I'm just starting out and have been hoping to find a mentor to work with in my CT Shoreline area. Well I've found what I think could be the prefect fit. This guy and his partner have a thriving wholesaling business. I brought him a potential deal that seems to have fizzled and he was so much help. He has great energy and seems to be a natural teacher. My question is, how do I approach him to discuss the possibility of working with him? And if he says he's interested, what would a fair compensation be since I am so green? I have a lot to offer. I'm outgoing, have sales experience and work with people well. I have 20 years of advertising and graphic design background. I've also built a house and done some big renovations. I was thinking a small percentage of any deal I work on or bring to the table. Does this sound fair? Has anyone done something like this and if so, what percentage did the mentee take?
Your payment as a mentee should be the experience and track record of doing the deals with him. If he's a great teacher, you will learn to make far more than a percentage.
Whatever else he decides to give you is icing on the cake.
I've pitched the idea to one person on here that I'd like to work with, saying that I didn't want any compensation other than the ability to ask questions and learn. In my view, that's worth more than any small commission/percentage of the deal you can get and it shows that you're serious about learning this business. I'm sure others have structured it differently and if you can get some financial compensation out of it, more power to you.
Try this tactic.... .How about simply, find a property and JV and split 50/50 with that person and learn wholesaling from them while you are at it.
@James Enright has the right idea (hence the last name!)
Find more deals and ask him to partner with you on them. If you close, split the profit 50/50 and soak in as much info as possible.
I don't think you need to structure an elaborate partnership with him, as it sounds like he's already willing and able to help.
Congrats on finding a mentor
Thanks so much guys,
I think you all have good points. I think I'm going to make a hybrid of your advice. Since I'd ideally like to hang out at his office to be in the middle of things, I will tell him that I will work for nothing on his deals and do whatever I can to help him out in return for education but if I find a deal that I can bring to the table, I will ask for a percentage. Maybe not 50/50 since he will be involved in assessing the deal quite a bit and has the buyers we will need to close the deal. Thanks so much, you've been a great help!
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