Finding a Qualified REI Mentor

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Finding a Qualified REI Mentor

C.J. Lauria
Investor · El Dorado Hills, CA · Member since 2010 · 22 posts · 12 votes

You have probably observed that your best first investment is in yourself. Even if you have closed a few deals in the past, you must have a mentor who can help take you to the next level in your real estate investing business.

For many years I have been a successful real estate investor and I still marvel at the masses of less experienced RE Investors who flounder in this REI business. They attend seminars, read books, listen to CDs and watch videos on getting rich in real estate. Unfortunately, almost all of these folks never make any money investing in real estate. They just spend what they have on more "education." Don't do that!

The sad truth is that there are so many real estate investing scams out there that you need to be very cautious about who you trust. So, what are some things to look for if you are to secure an honest apprenticeship from a true qualified mentor? The following is a checklist that you can use when choosing the right real estate investing mentor for your REI business.

  1. The mentor must have actually had success investing in real estate. That means that they would be a millionaire.
  2. They should currently be investing on their own. What are they doing right now?
  3. Your mentor should be of good character with high moral values. If you are not comfortable that they are, run!
  4. He/She should have a vested interest in your success. If not, they have zero motivation to see you through to your own success.
  5. Your mentor should be a skilled communicator with exceptional teaching skills.
  6. They should be patient and be willing to work with you on a 1-on-1 basis.
  7. They must be reachable/available for you when you really need them.

The foregoing is a short list that I have created from my real estate investing experience over 3 decades and and my direct experience as an active real estate mentor of 5 years. Over the next few weeks I will blog about these points in a series of blog posts. I believe that it is truly imperative that you seriously consider each of these points carefully. If you do, your chances of real estate investing success are greatly multiplied.

My recommendation of getting a mentor is purely because I hate seeing sincere, regular people spend their last dollar on a huckster who is only after their money. This is criminal in my book. Remember, you are always responsible for the decisions that you make. Do your homework. You are starting a business!

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Brian Gibbons
Investor · Sherman Oaks, CA · Member since 2008 · 6k+ posts · 3k+ votes
12y

@Bill Gulley , first of all Merry Christmas to you and all of your loved ones. You are a treasure here at BiggerPockets, contributing to a level that is truly immeasurable and without peer.

Second of all, being an ex US Marine, "giving a kick in the pants" to who I am fortunate to coach REI to is a gentle kick in the pants.

Hell I think I am harder on my lacrosse boys (13 - 15) than I am on my REI Coaching Clients.

First of all, What is your "why"?? is a conversation I have with my potential students.

If your personal "why" is weak or without strong conviction to build a business over time, I do not want to get involved as a REI coach.

"Awaken the Giant Within" by Tony Robbins gets to your real motivation. If you do not know what your real "why" is read that book.

"The Emyth Revisited" by Michael Gerber helps you visualize working "in your business" for a while, then working "on your business" and supervising.

Being creative in deal making involves many skills. Listening well is one of the most critical. One of my favorite books about learning high level listening skills is "The 5 Essential People Skills: How to Assert Yourself, Listen to Others, and Resolve Conflicts" by Dale Carnegie Training. If you lack people skills, PLEASE read this. Also the classic, "How to Win Friends and Influence People."

Selling is a skill, and ethical selling is importnant. "How to Master the Art of Selling" by Tom Hopkins is extremely valuable. If you are talking to wealthy people re: Private Lending, the best book I know is "Values Based Selling" by Bill Bachrach. It is written for financial planners and stock brokers to sell to the wealthy.

Know the Fair Credit Reporting Act, the FTC, and how Credit Reports are created and improved are important when assisting seller financed home buyers getting home loans. "Hidden Credit Repair Secrets" by Mark Clayborne is a fine book to lean some interesting tactics to have to improve credit FICO scores.

How to Finance any Real Estate Any Place Any Time by James A Misko is one of my favorite "creativity books". We in REI are problem solvers, first and foremost. He goes into IRAs and Real Estate, Using Options, 1031 Exchanging, Combining Purchase with a Lease. Using Zero Coupon Bonds to Secure a Loan, Sale Lease Backs (not with distressed properties), using loan to equity options, and more. There are 45 examples to learn from. And he is a CCMI, and has been a NAR Instructor.

Gary Keller of Keller Williams wrote a book called "Shift - How Top Real Estate Agents Tackle Tough Times", and in Chapter 10 he wrote about using Creative Financing to help Sellers and Buyers. Many times I will buy that book in mass and give it to real estate brokers that I like to work with. You can buy cheap slightly used books at Amazon, like for a buck!

As far as never stopping to learn, the 2 references I use DAILY are "Dictionary of Real Estate Terms" by Barron's, and "Black's Law Dictionary" by Brian A Garner, et al.

The books by the Wall Street Journal are awesome: "The Complete Homeowner's Guidebook" by David Crook, and "The Complete Money and Investing Guidebook" by David Kansas.

Lastly, business savvy books I like to read at night:

"What They Dont Teach you at Harvard Business School", by Mark H. McCormack, like how to run meetings, running a business, et al.

And my all time favorite, "Swim with the Sharks" by Harvey MacKay, of MacKay Envelope Company and the Minnesota Twins. I have used that book to assist me run my businesses since 1986, especially see the chapter on Negotiation.

Merry Christmas to all at BP Nation, and let's have a great 2014, in the Dodd Frank Era of Real Estate Finance! Sub2 anyone? :)

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  • Bill Gulley
    Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
    12y

    CJ, welcome to BP!

    Obviously you have read a bit on this site and checked it out before you dove in. Certainly sounds like you have experience to share and hope you join us in the forums.

    I realize this is a marketing opportunity so I'll pass over the obvious, but I see you mentioned having mentored or coached for five years. I see too you have listed that such instructors have "exceptional teaching skills".

    Would you mind describing what exceptional teaching skills your "students" may expect? Any accredited teaching experience, like teaching economics or finance at USC? Maybe a state certified RE instructor in a school for licensees?

    Point being, how can students evaluate aspects of exceptional teaching skills before they take the course or begin their educational experience?

    I suggest too that you get active in the forums sharing that knowledge, nothing demonstrates the ability to communicate good advice like quality posts! Good luck with your ventures. :)

    1Reply
  • C.J. Lauria
    OP
    Investor · El Dorado Hills, CA · Member since 2010 · 22 posts · 12 votes
    12y

    Thanks for your message, Bill. Let me first address your last point. Over 3 years ago one of my staff signed me up on BP. I just reactivated today. I look forward to being an active contributor and welcome your advice anytime.

    I have been a RE Investor since 1988 and only started mentoring a few years ago. Having been an accomplished Speaker and Author I have been appalled by the crappy presentation that so many so-called "gurus" have.

    You asked about "teaching skills." Teaching is an art and having certain credentials does not insure quality teaching; case in point: Our public school system.

    As you know, A good teacher does more than convey facts. They reach the heart with their message and motivate.

    Cheers,


    CJL

    1Reply
  • Larmon Cummings Jr
    Flipper/Rehabber · Chicago, IL · Member since 2013 · 319 posts · 153 votes
    12y
    I'm always hearing about the benefits of having a good mentor, which I completely agree is important, but I'm a bit confused on something though C.J. Lauria . A lot of mentors will have a "mentoring" program that they market to a lot of new investors that they say will increase the chances of an individual being successful in real estate, and this program will usually come with a fee. On the other hand, you have these "gurus" who market different programs, for a fee, that also promote the idea of this being the way that an individual should take to increase their chances of being successful in real estate. What is the difference? With me being a new investor and actually looking for a mentor to work with, I'm finding it hard to distinguish between someone soliciting a particular program they teach, and someone who is genuinely looking to work with someone and see them grow and become successful in their real estate career. How can someone decipher the difference between the two?
    0Reply
  • C.J. Lauria
    OP
    Investor · El Dorado Hills, CA · Member since 2010 · 22 posts · 12 votes
    12y

    Excellent question, Larmon! Look at point 4 in my post. It talks about your mentor having a vested interest in your success. this is more than just a cliche.

    0Reply
  • Larmon Cummings Jr
    Flipper/Rehabber · Chicago, IL · Member since 2013 · 319 posts · 153 votes
    12y
    Thanks C.J. Lauria
    0Reply
  • Bill Gulley
    Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
    12y

    Larmon, with only 17 posts and your post playing so well into the list of favorable factors listed by CJ, sure looks like you might know CJ. (LOL, but not entirely) Not saying there is any collusion but it happens often, so often that we make note of it in such situations. But, assuming the better;

    it is a good question. Understand that those that teach at any level for compensation are basically in competition for your "educational" dollar.

    We have and have had several "mentors" here who employ the "earn as you learn" approach, I think that guy has been missing for some time now. There are others here that may charge a starter fee or maybe not, but take a slice of what you do over time, There are many ways to provide some sort of hand holding experience to your efforts. Now, if one offered to "teach" you and only take any compensation as you profited I'd say there would be a genuine interest in you, that's a tough business model, but they are out there.

    I'd say the best thing a mentor or coach can provide is a kick in the pants. There are no secrets in RE, no magic strategy, no fool proof program or system that works for everyone all the time.

    One aspect of trying to teach RE beyond the basics is local customs. As they say, all real estate is local. It's impossible for a mentor in Memphis to teach ground level strategies in Kansas City. There are basic similarities but KC Realtors could be on the war path with rent-to-own dealers, can't do installment deals in Texas, what's usually advised by mentors working out of state is check with your attorney. Good advice, but hard to ask an attorney what you don't understand and you won't know how to present the whole story until you finish the course in some strategy.

    This site is rather anti-guru, author, mentor until the members see and understand what the real product is and how it's presented as well as the knowledge of the one offering services. I bet CJ already knows that. Until that comfort level is earned we do have mother hens (yes, I'm one of them) here who try to protect our newbies. If these education providers stick with us and demonstrate themselves in good stead, they can have a gold mine, but have to say that's not easy to accomplish for many.

    More to you question too, those who sell programs may or may not offer support, they are more product driven, as an author might be. A mentor coach may have a system or favorite strategy, like @Brian Gibbons who like Lease Options, they generally offer to "work" with you, but you have to understand they can't go meet the seller with you. Maybe someone will solve that with video conferences.

    The best way to get started in RE is to take the time to learn the basics, generally what is required for a real estate agent, that can be had by certified teachers, under state approved curriculum, you don't need to be an agent but you should know the same basics. At that point you can then look to mentors, coaches or your favorite guru and you'll understand if they are full of it or if they really have great ideas. As Brian Gibbons calls it, you'll learn to be a one trick pony.

    Sorry so much there CJ. I agree with you some people can be a natural teacher, not many but some. Usually the lack of formal certification or experience in giving instruction often shows up in the curriculum, it tends to be more market driven than educational. The reason I asked about your past teaching experience is that is usually the real uphill climb for someone who just decides they can. Kinda like the Music Man who came to town to teach music to sell instruments, who knew nothing about teaching music, so he adopted the "think" system, just think you can and you can. In the end, he turned out to have a good marching band playing 76 trombones! :)

    0Reply
  • Brian Gibbons
    Investor · Sherman Oaks, CA · Member since 2008 · 6k+ posts · 3k+ votes
    12y

    @Bill Gulley , first of all Merry Christmas to you and all of your loved ones. You are a treasure here at BiggerPockets, contributing to a level that is truly immeasurable and without peer.

    Second of all, being an ex US Marine, "giving a kick in the pants" to who I am fortunate to coach REI to is a gentle kick in the pants.

    Hell I think I am harder on my lacrosse boys (13 - 15) than I am on my REI Coaching Clients.

    First of all, What is your "why"?? is a conversation I have with my potential students.

    If your personal "why" is weak or without strong conviction to build a business over time, I do not want to get involved as a REI coach.

    "Awaken the Giant Within" by Tony Robbins gets to your real motivation. If you do not know what your real "why" is read that book.

    "The Emyth Revisited" by Michael Gerber helps you visualize working "in your business" for a while, then working "on your business" and supervising.

    Being creative in deal making involves many skills. Listening well is one of the most critical. One of my favorite books about learning high level listening skills is "The 5 Essential People Skills: How to Assert Yourself, Listen to Others, and Resolve Conflicts" by Dale Carnegie Training. If you lack people skills, PLEASE read this. Also the classic, "How to Win Friends and Influence People."

    Selling is a skill, and ethical selling is importnant. "How to Master the Art of Selling" by Tom Hopkins is extremely valuable. If you are talking to wealthy people re: Private Lending, the best book I know is "Values Based Selling" by Bill Bachrach. It is written for financial planners and stock brokers to sell to the wealthy.

    Know the Fair Credit Reporting Act, the FTC, and how Credit Reports are created and improved are important when assisting seller financed home buyers getting home loans. "Hidden Credit Repair Secrets" by Mark Clayborne is a fine book to lean some interesting tactics to have to improve credit FICO scores.

    How to Finance any Real Estate Any Place Any Time by James A Misko is one of my favorite "creativity books". We in REI are problem solvers, first and foremost. He goes into IRAs and Real Estate, Using Options, 1031 Exchanging, Combining Purchase with a Lease. Using Zero Coupon Bonds to Secure a Loan, Sale Lease Backs (not with distressed properties), using loan to equity options, and more. There are 45 examples to learn from. And he is a CCMI, and has been a NAR Instructor.

    Gary Keller of Keller Williams wrote a book called "Shift - How Top Real Estate Agents Tackle Tough Times", and in Chapter 10 he wrote about using Creative Financing to help Sellers and Buyers. Many times I will buy that book in mass and give it to real estate brokers that I like to work with. You can buy cheap slightly used books at Amazon, like for a buck!

    As far as never stopping to learn, the 2 references I use DAILY are "Dictionary of Real Estate Terms" by Barron's, and "Black's Law Dictionary" by Brian A Garner, et al.

    The books by the Wall Street Journal are awesome: "The Complete Homeowner's Guidebook" by David Crook, and "The Complete Money and Investing Guidebook" by David Kansas.

    Lastly, business savvy books I like to read at night:

    "What They Dont Teach you at Harvard Business School", by Mark H. McCormack, like how to run meetings, running a business, et al.

    And my all time favorite, "Swim with the Sharks" by Harvey MacKay, of MacKay Envelope Company and the Minnesota Twins. I have used that book to assist me run my businesses since 1986, especially see the chapter on Negotiation.

    Merry Christmas to all at BP Nation, and let's have a great 2014, in the Dodd Frank Era of Real Estate Finance! Sub2 anyone? :)

    4Reply
  • Bill Gulley
    Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
    12y

    A sleeping giant has been awakened. What have I done? :)

    1Reply
  • Ismael ReyesPro Member
    Rental Property Investor · Port St. Lucie · Member since 2013 · 137 posts · 96 votes
    12y

    Here's another valuable mentoring skill - understanding the learning style(s) of the student(s) so that he/she can better tailor the teaching. Does the student favor visual or auditory cues, or must he/she touch the problem, i.e. hands on? Is the student a logical (linear) thinker?

    Then there are those that learn better alone (the BP site is great for them) vs. those that need to learn in a group setting (will get the most benefit from REI clubs, boot camps, and a bona fide subject matter expert, aka gurus).

    Good listeners can usually identify the basic learning preference of a person fairly easily and quickly:

    Someone who says "I see what you mean" is probably a visual learner.

    Someone who says, "sounds about right" is probably an auditory learner.

    Someone who says "that feels right to me" is probably a kinesthetic learner.

    Someone who says "that adds up" is probably a logical learner.

    On the flip side, being cognizant of one's learning preferences is also important when seeking mentorship. As an example, I am a visual/kinesthetic learner. If I can see basic concepts drawn up, I can usually learn them. However, difficult concepts, particularly those in the creative financing realm, to focus it on RE, require my hands-on. For me, a picture or flowchart is worth 10k words. So, if I'm going to pay for a mentor's services, I will ensure that he/she can sync up with my learning style - my mentor should be willing draw up the steps of a creative finance deal in a flowchart and walk me through the process. Talking or writing about the steps, while useful, won't optimize the learning.

    Food for thought...

    1Reply
  • Curt Smith
    Rental Property Investor · Clarkston, GA · Member since 2012 · 2k+ posts · 1k+ votes
    12y

    Thanks alot CJ for starting this thread with your thoughtful posts. Thanks to Bill and Brian! Joy to all...

    This is a topic that the folks on the GA REIA board of directors have been talking about and struggling with. We'd like to support a short list of mentors. There's problems of an org offering a list of mentors to it's members in liability and the practicality of figuring out a business model that a mentor would agree to. I know or have heard of ALOT of >$10k to get started mentors, some >$25k. Few are willing to spend their time on a percentage of first deals because of the statistic that only 10% of students actually do something so the fee becomes a test if you are serious. Mentors rightly are concerned about wasting 90% of their time. Yet a student and an org wanting to cull a list of mentors has to weigh through quite a few mentors and their business models and personalites. Lets not leave personality match up out of the process. LOL there was one mentor who was so strongly type A that my neck hair still stands up, but he's making a zillion in his REI business so he passes the "does deals today" test.

    I've talked to Brian a few times and he's the top of the hill re being a caring and great guy and super teacher. I've had email relationships with folks who seemed to be great guys too. Maybe my microscopic contribution is that one needs to believe that the mentor is a good and honest fellow and _can_ teach and this later measure is both factual and also a personality match up issue.

    I've not clarified anything I realize, just added that there's other dimensions customers to the mentor question.

    0Reply
  • J ScottPro Member
    Moderator
    Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
    12y
    Originally posted by Curt Smith:
    Few are willing to spend their time on a percentage of first deals because of the statistic that only 10% of students actually do something so the fee becomes a test if you are serious. Mentors rightly are concerned about wasting 90% of their time.

    In my opinion, if a coach is finding that only 10% of their students are actually doing deals, there is something wrong with the coach. Either he's not being picky enough about only selecting students who are appropriately motivated and skilled, or he's not doing a very good job of leading the students through their first deals. A good coach should have a much higher success rate than 10%...even if that means turning down students who clearly don't have the drive/skills to succeed.

    The problem is, many coaches won't turn down any students, as they are more concerned about making money than they are about their student's success.

    Btw, I've only mentored 3 people so far, but those three people have done a combined 50+ deals in the past 3 years. It's not that I'm a better mentor than others...it's that I'm much, much more selective (I can be, because I don't do it for the money).

    Podcast Guest on Show The Truth About Real Estate Investing in 2024 (What Investors NEED to Know)
    1Reply
  • Bill Gulley
    Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
    12y

    Actually, this thread is suppose to be about CJ's initial post, it's his ad, where we discuss his points as to his services offered. I probably shouldn't have veered off that so much myself, but it related back to his post. It wasn't meant to be so much about gurus in general.

    There is another thread for that.

    In other words let's ask questions directed to CJ about his ad, not generalize in discussions so much.

    CJ, you certainly implied that a mentor/coach should be active in RE, I suppose in the niche they are dealing in. Can you justify that thinking? Not that I'd disagree, but it seems that is more anchored in marketing yourself (as others do as well) than really qualifying an experienced instructor. Depends of the subject it also depends on the level of instruction and the students needs and abilities. :)

    Edited: J. Scott, I'm even more selective, professionals only and there is still no financial aspect.

    0Reply
  • Vicky Covarrubias
    Real Estate Investor Downey , CA · Member since 2013 · 118 posts · 8 votes
    12y
    C.J. Lauria and where do I find in my area this wonderful mentor ????
    0Reply
  • C.J. Lauria
    OP
    Investor · El Dorado Hills, CA · Member since 2010 · 22 posts · 12 votes
    12y

    Wow! I come back to the office this morning and see so many quality comments. Thanks.

    I want to address Bills last comment about the mentor being active as an investor. There are several good reasons:

    1- He/She should be in touch with the current market.

    2- He/She should be up to date with current laws and ordinances.

    3- He/She should be in touch with the rythm of the business.

    Here's why I say that. Right now, there are "gurus" out there making big bucks on "REI education." One huge program that had made over $100M in this pursuit was started by an entrepreneur who had admitted to me personally that he was never a real estate investor. He says that he's an "educator."

    Another shocking truth is that quite a few who claim big success in REI did it during the bubble. When the bubble burst they lost everything...now they teach it. I have had a few call my office over the last few years and they have told me so.

    I am so adamantly against such hypocrisy that I have a passion for quality mentoring of quality mentees. Forums like this one are perfect for ferreting out frauds.

    0Reply
  • Bill Gulley
    Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
    12y

    Agreed CJ, as to those who never have. So, if I were to say that I didn't attend a closing this past year, didn't make a loan, didn't swing a hammer, didn't list a property on the MLS or didn't do any installment sale, I would not have the pulse or rhythm of my market or be current in my market and couldn't be current with rules, regulations, laws or ordinances applicable to RE?

    Really think so? Gotta say, I think there are a few Realtors, investors, couple mortgage brokers and construction types that would disagree with that opinion. LOL

    That's not saying I have not been "active" in my area through other means. I'd have to say, while it's better to work with one who walks the streets if that's what they are teaching, that experiences, education, knowledge of the market and best business practices can only be conveyed if that instructor was out doing RE last week. Your point taken, but not literally :)

    0Reply
  • Jorge Lopez
    West Palm Beach, FL · Member since 2013 · 11 posts · 1 vote
    12y

    I'm ready to be mentoring by Bill Gulley at anytime.
    Bill if you need an student(newbie from florida ),to prove the point i'm here at your service.

    0Reply
  • C.J. Lauria
    OP
    Investor · El Dorado Hills, CA · Member since 2010 · 22 posts · 12 votes
    12y

    I appreciate your comments, Bill. Let me clarify my original point so I am not misunderstood.

    I would be extremely cautious if a would-be "mentor" used past experience (especially pre-boom) as their only experience. Many so-called gurus out there may have done well during the boom...much like hitting the side of a barn; you couldn't miss back then.

    Now, even though certain principles remain the same, market conditions are much different. Taking a year off is NOT what I was referring to. Being out of the market since 2007 is what I was meant.

    There are a lot of "information merchants" selling REI education that is old and stale. That is what I warn against.

    The other side of the coin is that a "mentor" leads by example. Thus, it is imperative that he/she has their hands in the business to a reasonable degree.

    0Reply
  • Bill Gulley
    Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
    12y
    Originally posted by @Jorge Lopez:
    I'm ready to be mentoring by Bill Gulley at anytime. Bill if you need an student(newbie from florida ),to prove the point i'm here at your service.

    LOL, thanks, but you can get my feedback my mentioning me here in the forums.

    That was tactful done CJ, LOL, what most investors really lack is overall RE knowledge, from that with a good understanding of regulatory issues as to what is common in their area they really won't need to "follow" some guru strategy as the all arise out of basic knowledge.

    I like to point out that the sandwich lease option is based in the oldest concept around, the King granting use in title to Lords who in turn leased the land. There is nothing new in RE, concepts of title, use and profiting has been around since there was dirt pretty much.

    The pop of our RE balloon was (is) nothing more than a blip in history or practice. It doesn't really change the basic aspects of investing (other than regulatory changes) as much as it demonstrated investing concerns that have always been there, but not so much of a concern.

    I'd say the best role of a mentor is the kick in the tail that many need, getting them past newbie paranoia, moving to act, getting involved and providing guidance and answers as situations pop up.

    Actually, my thoughts to education are along formal educational lines or settings such as classroom, seminars, even internet and one-on-one instruction. "Qualified" is not by self appointment or claims to justify exceptional knowledge but by demonstrated success. Money is not necessarily an indicator of success that should or could be duplicated or successful teaching abilities. Money earned is not an indicator of quality education as money has been made by many doing illegal and unethical transactions as well as strategies that may not be applicable today. Much of my money was made in areas that can't be duplicated today, at least not as easily. Qualifications become apparent with the quality of advice given in a subject matter. :)

    0Reply
  • C.J. Lauria
    OP
    Investor · El Dorado Hills, CA · Member since 2010 · 22 posts · 12 votes
    12y

    I couldn't agree more. The one caveat is if the student is not entrepreneurial minded.

    Each new mentee must first come to grips with the fact that they are starting a real business. The REI business is not unlike others. Be prepared for sacrifice. And for God's sake, follow your mentor's direction. Don't pick and choose. lol

    0Reply
  • John Rooster
    Denver, CO · Member since 2013 · 409 posts · 105 votes
    12y
    Originally posted by @C.J. Lauria:
    Even if you have closed a few deals in the past, you must have a mentor who can help take you to the next level in your real estate investing business.

    I have never had a need for a mentor. And thus do not agree with this premise.

    0Reply
  • C.J. Lauria
    OP
    Investor · El Dorado Hills, CA · Member since 2010 · 22 posts · 12 votes
    12y

    Well, then, you are a REI stud muffin. There are many past investors who are currently paralyzed by fear to get going again. Apparently you are not one of them. Kudos!

    0Reply
  • Bill Gulley
    Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
    12y
    Originally posted by @C.J. Lauria:
    Well, then, you are a REI stud muffin. There are many past investors who are currently paralyzed by fear to get going again. Apparently you are not one of them. Kudos!

    No, John is the Rooster of the roost, not the stud muffin. It does take b*lls to get started. :)

    2Reply
  • Tuna Hirun
    panorama city, CA · Member since 2013 · 5 posts · 3 votes
    12y

    Agree 110% with @C.J. Lauria

    @C.J. LauriaAlthough I do spend $1-$2k for a seminar or two each year, I use it mainly to network with others and pick up 1 new idea. But the vast majority of people I meet at the seminar don't do a deal when we follow-up a few months later.

    1Reply
  • Brian Gibbons
    Investor · Sherman Oaks, CA · Member since 2008 · 6k+ posts · 3k+ votes
    12y
    Originally posted by @Bill Gulley:
    Originally posted by @C.J. Lauria:
    Well, then, you are a REI stud muffin. There are many past investors who are currently paralyzed by fear to get going again. Apparently you are not one of them. Kudos!

    No, John is the Rooster of the roost, not the stud muffin. It does take b*lls to get started. :)

    Ah, a new thread, It Takes B@lls To Get Started

    What have you done in your life (that took B@LLS) to get started as a successful entrepreneur?

    I'll start.

    1) USMC Pariss Island SC, 1978, almost killed me, wanted to quit 10,000 times. My Dad's letters kept me going to graduation. Also boxing in the USMC (Light Heavyweight) was a great experience.

    2) Started a business with a business partner that brought sales ability and some capital to the table, when we made money wanted his capital out, we disagreed how to do that, we ended up divorcing our relationship, not fun rebuilding the business.

    3) Went door to door selling business health insurance as a young buck, lots of rejection, didnt care, tenacity was the rule. Law of Large Numbers Rule. Was #1 in the Insurance office of 25 sales people in 6 months. Reason: Rejection Proof and got 3 referrals from most new clients.

    4) Sold Group Disability to Lawyers and Doctors small firms. I enjoyed the doctors.....Lawyers were, well a pain in the ***.

    5) Been a 1099 or S Corp employee since 1986. Never a W-2 since 1986.

    Being resilient and persistent are key qualities to entrepreneurs. Coaches/Mentors too.

    1Reply
  • C.J. Lauria
    OP
    Investor · El Dorado Hills, CA · Member since 2010 · 22 posts · 12 votes
    12y

    Now that's an entrepreneur! Once you have done due diligence, you simply do not quit no matter what obstacles may appear.

    1Reply
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