficult market with the many other investors and eyes on the market looking for that perfect deal. I don’t wholesale, so I’m not much help there, but I can say that being in it for the right reasons will make it a journey worth taking.

There’s a lot of headaches, but a lot of rewards in Realestate. My advise is for you set achievable goals, measurable milestones to get there and sight specific assets you want to go after. 

good luck in cornin’ and beyond! 
G Brian 

@Jasmine Russell Hi Jasmine, sorry, I  have been away a bit. Local REA... Real Estate Association. I live in the Tidewater area. Mine is TRIG, Tidewater Real Estate Investors Group. We meet in person monthly. It is a great way to network and learn from local investors.