How to find a mentor?

Question

I'M A NEWBIE TO REAL ESTATE INVESTING AND AM LOOKING FOR A MENTOR IN THE DETROIT LOCAL AREA.

MY QUESTION IS, HOW DID YOU FIND YOUR MENTORS?!?

THANKS-
KURT

J Scott · Answer

Welcome Kurt,

My personal attitude towards mentors is that you must bring something immense to the table in order to gain their trust and commitment.  Think about what the mentor is giving up by helping you:

1.  Breeding competition
2.  Opportunity cost of his time
3.  Possibility that you do nothing and his efforts are wasted

That's a lot that a mentor is potentially giving up, so be prepared to offer something in return.  My personal favorite is an offer to work for your mentor in his/her business full-time for 6 months (no pay) in return for the mentorship.

Are you willing to do something like that?

If so, start networking at your local investor events, meet successful investors, take them to lunch, build a relationship, and then propose something that is mutually beneficial.

Joshua D. · Answer

Great advice so far.

Kurt Pfeiffer - Please do note that posting IN ALL CAPS is like shouting in real life.  Try to avoid it online. We do not permit it here, so any future posts written in CAPS will be removed.  Also, please consider filling in your profile and uploading a personal profile photo.  By doing so, you're signaling to other investors that you care about your profile and how you present yourself to others.

Finally, if you want to specifically post an ad for people to mentor you here on the site, you're more than welcome to do so, you'll just need to do so in our Marketplace area.

Thanks and good luck!

John Evan Miller · Answer

To be honest with you, I have seen a lot of posts here in BP that express the disappointment that can come from a paid mentor. You have to be really careful here. There are quite a few out there that just take your money, throw you a few impractical tips and set you lose.

On the other hand, if you get your real estate license and then work with a reputable agency, you will get a lot of hands on training - and get paid to get it.

Here is another option: Let the team here in BP be your mentor. This forum is full of seasoned investors who are willing to give good sound investment advice. If you got questions - someone here will have the answers.

Jerry Puckett · Answer

hey Kurt Pfeiffer,

Here are links to a couple of threads where we talked about this issue at length:

http://www.biggerpockets.com/forums/93/topics/74141-how-can-i-distinguish-a-better-wholesaling-mentor-program-from-another#

http://www.biggerpockets.com/forums/93/topics/73371-what-to-consider-before-going-to-work-for-an-experienced-wholesaler

J  Scott is right....it's a matter of 1), having the guts to reach out and take action, and 2) what you have to offer. There very simply are no free rides. (Not that you're looking for one. I say that to get you thinking in terms of what you may have offer.)

Phillip Dwyer · Answer

Consider letting others know what you bring to the table: experience, background, dollars, ect.

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