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Posted about 15 years ago

Business is business

I'm back to write more.

So if you remember me telling you before I found a mentor.and if you can remember I was pretty happy about finding a mentor. Well this guy is NOT a mentor.

I do give him credit for some things, he introduced me to some websites that could help me in my quest to wholesale my first property, but other than that he hasn't been much help. I am currently working on a property and I told him that if he were to help me I would split the proceeds 50-50. he seemed happy about that. He told me that his friend was actually working on the same deal so it became down to whoever found a buyer first and closed did just that, closed.

 

i was under the impression this guy was going to help me, I MEAN 50-50 THAT IS A GREAT INCENTIVE. I'm not greedy, I don't mind spliting my first wholesale assignment fee with him as long as I learn the steps I need to take, the problems that come along with wholesaling, and gained experience so that I can go out and do this myself in the future, because what moron wants to continue spliting it 50-50 when he can take home 100%.

 so what makes my so-called mentor not much of a mentor and more so just another person is that I have emailed, texted, and called him numerous times and he has not gotten back to me, and it isn't the first time he has donw this. I mean WOW! If two people are partnering up on a project it would be courteous, no it would be PROFESSIONAL, if they stayed in contact. It's called communication DUDE!!! try it. It makes me wonder if he is just doing something fishy behind my back. 

well if he thinks that I am going to find a deal, a motivated seller, and a buyer, and close on the deal and he is going to get 50% he is out of his mind! 

 

so what I did was go online and called out to anyone wholesaler who wants to help me out. I offered them the same incentive 50% on whatever I make on my first deal, granted they actually help me.  but this time i will be more careful and not give out addresses to the places that I don't have under contract. 

 

however, I am not letting it get to me. I sent out a bunch of ads on craiglist stating that "i buy homes cash" and putting the properties that I have on blast. I got onto Linkedin.com which is a great website to network, I reccomend it. 

All in all this guy did teach me a lesson. He taught me that business is business.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Comments (4)

  1. both of you thanks


  2. maybe it will. thanks for the telling me that I appreciate it.


  3. When I first got into real estate investing I paid someone by the day to let me tag along and learn. Seems to work alot better than the "if I make a profit I'll give you half" scenario


  4. I'm sorry to hear the news Yusuf. It doesn't sound like you got what you bargained for with this guy. While you did learn an important lesson, it is unfortunate that it did take a bad situation to get there. Bottom line is that you need to treat any mentor as you would any other partner, meaning you must be diligent in protecting yourself from them first and foremost. Negotiate your terms with them and put it in writing. Then again, there's no way to know if you'd have gotten screwed even with an agreement. Don't forget to use the site forums as a resource for any questions you've got in finding and working with a mentor, and hopefully you won't have any tough lessons to learn from working with one again in the future.